Market Features
Soros Doubles Funds For New Economic Thinking
DAVOS, Switzerland (AP) — Billionaire financier George Soros has announced a doubling of annual funding for an independent institute to rethink economic policy, and he's gotten former Federal Reserve Chairman Paul Volcker to be its chief fundraiser.
Soros says he agreed to give $5 million annually to the Institute for New Economic Thinking when he was approached in 2009 because the crash of 2008 demonstrated that the current global economic model "was false and at the root cause of the crash." He announced Wednesday on the sidelines of the World Economic Forum that a Canadian think tank, The Center for International Governance Innovation, will give the institute $25 million over five years to support joint activities. Soros also announced that Volcker had contributed $1 million, as "practical demonstration of his support."TheStreet Premium Services
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| Dow Jones | S&P 500 | NASDAQ | 10-Year Note |
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