The Self-established billionaire and currency speculator, who reduced Soros’ political donations after a record $27 million spending spree in an attempt to defeat George W. Bush back in 2004, has secretly resurfaced as the top donor of Democratic politics. According to records from Federal Election Commission and several interviews with his close associates and Democratic Fundraising officers, Soros has committed over $25 million in support of Hillary Clinton, other Democratic aspirants on wsj.com, and causes. His associates hinted that they expect George Soros to donate close to $24.9 billion as the Election Day approaches.
Why Soros seems to be more politically engaged than ever
The 85-year-old billionaire investor had plans of attending the Democratic convention to witness Hilary Clinton (his long-term friend) take up the mantle of being a Democratic presidential candidate. However, one of his associates said that Soros, who made a comeback in active trading on Politico, chose to revoke the trip to monitor the European economic situation closely. Soros appears more politically involved than ever due to faith in Clinton. He is also against Donald Trump’s presidency, whom he has accused severally of inspiring fear in American citizens.
Michael Vachon, George Soros’ political adviser, said that his boss had supported Democratic causes consistently for decades, but in 2016, his political stakes have tremendously increased. His donations were big even before Trump appeared since the opponents were hostile towards the majority of the matters that Soros advocates for and supports. These issues include criminal justice reform, religious tolerance, and immigration reform.
Financial advantage over the opponents
The generous donations from George Soros in a bid to defeat Trump are viewed in the Democratic finance circles as an important sign for Clinton. Soros has the power to neutralize donations from other wealthy activists that are supporting Trump. Democratic Party has received big checks from other affluent liberal donors such as Tom Steyer, a San Francisco environmentalist, who donated a record $31 million in 2016, while Don Sussman (New York hedge funder) contributed $13.2 million. Additionally, media moguls Fred Eychaner and Haim Saban contributed $11.1 million each.
Scaling back political donations
After unprecedented spending on political giving in 2004, Soros scaled back his political donations. Instead, he diverted his charitable efforts to global foundations, which have given out over $13 billion over the past 30 years to nonprofits that focus on defending human rights, shaping the Eastern Europe’s democratic process, and improving access to health care, and education globally. In 2005, Soros played a formative role in the establishment of Democracy Alliance, an exclusive club of the main liberal donors. The aim of the organization was to steer funding away from groups campaigning for electoral seats to those aiming to establish intellectual infrastructure for lasting fights such as combating income inequality and climate change.