Time

September 1, 1997

HOW SOROS MAKES BILLIONS...AND GIVES AWAY MILLIONS

Soros'Quantum Fund makes money by anticipating economic shifts around the world. In 1992 Soros thought the British pound would lose value because of political and economic pressure. He borrowed billions of pounds and converted them to German marks. When the pounds collapsed Sep. 16, Soros repaid the pounds at the lower rate and pocketed the difference. His profit: $1 billion.

In 1996 Soros' foundations distributed $360 million for projects all over the world. Some countries received more money from Soros during the year than from the U.S. government.

Amount Soros U.S. Economic

Gave in 1996 Aid in 1996

Russia $24,198,000 $108,140,000

Hungry $15,796,000 $ 15,096,000

Ukraine $15,323,000 $141,100,000

Yugoslavia $11,180,000 0

Albania $10,219,000 $ 19,900,000

Romania $10,180,000 $ 28,680,000

Bulgaria $ 9,326,000 $ 27,865,000

Bosnia $ 8,869,000 $245,294,000

Poland $ 7,568,000 $ 44,445,000

Belarus $ 6,019,000 $ 4,600,000

Soros' New Emphasis: The U.S.

In early 1996 Soros' foundation decided to expand its work in the U.S. It has so far dispersed $50 million to various causes. Some of the future commitments it has made:

$50 million to the EMMA LAZARUS FUND to help legal aliens

$25 million to address DRUGS, POVERTY, CRIME and EDUCATION in Baltimore, Md

$20 million to the PROJECT ON DEATH IN AMERICA

$15 million to DRUG-POLICY REFORM and NEEDLE EXCHANGES

$12 million to the ALGEBRA PROJECT, and education program

$8.3 million to the CENTER ON CRIME, COMMUNITIES AND CULTURE

$3.2 million to promote POLITICAL-CAMPAIGN-FINANCE REFORM

$2.5 million to help low-income organizations deal with WELFARE devolution.