Obama’s Exclusive George Soros Waivers

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And in November 2008, while paying obligatory lip service to concerns about going too far, he submitted a statement to the House Committee on Oversight and Government Reform that recommended: “The entire regulatory framework needs to be reconsidered, and hedge funds need to be regulated within that framework.”

Frameworks for thee, but not for he, however.

Under Title IV of Dodd-Frank, hedge funds were required to abide by new registration and reporting requirements in an attempt to better police systemic risk (not that the feckless Securities and Exchange Commission has ever been able to fulfill that mission). To evade the regulations, Soros and other firms have used a recently passed rule allowing so-called family offices to shield themselves from both registration and disclosure rules that would have subjected Soros Inc. to a new “Financial Stability Oversight Council.”

Somehow, in touting its one-year anniversary last week, there was nary a peep about the myriad loopholes and de facto waivers being granted to Obama’s powerful benefactors whose names start with “S” and end in “-oros.”

GOP Sen. Richard Shelby of Alabama called Soros’ hypocrisy out, telling Reuters this week: “It appears that Mr. Soros talked up financial reform only to sell it short. Don’t be surprised to see his fellow Wall Street financiers follow suit.”

This comes on top of the Obama administration’s $2 billion offering in 2009 to Brazilian state-owned offshore oil-drilling company Petrobras — in which Soros and his management company own an $811 million stake.

Offshore drilling for they, but not for the rest of the USA. Membership in the self-exempting progressive billionaires’ club has its privileges.

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  • Angel

    The Petrobras happened as they were closing down the gulf and destroying off shore drilling killing 10s of thousands of jobs. I my opinion, this was nothing short of a criminal act. The US granted PetroBras 2 billion in loan guarantees while closing done our industry in the gulf. Does that seem right to you?

  • Zinnia2

    yes, the Love of money is the root of all evil… he's obviously got control of the wh, and looks like much of congress to get the financial reform bill thru – so why would they investigate or press charges against him… it is so infuriating and disheartening to think there is no integrity in DC anymore – it's all about K-street – forget the People who are the economy and pay the taxes…

  • StephenD

    Money still talks …even in a Communist world.

  • George

    Sorros has always said that the United States is the one thing that is in the way for a New World order. Now Sorrors has his man in the WH and in his pocket….. think there is a reason why POTUS doesn't have a plan for saving this country from economic collapse? SORROS!!!!!!

  • tanstaafl

    More and more, Soros strikes me as a bad guy in a James Bond movie. When is 007 going to drive up in his Austin Martin and save the world as we know it?

    I wouldn't count on Eric Holder and the DOJ.

  • scum

    You're wrong again Michelle. If you look beyond O's empty rhetoric, you can see that he pandered to the Right by bailing out a handful of greedy CEO's who flew to D.C. begging for handouts. You can see that O has failed to eliminate the Bush tax cuts that offered pennies to the poor in exchange for millions for the few. But of course, you don't bother to look at the facts, as usual.

    • Patriot

      Boy, your name kinda' fits your reply…..You must be one of the people hired by Soros to beat down anything that is not in favor of the great O that you sing about….By the way, what are you going to do or where are you moving to after we sink into the mud? If you have studied or researched any thing in history, you must know that this "social injustice" or spread the wealth never works because the government in it's desire to spend money always runs out….this has been going on since Rome tried it centuries ago to CONTROL (magic word) their people….oh well, I guess you think you are one of those that will be a part of the wealthy that survives off the backs of the "serfs" left behind after the big O and Soros and others ruin us…..Tradegy greater than Rome….

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