Soros just gave away $100 million....or did he?

Discussion in 'Economics' started by peilthetraveler, Sep 8, 2010.

  1. http://www.forbes.com/feeds/ap/2010...human-rights-watch_7908881.html?feed=rss_asia


    So Soros who is known for getting average annual returns of 15%-30% per year donates $100 million dollars. Sounds generous right? But wait...the money is to be paid out over 10 years. Wha? Why George? Oh...so you put $100 in an account...pay the first 10 million, then invest the other $90 million and wait until next year before you make the next payment. But oh...look. You made a 15% return on 90 million or $13.5 million so you pay out the next 10 million and the account now has $93.5 million in it. Next year the account make 25%, he pays out $10 million and now the account has $102 million in it. After 10 years that account that had $90 million in it is now up to between 150-200 million dollars. So really Soros is not a philathropist, but an opportunist. He loses nothing out of pocket with this "giving" but gets a tax break on the donation which offsets his gains that he would have had to pay tax on which basically just screwed the taxpayer as thats less revenue for americans.

    So basically Soros just screwed the taxpayer and sent the money to other countries.
     
  2. I bet you it's still a lot more than you gave.
     
  3. eh?

    I doubt soros will be around in 10 years time.

    Also doubt the US tax payer is going get much in the way of tax when he dies.
     
  4. He can not die

    I don't think hell will accept him, too much of a sin he got
     
  5. BigSalad

    BigSalad

    peil, that's a moronic statement.

    The point here is HE IS DONATING 100 MILLION. It doesn't matter if he's earned it before or if it's future earnings - which are uncertain as even noob traders should know. He's still going to be 100m poorer ten years from now than he otherwise would have been.
     
  6. cstfx

    cstfx

    +1
     
  7. Pekelo

    Pekelo

    You, Sir, are a moron...

    Fucking DUH! Welcome to the real world, dude!

    First, it is still a donation so if your case, the Mentally Challenged Posters Fundation gets it, you can still benefit from the donation.

    Second, it is not a secret that most rich people use their donation as a taxwrite off or any other ways that still benefits them. That doesn't mean it is still not a donation, it just means that they are smart, and that is probably why they are rich in the first place...
     
  8. If anyone thinks Soros has a charitable bone in his body, they really need to get a clue. If the SEC is going after GS, etc., they should really be investigating him, but that will never happen...especially under an administration that he's bought off so much.
     
  9. pspr

    pspr

    Who cares? Soros is one of the world's biggest A-holes and everyone knows it.
     
  10. Pekelo

    Pekelo

    1. Probably like most rich people, so there is no need to single out Soros. But because I like to argue, Soros actually has....
    2. How much did you give for charity?
    3. Where is it written that the rich has to donate? I mean it is nice, but it isn't obligatory.


    Let's face it they do it most of the time because they can have benefits or they have to give the money back as taxes anyway, not because they really care that much. But again, anyone who is bitching here put yourself in their place and say you would do it otherwise....

    Your institute, the Mentally Challenged Posters Fundation does. :)
     
    #10     Sep 8, 2010