George Soros is a legendary investor and speculator. He and Warren Buffet are the only two men who generated profits of 30% per year consistently for 30 years. He left active trading in the 1980s to pursue a second career in philanthropy. He established more than 100 Open Society Foundations in countries around the world. The goal is to promote an open society based on individual respect and trust.
Soros’ philosophy regarding his philanthropy is best summed up in his writing entitled: “My Philanthropy” “I occupy an exceptional position. My success in the financial markets has given me a greater degree of independence than most people. This obliges me to take stands on controversial issues when others cannot, and taking such positions has itself been a source of satisfaction. In short my philanthropy has made me happy. What more could I ask for? I do not feel, however, that I have any business imposing my choices on others.”
His accomplishments include writing several books, essays and commentaries on world affairs. He is a giver to liberal causes and recently has donated millions to political candidates whom he feels will advance the cause of freedom. His latest contribution is for $6 million to Hillary Clinton’s Super Pac in her bid for the Presidency of the United States. He added another $2 million making a total of $8 million.
Political candidates are now able to receive unlimited funds under a 2010 Supreme Court decision. Prior to that time we had Political Pacs but donors were limited to $2500 for the Primary and $2500 for the election making a total to $5000. In Citizens United vs. Federal Election Committee, The Supreme Court said that: “Limitations on corporations and union spending to influence elections was unconstitutional. Further, Justice Kennedy wrote: “We now conclude that independent expenditures do not give rise to corruption or the appearance of corruption.”
Whether you agree or disagree with Super Pacs, they are a major force in political campaigns. There are Super Pacs on both sides of the political spectrum. Large sums are being donated to Republican candidates as well.