Soros says Obama victory means 'more sensible politics'

Date: Wednesday, November 7, 2012
Author: Jennifer Ablan and Matthew Goldstein, Reuters

Billionaire investor George Soros said late Tuesday that the projected re-election of President Barack Obama will open "the door for more sensible politics."

Soros, who has contributed mightily to Democratic causes and supported many liberal and progressive groups, told Reuters: "I'm delighted that President Obama has won. The American electorate has rejected extremist positions."

In an email exchange, Soros, who was in Budapest, said he hopes "the Republicans in office will make better partners in the coming years."

He noted that cooperation between America's political parties is "urgently" needed to deal with the so-called fiscal cliff - the yearend combination of expiring Bush-era tax reductions and steep cuts in domestic spending.

Soros, 82, rose to fame and fortune two decades ago on a now-historic trade in which he took on the Bank of England and shrewdly wagered on a devaluation of the British pound.

Last year, Soros, who frequently speaks out on world economic events, converted his hedge fund into a "family office," managing money for relatives and friends. He stopped managing money for outside investors.