George Soros - he can has cheeseburger

Since tax evasion is illegal, why has the IRS not taken action against Soros, especially since we are talking about some serious money here?

 

Because the IRS has had very little success in prosecuting individuals in those jurisdictions. In fact, in general the IRS has had a hard time going after the rich. They rather go after the soccer mom who owes $700 in back taxes.

 

So, in fact, what you have is a theory based on widespread rumor, rather than incontrovertible evidence against Soros, even though you rail against him as though you have proof in hand. Do you actually know how much taxes he paid last year, or the year before that? I don't, and I don't pretend to.

 

You have no idea what you're talking about. No one person or fund on this planet can take down a currency of the size of the British pound by himself. Black Wednesday The British pound was on its way out of the ERM whether Soros was there or not.

 

Correct. If anything, Soros helped by taking off the Band-Aid quickly, rather than having it tugged at more painfully and slowly but in no uncertain terms. It was the Bank of England that threw good money after bad. As for his other major currency plays, most of his critics don't go beyond the sensationalist headlines and the comments of not-so-independent others with an axe to grind. Such objective traders, all.

 

Here is a quote: "The main obstacle to a stable and just world order is the United States.”—George Soros

And another: “my goal is to become the conscience of the world.” - George Soros

This from a man who openly expounds the principles of Popper's "Open Society" where he admittedly uses people as lab rats in his economic experiments and has openly stated he feels no guilt about the results no matter how detrimental to those people.

It's nice to know who you hold in high esteem.

For those of you interested in Soro's own vile beliefs, from his own mouth:

“Soros on Soros: Staying Ahead of the Curve” - 1995
“Science and the Open Society” – 2000
“Open Society: Reforming Global Capitalism” – 2000
“The Alchemy of Finance” – 2003
“The Bubble Of American Supremacy: The Costs of Bush's War in Iraq” – 2004
“Underwriting Democracy: Encouraging Free Enterprise and Democratic Reform among the Soviets and in Eastern Europe” - 2004
“George Soros on Globalization” – 2005
“The Age of Fallibility: Consequences of the War on Terror” - 2006
“The New Paradigm for Financial Markets: The Credit Crisis of 2008 and What It Means” - 2008
“The Crash of 2008 and What it Means: The New Paradigm for Financial Markets” – 2009
“The Soros Lectures: At the Central European University” – 2010
“Masquerade: The Incredible True Story of how George Soros’ Father Outsmarted the Gestapo” – 2011 (Not yet released)
“The Philanthropy of George Soros: Building Open Societies” - 2011 (Not yet released)

 

Really, Soros himself doesn't see it that way.

 

Here is Soros in his own words on "60 Minutes".

“We are not registered with the Securities and Exchange Commission,” Soros acknowledged on 60 Minutes in 1998. “We find it more convenient to operate without it.”
“So in some ways, it’s to escape regulation?” reporter Steve Kroft asked. To which Soros brazenly replied, “Yeah, that’s right.”

Soros could not even join the board of his own Quantum Fund because he was an American citizen. If the fund were actually run by him it would be subject to U.S. laws on insider trading and taxes. As an offshore fund, Quantum avoids the Investment Company Act, which, according to economics writer Andrew Tobias, “severely restricts the ability of funds to sell short or to make big undiversified bets – betting half the fund’s assets on the collapse of some foreign currency, say.

Offshore fund shareholders are not subject to U.S. taxation, though their American fund managers are. Some Americans do invest in offshore funds, but they must perjure themselves to do so. Many use foreign trusts, with non-U.S. in-laws or non-U.S. institutions as administrators.”

Doesn’t quite sound aboveboard, does it? Investment lore says Soros started offshore because in the beginning only people outside the United States would invest in his fund, but that doesn’t quite jibe with the reality of today.

It is clear Soros is strictly attempting to avoid American investment law with his funds these days. Take Quantum Realty, his one attempt at a U.S.-based investment house, for which Soros was given assurances “at high levels” that non-U.S. investors would be exempt from U.S. taxes. “Politics then demanded this decision be reversed after the fund had been operating for over a year,” Tobias writes. “It had to be disbanded to protect the non-U.S. investors.”

The offshore fund faced little serious regulation, leading one of Soros’ colleagues to explain to The New Yorker that “George has his own rules – they’re different, larger. He is unencumbered.” The same article went on to describe Soros as “a consummate games man, adept at finding every tax loophole and operating in gray areas where there is no oversight and maneuverability is wide. … Indeed the sums of money that he manages not to pay the I.R.S. in taxes put his present gift giving in a different light.”

 

I thought flaming liberals loved government regulation.
Or is that only when it applies to everyone else?

 

I already addressed this matter in an earlier post:

http://www.elitetrader.com/vb/showthread.php?s=&postid=3008629#post3008629

Click on the link in that post for even more details. As I understand it, his investors are non-US citizens. I don't pretend to understand all these matters as you seem to, but explain to me what edge he would provide his clientele by basing the fund in the US? And who would pay more taxes than he had to? He's playing the game as the rules are presently defined. I still fail to understand your animus.