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To: mishedlo who wrote (176495)	6/30/2002 3:03:45 PM
From: Haim R. Branisteanu	Respond to of 436258

Those are old news. It was an open secret for years I even posted it on SI 2 years ago.

To: mishedlo who wrote (176495)	6/30/2002 5:25:33 PM
From: Les H	Read Replies (4) \| Respond to of 436258

Soros reiterates dollar could fall by a third; attacks US business morals Financier-turned-philanthropist, George Soros, said that the developing 'Bush bear market' is to blame for waning faith in US economics and business. He also reiterated his prediction that the dollar could conceivably drop by a third against major world currencies on top of the already heavy declines seen in recent months. Its tumble has placed it at almost at parity with the once struggling euro and at two year low against the pound as mounting worries about the spate of corporate failures such as Enron, Worldcom and Xerox has been reflected in currency market disarray. "People have lost confidence in America," Soros told the BBC as he gave a frank assessment of business morality during George Bush's tenure as president. Soros said he believed that in part the large number of US corporate failures was "normal fall-out of the preceding boom", though he also blamed them on the "anything goes culture", which he said is now entirely ingrained in US finance and politics. "The fact it is so widespread raises more far reaching issues about the values that guide us - not just in business, but in politics and life," he told the Breakfast with Frost Programme. Soros played a pivotal role in Britain's economic collapse in the early 1990s. The billionaire and fellow speculators succeeded in 1992 in chasing the UK out of the European Exchange Rate Mechanism and into the mire of recession and he is famed for his ability to move markets. While he is largely retired from the day-to-day management of his giant hedge fund, and concentrated on redistributing some of the vast wealth he has acquired, comments of the influential money markets magnate are bound to reverberate worldwide. Asked whether America's corporate contagion could spread to Europe, he said: "It could occur, there are always excesses." But he conceded that Europe does not have the systemic problems of the US. He said the US system of rules-based accounting was to blame and he that there had been a roaring trade in what he called "rules avoidance", which have led to the crushing lack of faith in US accountancy. "The rules avoidance industry is a very large industry pursued by the most respectable people in finance," he said. Soros' comments came shortly after President George W Bush launched a clampdown on on American boardroom greed. Last week he warned executives would face prison for filing phony accounts.