Soros' Dodd-Frank Dodge Sparks Anger
BOSTON (TheStreet) -- George Soros' decision to return money from his hedge fund to outside investors drew the fury of investors angry with the billionaire investor's avoidance of new hedge fund regulations.
Soros will return money to investors by the end of the year, Bloomberg reported Tuesday, citing two people briefed on the matter. Soros Fund Management will focus on managing assets for his family, according to a letter to the firm's investors.
While several media reports heralded the end of Soros' four-decade-long career as a fund manager, it was noted that Soros is taking advantage of an exemption by the Securities and Exchange Commission to avoid registering his hedge fund under new requirements passed in the Dodd-Frank reform act.Under the Dodd-Frank requirements, hedge funds are required to register with the SEC by March 2012 if the fund continues to manage more than $150 million in assets for outside investors. The new requirements would call for funds to report information about the assets they manage, potential conflicts of interest and information on investors and employees. By managing only family investments, Soros, who will turn 81 on Aug. 12., is allowed an exemption for what the SEC considers "family office" advisers. Readers of TheStreet took to the comments section to air their comments. A collection of the responses are presented below.
Typical limousine liberal. He supports those who advance certain rules and regulations as moral and just, but then changes his behavior to avoid those same rules and regulations. In case some wonder why he is so despised, this is the reason. Talk about privileged! BTW, was his work to break the Bank of England and devalue the pound part of his philanthropic activities? I'm sure the citizens of England who suffered because of that would see it otherwise. What a sham. -- SaysWho
Why go through the hassle (and cost) of registering if less than 4% of the assets are external investors? Just return that money and continue to invest the family money. Something tells me he would have been more than willing if it was the other way around and 96% external. -- ksf42001
He spends tens of millions of dollars to support Democrats and their progressive agenda. When they implement this agenda, he bails. Wait, this sounds familiar. remember the tens of millions the unions, organizations and corporations spent supporting Obamacare. Once passed, they all asked for waivers. They should all be in prison, a really bad one. -- Tomas Cruz
George Soros promotes an "Open Society" except when it comes to his shady dealings. -- Wigglesworth
The western world is falling apart, and he knows it. He is taking his winnings and leaving the game. -- Kev
Any hedge fund that closes due to these new regulations should IMMEDIATELY be investigated in depth for any misconduct. There MUST be a reason they are closing to avoid the law. -- Sigint.
Democrats love to tax and regulate everyone ... except themselves. -- Jonathan
Soros wants rules for thee, but not for he. Because he doesn't want you seeing what he's doing behind closed doors, and certainly doesn't want law enforcement or the government knowing. What are you hiding, George? Play by the rules your tentacle political organizations all advocate. -- Good Lt.
How much of those family assets did this crook steal from other people? His dirty money helped put these Marxist/socialist thugs into office and now he is making sure he won't have to report how he acquired his wealth. The IRS should be all over his tax returns, but because he owns the demoRATS and Obama he is given a free pass. -- Donald N.
So the democrats wrote another lie to allow the liberal crooks to skirt the intention......... Soros is the leader of the bankers that have screwed America and he orders Obama to do his bidding. -- Real_American
All this financial thug does is talk about how we all need to evolve into an "Open Society" yet what does this financial move prove? It proves that he truly doesn't believe in transparency. -- Phillip Graham
Soros is a very evil man. He no doubt has much to hide and, therefore, is closing shop and closing his books from the prying eyes of the feds. I expect many like him to follow suit. -- Diego Roswell -- Written by Robert Holmes in Boston.
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