Soros marks 10 years of philanthropy in Russia (fwd)

[Michael Hoover <hoov@xxxxxxxxxxxxxxxxx>]

Forwarded message:
> Date: Wed, 08 Oct 1997 10:11:04 -0500
> From: Bob Riley <RILEY@xxxxxxxxxxxx>
> Subject: Soros marks 10 years of philanthropy in Russia
>
> Copyright © 1997 The Associated Press
>
> MOSCOW (October 7, 1997) -- As George
> Soros sees it, Russia is well on the road from "robber capitalism" to
> oligarchy -- the rule of the rich. So what is the billionaire
> philanthropist and investor planning to do? Pump more money into it.
>
> Soros kicked off a two-week philanthropic tour of Russia with the
> announcement Tuesday that he will increase his charity work here --
> already in the hundreds of millions of dollars -- in the hope of
> fostering democracy.
>
> "I may be naive," he said, "but I have great faith in Russia."
>
> Soros' visit is timed to coincide with the 10th anniversary of the Soros
> Foundation's first philanthropic initiatives in what was then the Soviet
> Union.
>
> In that decade, the Hungarian-born and American-made billionaire has
> poured more than $350 million in charitable donations into Russia, and
> has been widely praised for slowing the brain drain of Russian academics
> and scientists, as well as opening Russia to the Internet.
>
> In a speech marking the anniversary, Soros noted that he also has
> increased his for-profit investments in Russia to more than $2 billion.
>
> Despite a political and economic situation that he conceded was
> "intolerable," Soros said he saw reason to hope that President Boris
> Yeltsin's government can move the country toward genuine reform.
>
> For the first time, he said, "I can see a realistic prospect of Russia
> moving in a positive direction."
>
> Soros made a controversial splash in the Russian market in July when he
> sank $980 million into a consortium's successful bid for a stake in the
> telecommunications monopoly Svyazinvest.
>
> It was the largest privatization deal ever in Russia, and came under
> withering attack. Some Russian media characterized it as the sort of
> cozy insider sell-off that has typified the sale of many government
> assets.
>
> However, Soros told Russia's NTV television that he had no intention of
> bidding for an interest in the huge Rosneft oil company when it is
> privatized soon.
>
> Soros did not say how much more money he intended to donate in Russia,
> nor how it would be spent. He said he would spend most of the next two
> weeks talking to people in a series of "town hall" meetings before
> announcing his foundation's new initiatives.
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