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  1. #1 Exclusive: Soros' son strikes out on his own 
    PORCUS MAXIMUS Rockntractor's Avatar
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    By Jennifer Ablan and Matthew Goldstein

    NEW YORK | Fri Mar 30, 2012 7:40pm EDT

    (Reuters) - The upheaval within billionaire investor George Soros' firm continues as one of his sons is separating some of his personal fortune to manage it himself.

    Jonathan Soros, who stepped down in September from day-to-day management of Soros Fund Management LLC, plans to hire at least one of his father's key employees, say two people familiar with the situation.

    The two sources said Soros' son intends to set up his own family office - something the Soros Fund converted to last year - with the help of David Kulsar, currently chief risk officer for the Soros Fund.

    "Jonathan wants to manage some of his own money so the (Soros Fund) family office has made that accommodation for him," said a source familiar with the situation but who was not authorized to discuss the matter.

    Jonathan Soros, who was a law clerk for a federal judge before joining with his brother Robert in 2002 to oversee the management of Soros Fund, did not return calls or emails seeking comment. He currently is a senior fellow with the Roosevelt Institute, a liberal think tank group in New York.

    Kulsar, who also did not return a phone call seeking comment, worked in risk management for John Meriweather's JWM Partners before joining the Soros Fund. Meriweather founded Long-Term Capital Management, the hedge fund whose collapse in 1999 sparked fears of a financial crisis.

    YEAR OF CHANGE

    There's no indication of a family feud between father and son - Jonathan Soros continues as chairman of his father's foundation. But the move comes after a year of a big changes and significant losses at the $25 billion firm founded by the elder Soros, a wealthy liberal philanthropist who rose to investing fame on his big bet against the British pound.

    These developments are part of an ongoing series of structural changes as the Soros fund evolves as a family office, one of the sources familiar with the matter said.

    Last summer, the Soros Fund announced it was returning some $1 billion to investors and would cease to operate as a hedge fund and would convert to a family office. The switch enabled the Soros Fund to avoid the March 30 deadline for registering as an investment manager with the U.S. Securities and Exchange Commission.

    The firm now mainly manages money for the elder Soros, family and his foundation. George Soros has five children.

    The changes continued in September with Scott Bessent, a former Soros disciple, returning to the firm to become chief investment officer and taking over the daily management of the firm from Soros' sons Jonathan and Robert.

    Behind the scenes, it also was a rough year for the firm's main investment portfolio, the Quantum Fund. The fund declined about 15 percent last year, say two people familiar with the firm's performance who did not want to be identified because they don't speak for the firm.

    The poor performance came in a year when the average hedge fund declined about 5 percent in 2011.

    The Quantum Fund also took a big write-down on a $200 million investment it has with Philip Falcone's Harbinger Capital Management hedge fund, something Reuters previously has reported. Harbinger fell about 47 percent as Falcone's big bet on building a wireless network called LightSquared appears to be faltering.

    The Soros firm ended a rough year by laying off a handful of analysts and portfolio managers. In December, a Soros spokesman called the layoffs part of the normal course of business at the firm. http://www.reuters.com/article/2012/...82T19C20120330
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  2. #2  
    Administrator SaintLouieWoman's Avatar
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    Whether it's a 15% loss or the 47% loss in the other group, Soros still has plenty of money to play havoc with his enemies. Somehow I can't muster up much sympathy.
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    PORCUS MAXIMUS Rockntractor's Avatar
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    I was disappointed to hear he had a son, some people should jump out of the gene pool for the good of mankind.
    The difference between pigs and people is that when they tell you you're cured it isn't a good thing.
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    Quote Originally Posted by Rockntractor View Post
    I was disappointed to hear he had a son, some people should jump out of the gene pool for the good of mankind.
    With Ole George being the Liberal that he is, I'm surprized that he allowed any of his children to be born.
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    I hope the dear can make it! If he's under 27, he should be on daddy's health care policy.
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    So. Spinning the truth as hard as I can - and I have learned from the Democrats, so I'm good - I can report that my investment results in 2011 compared to Soros were.........................incalculable.
    At least, I don't know how to do it. So someone help me out. Soros turned in a -15% and I turned in a +9.98%.

    So, by what percentage are my results greater than his?................Anyone? Is the correct answer the rather obvious 24.95%? Or is there a more accurate way of working it out?

    Until I have a complete understanding of the math I'll be stuck saying things like, "I did a hellova lot better than Soros last year."
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    Administrator SaintLouieWoman's Avatar
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    The firm now mainly manages money for the elder Soros, family and his foundation. George Soros has five children.
    Rock, not only one son---but five kids! I wonder if they're all as evil as he is.
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  8. #8  
    PORCUS MAXIMUS Rockntractor's Avatar
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    Quote Originally Posted by SaintLouieWoman View Post
    Rock, not only one son---but five kids! I wonder if they're all as evil as he is.
    Oh no! This can't be good!
    The difference between pigs and people is that when they tell you you're cured it isn't a good thing.
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    Senior Member Zeus's Avatar
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    Quote Originally Posted by Rockntractor View Post

    Last summer, the Soros Fund announced it was returning some $1 billion to investors and would cease to operate as a hedge fund and would convert to a family office. The switch enabled the Soros Fund to avoid the March 30 deadline for registering as an investment manager with the U.S. Securities and Exchange Commission.

    The firm now mainly manages money for the elder Soros, family and his foundation. George Soros has five children.
    Me thinks Someone wanted to make it more difficult for SEC to have a look at the books. Soros did more than bet against the Euro,shortly after that he shorted on the US $.
    The 21st century. The age of Smart phones and Stupid people.

    It is said that branches draw their life from the vine. Each is separate yet all are one as they share one life giving stem . The Bible tells us we are called to a similar union in life, our lives with the life of God. We are incorporated into him; made sharers in his life. Apart from this union we can do nothing.
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  10. #10  
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    Quote Originally Posted by Zeus View Post
    Me thinks Someone wanted to make it more difficult for SEC to have a look at the books. Soros did more than bet against the Euro,shortly after that he shorted on the US $.
    King Soros is a darling of the left, he can have no ulterior motives. You need to report to the re-education center this week.
    Education without values, as useful as it is, seems rather to make man a more clever devil.
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    Do not ever say that the desire to "do good" by force is a good motive. Neither power-lust nor stupidity are good motives. (Are you listening Barry)?:mad:
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