HUMAN EVENTS I THEWEEKOF08.08.il VIEW FROM THE RIGHT < 17

Obama Gives George SorosExclusive Waivers

BY MICHELLE MAIKIN

"Millionaires and billionaires," Presi-dent Obama says derisively, must makemore "sacrifices" and live by the samerules the rest of America lives by. Butthere are seven little words that willnever appear on the White House tele-prompter: "And that means you, too,George Soros."

For all his (and his wife's) bashing ofgreedy Wall Street hedge-fund manag-ers, Obama has shown nothing but loveto the world's most famous hedge-fundmogul. The feeling is mutual and deep(-pocketed).

Soros and his family shelled out$250,000 for Obama's inauguration,$60,000 in direct campaign contributionsand untold millions more to liberal ac-tivist groups pushing the White Houseagenda. While the class-warrior-in-chiefassails conniving financiers who exploitloopholes and corporate titans who im-peril the planet, he lets the Soros exemp-tions to his attack-the-rich rules slide likebutter on a hot plate.

Over the past year,Soros providedcoveted supportfor Obama and theOemocrats' Byzan-tine financial"reforms" underthe sweeping Dodd-Frank law.

This week, for example, Sorosannounced he was "quitting" thehedge-fund industry. The headlinesemphasized his decision to returnabout $750 million to outside inves-tors (a drop in his $30 billion bucketof personal wealth). He's reconstitut-ing the business that landed him onForbes magazine's "wealthiest people"

While Obama attacks wealthy Americans for tax loopholes, he delivers to George Soros, a self-serving waiver.

list as a "family" interest. But the movehas "self-serving politics" written allover it.

Over the past year, Soros providedcoveted support for Obama and theDemocrats' Byzantine financial "re-forms" under the sweeping Dodd-Franklaw. He preached to financial publica-tions around the world about the needfor increased regulatory controls overhis industry. And in November 2008,while paying obligatory lip service toconcerns about going too far, he sub-mitted a statement to the House Com-mittee on Oversight and GovernmentReform that recommended: "The entireregulatory framework needs to be re-considered, and hedge funds need to beregulated within that framework."

Frameworks for thee, but not forthem, however. •

Under Titie IV of Dodd-Frank, hedgefunds were required to abide by newregistration and reporting requirementsin an attempt to better police systemicrisk (not that the feckless Securities andExchange Commission has ever beenable to fulfill that mission). To evade theregulations, Soros and other firms haveused a recently passed rule allowing so-called fanuly offices to shield themselvesfrom both registration and disclosurerules that would have subjected SorosInc. to a new "Financial Stability Over-sight Council."

Somehow, in touting Dodd-Frank'sone-year anniversary last week, therewas nary a peep about the myriad loop-holes and de facto waivers being grantedto Obama's powerful benefactors whosenames start with "S" and end in "-oros."

GOP Sen. Richard Shelby of Alabama

called Soros' hypocrisy out, telling Re-uters last week: "It appears that Mr. Sorostalked up financial reform only to sell itshort. Don't be surprised to see his fellowWall Street financiers follow suit."

This comes on top of the Obama Ad-ministration's $2 billion offering in 2009to Brazilian state-owned offshore oil-drilling company Petrobras—in whichSoros and his management companyown an $811 million stake.

Offshore drilling for them, but not forthe rest of the USA. Membership in theself-exempting progressive billionaires'club has its privileges. •

MICHELLE MALKINis the author of Culture of Corruption:Obama and his Team of Tax Cheats,Crooks & Cronies (Regnery 2010).

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