Friday, March 25, 2011

A Schnauzer Correction Regarding George Soros

George Soros

We would like to correct some information in our post titled "International Gambling Operations Have Roots in Alabama," from March 22, 2011.

A source tells Legal Schnauzer that the post misstated the role of financier George Soros in the sale of a U.S. company to Chinese concerns. The post, in part, stated:

In 1995, Magnequench, with the approval of the Clinton administration and what WMR was told was a financial boost from George Soros, was sold to a consortium that included two Chinese companies, San Huan New Materials and Hi-Tech Inc., partly owned by the Chinese government's Academy of Sciences in Beijing, and China National Nonferrous Metals Import and Export Corporation (CNIEC). In fact, both companies were owned by in-laws of Chinese Premier Deng Xiaoping, who, WMR previously reported, maintained close ties to Joe Biden who helped arrange with Deng the transfer of lost US electronic intercept stations from Iran, after the fall of the Shah, to western China.

Magnequench's owner, Archibald Cox, Jr., the son of the Watergate special prosecutor Archibald Cox, Sr., who was fired by President Richard Nixon, permitted the firm's headquarters being moved from Indiana to Singapore. Magnequench's minority stakeholder was Sextant Group, Inc. of New York, an international investment group founded by Cox, Jr. and which fronted the sale of Magnequench from GM to China. WMR has learned from informed sources that Sextant's investment money was linked to the Bush family and Soros.

Archibald Cox, Jr., the post stated, is a key player in a plan to develop a major gaming resort in Vancouver, British Columbia. Paragon Gaming, which has roots in Alabama, is behind the Vancouver development.

Our source, however, says George Soros got out of the deal that sent Magnequench to China, before it was completed. "Other interests bought out Mr. Soros because they knew he would never agree to their ultimate plans," our source says.

[Photo: Getty Images]

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