In the early years of George Soros‘ career he worked for a brokerage firm based in New York known as F.M. Mayer. This saw him take on a position known as an arbitrage trader. He specialized in European stocks which he developed a history with during his work at the merchant bank Singer & Friedlander. European stocks were becoming very popular with U.S investors at the time. This was during the conception of the Steel and Coal Community, which we now know as the Common Market.
George Soros spent 3 years at the firm in New York and then made the move to Wertheim & Co. where he stayed till 1963. At Wertheim & Co he became a European Securities analyst with the hopes of saving up half a million dollars in order to return to England to study philosophy which was a passion he developed. During his years at the company he developed a theory known as theory of reflexivity. This theory was based on the work by Karl Popper who believed that market values are often determined by erroneous ideas of the people involved and not only by economic drivers. There are loops called reflexive feedback loops which are ideas that influence events and events that influence ideas and vice versa. This information allowed George Soros to argue that markets of cycles of both bust and boom which is not the same as predictions made by neoclassical economics.
A total of $8 million has been pledged by George Soros towards pro-Clinton groups in recent months. George Soros has been an advocate of Hillary Clinton since the support of the Obama re-election which he stated in recent emails, he regretted. He is not the only wealthy donor to donate money towards Priorities USA Action or PAC. People like Herb Sandelr and Donald Sussman who each donated $1.5 million as well as Haim Saban, the Hollywood mogul and his wife both donated $3 million. The total of PAC’s hall for the year has come to a staggering $41 million with $36 million remaining in the back. This leaves them very sure footed heading into the year.
George Soros has been seen as the leader of the pack when it comes to wealthy democrats. He has not been shy when it came to spending money in American politics. In 2004 alone he donated $20 million in order to appose George W. Bush during his run. Since then however George has been on the back foot as this attempt had failed miserably. Now sees a change in tides as we head into the 2016 election year. All eyes are on what will happen next.