Precinct 333

Friday, March 25, 2005

Left's Tainted Money

We hear all the time about the big businesss money that allegedly bankrolls the Right in this country. Now it is true that many entrepreneurs support the side that favors capitalism over the side that favors socialism. It's in their best interest. And it is folks on the Left (who favor socialism) who constantly decry the sins of those evil capitalists.

Unless the money is coming, for whatever reason, into the coffers of the Left.

Which brings me to the major funding source for last year's attacks on George W. Bush -- George Soros. Soros bankrolls Media matters,, and a host of other leftwing groups. That's his right. But what happened to the principles of the left? Why are they not condemning Soros for his illegal and/or immoral financial dealings? Why are they still taking his money, when they insist that the Right forego any such "tainted" money?

The conviction of George Soros, the billionaire investor and former fund manager, on insider trading charges was upheld on Thursday by a French appeals court, which rejected his argument that his investment in a French bank in 1988 was not based on confidential information.

Soros, 74, now retired from money management but active as a management but active as a philanthropist and author, was ordered to pay a fine of €2.2 million, or $2.9 million, representing the money made by funds he managed from an investment in Société Générale. He said the purchase had been part of a strategy to invest in a group of companies that had been privatized by the French government.

Soros, of course, expresses no remorse over his crimes, and plans on keeping it different levels of the French and European court systems until well after his death. But the Leftis financier immediately went into political spin mode.

The ruling upheld a conviction in 2002 and followed an appeals court hearing last month at which the financier testified, saying he wanted the sentence overturned because "my reputation is at stake." While the fine is small relative to his assets, Soros testified then, the conviction is "a gift to my enemies."

See, its all about the politics. He'd gladly pay the money (equal to several times more than most of us will make in our lifetimes) if it were not for the impact on his reputation giving ammunition to his critics.

But this isn't the only time he's been involved in shady dealings.

In 1992, he became known as the man who broke the Bank of England, when his funds were said to have made a billion dollars betting that the British government would be forced to devalue its currency. By contrast, the investment in Société Générale was a very small one for him, a fact his lawyers argued indicated he did not think he had inside information.

This is the first criminal charge he has faced, but not his first run-in with regulators. In 1979, Soros signed a consent decree with the U.S. Securities and Exchange Commission, which had claimed he manipulated a company's stock by selling shares in advance of a planned public offering.

But as long as the money keeps flowing to the right Left activist groups, all is forgiven and covered up by the left-wing watchdogs of political donations.

UPDATE: This appeared in The Hill the other day.

House Republicans are taking the offensive in the burgeoning ethics war on Capitol Hill by circulating research that details links among Democrats, George Soros and government watchdog groups that have criticized Majority Leader Tom DeLay (R-Texas) and the House ethics process.

The research shows that members of these groups’ boards have contributed tens of thousands of dollars to Democratic candidates and political organizations and several of their staff members have previously worked for Democrats. The groups have also accepted hundreds of thousands of dollars from the Open Society Institute, an organization founded by Soros, who spent millions trying to defeat President Bush in last year’s election.

How independent are all these watcher taking tainted cash from a partisan criminal like Soros?


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