In what can only described as the ultimate irony, billionaire financier George Soros has come out in support of the the Occupy Wall Street protesters.
During a Monday news conference at U.N. headquarters, Soros was asked what he thought about the “Days of Rage” protests.
“Actually I can understand their sentiment, frankly,” he said to the reporters.
Soros mentioned the struggle of small business owners who saw the interest rate on their credit cards soar from 8 percent to 28 percent after the 2008 financial meltdown, reports the Huffington Post.
Because many of them depended on personal credit to keep their businesses going, he said, “an awful lot of them actually were put out of business.”
“And at the same time the decision not to inject capital into the banks, but to effectively relieve them of their bad assets and then allow them to earn their way out of a hole leaves the banks bumper profits and then allows them to pay bumper bonuses,” Fox reports the Hungarian-born financier saying.
“And the contrast between the two, I think, is a large contingent” of both the Occupy Wall Street protests and the Tea Party movement, Soros said.
However, if there was one person who might actually lend credibility to the the Days of Rage protests, that is, if there were one person who justifies their “rage” against corrupt financiers, it is George Soros.
By their own admission, albeit somewhat convoluted and unintelligible, the protesters have stated that they are against financial corruption (we think) and “greed.”
Consider these facts:
- 2002: George Soros fined $2.3 million under French securities laws for insider trading
- 1992: Black Wednesday, Soros sells short more than $10 billion worth of pounds, profiting from the UK government’s reluctance to either raise its interest rates to levels comparable to those of other European Exchange Rate Mechanism countries or to float its currency.
- 2011: Forbes writes that that Soros has a net worth estimated at $22.0 billion, making him the 46th richest person in the world.
If Soros does not fit description of “corrupt financier,” we are not sure who does.
It would then make sense for the protesters to unanimously reject Soros’ “sympathy,” and to direct their “rage” against him rather than some faceless, nameless bankers who work on Wall Street.
Watch the video of his answer:
Update: This article has been modified since its original posting to correct grammatical and stylistic errors.