JVP criticizes Ranil for inviting ‘The Man Who Broke the Bank of England’

Nov 09, 2015 (LBO) – The Marxist JVP on Monday criticized Prime Minister Ranil Wickremesinghe for inviting Hungarian-born American businessman George Soros to Sri Lanka, one of the 30 richest people in the world.

Presenting third-generation economic reforms in Parliament Wickremesinghe revealed that world famous author and billionaire investor George Soros will be participating in an economic summit in Sri Lanka in the near future.

A supporter of progressive liberal political causes, 85 year old Soros has donated more than 11 billion US dollars during the past 35 years.

He also played a significant role in the transition from communism to capitalism in Eastern Europe in 1980s.

Soros is best known as “The Man Who Broke the Bank of England” because of his short sale of 10 billion US dollars in pounds, making him a profit of 1 billion US dollars during the 1992 Black Wednesday UK currency crisis.

“He has been charged 940,000 Euros for insider trading by a French Court in 2006. Soros is accused of being responsible for the financial crisis that occurred in Eastern Asia in the 90s,” JVP Leader Anura Dissanayake said.

“It is such a man that Prime Minister has invited to Sri Lanka,” he added.

His foundation, ‘The Open Society Foundation,’ operating in over 100 countries, recently announced its plans to support Good Governance in Sri Lanka.

Soros’ writings focus on the concept of reflexivity, where the biases of individuals enter into market transactions, potentially changing the fundamentals of the economy.

He says that market fundamentalism is the largest current threat for open society.

George-Soros

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Panduka Silva
Panduka Silva
6 years ago

Ranil loves characters like Soros , Paskeraingam amd Arjuna Mahendran

DillonDP
DillonDP
6 years ago

I Guess Anura’s alignment was done to his brain rather than his heart….. i wonder is he afraid that soros will brake the Bank Bone of central bank??? or rather he is showing off to the pubile here i know this someone called soros..??

Jehan
Jehan
6 years ago

Soros pilfered millions from innocent people and just got a fine. If any ordinary American it would have been jail time.

People like Soros control too much than you assume.

Tilak
Tilak
6 years ago
Reply to  Jehan

The people who went to jail for insider trading recently in US the are not ordinary Americans.Those FIFA persons taken in for bribery too are not so ordinary.Also those multinational banks,Motor Car companies like GM & VW who are being delt with currently are not so ordinary. ,But knowledge is power & no one undermine the power of some information shared by the JVP & many others with the rest of the country for peoples sake..With information taking things we need, leaving things we do not need whilst uplifting our country & people is the key.

Jehan
Jehan
6 years ago
Reply to  Tilak

That is my whole point. If some are going to jail over insider dealings what is Soros doing outside pouring billions to shape the world to his liking? There are damning accusations that his organizations have participated in recent regime changes in various parts of the world.

People like Soros/Rothschilds are a special few among the special few. You can’t compare the GM chairmen to these people who control the financial system of the world.

Tilak
Tilak
6 years ago
Reply to  Jehan

The story refers to a penalty for an insider dealing in France whilst I am referring to some penalties in the US.Also I do not know the extent/depth of these cases to compare the gravity of each.Using best practices that are already developed if it do not violate our ethics is a better alternative to reinventing the wheel taking another decade.

expat
expat
6 years ago

the insider dealing case is old and also not clear cut .

“”
The case dates back to 1988 when Mr. Soros invested in French bank Société Générale and sold his shares soon after for a profit. Mr. Soros has long said that he didn’t benefit from insider knowledge when he bought the shares in the bank and argued that French rules on insider trading at the time were too vague for him to be found guilty of any crime.

In 1988 financier Georges Pébereau and a group of elderly businessmen, dubbed the “golden granddads,” formulated a plan to buy a stake in Société Générale and force a takeover. Mr. Pébereau contacted an advisor of Mr. Soros to invite the billionaire to take part in the raid, according to court testimonies.

Mr. Soros declined but subsequently bought stakes worth a total of $50 million in four former
state-owned companies in France, including Société Générale. The takeover by the “golden granddads” was ultimately unsuccessful but it did bump up Société Générale’s share price.

In 1990 French prosecutors launched a probe. In 2002 a French court found Mr. Soros
guilty of insider trading and issued a fine of €2.2 million ($2.9 million), which was reduced on appeal to €940,000.

Mr. Soros has long pleaded his innocence saying he didn’t receive confidential information about Société Générale. In 2006 Mr. Soros, who is famed for making $1 billion in a bet against the British pound in 1992, took the case to the European Court of Human Rights. The court accepted the case under article 7 of the European convention of human rights, which states that no person may be punished for an act that wasn’t a criminal offence at the time that it was committed.

In its ruling on Thursday (06.10.2011), the European Court of Human Rights said in a statement that while the French law wasn’t always precisely worded, professionals had a duty to be prudent in their work. Mr. Soros was a sufficiently experienced investor and “could not have been unaware that his decision to invest in shares in [Société Générale] entailed the risk that he might be committing the offence of insider trading,” the court said in a statement.

Mr. Soros’s lawyer said that in 1989 France’s market watchdog conducted an investigation into the affair and concluded that French law wasn’t clear. “If the law was not clear to the regulator, how could it be clear to Mr. Soros in New York,” Mr. Soffer said. French law has since changed and now classifies such discussions as inside information. “”