Posted on 03/30/2009 8:34:51 AM PDT by AJMCQ
Hungary's financial supervisory watchdog announced Friday it had slapped a 1.6-million-euro fine on an investment fund founded by US billionaire George Soros, for manipulating the market.
The PSzAF said it had fined Soros Fund Management LLC for transactions on the Budapest stock exchange on October 9 that led to a "significant loss in value" of Hungarian OTP bank stocks, which fell in days from 4,000 forint (13.2 euros, 17.86 dollars) to 2,500 forint.
The PSzAF "is imposing a 489-million-forint fine on Soros Fund Management LLC... for violating the rules regarding the illegal manipulation of financial markets," the supervisory authority said in a statement on its Internet site.
The Soros Fund has 30 days to pay this record fine.
The PSzAF said the fund started putting OTP shares up for sale at 4:27 pm on October 9, just minutes before closing.
"The timing, the number and the effects of these transactions on the market point without any doubt to a an illegal market manipulation," it added.
OTP, Hungary's biggest bank, was already hit hard by the financial crisis, like many other banks, but then saw its share value crumble in a few days after October 9.
In a statement Friday, Hungarian-born Soros responded he had been informed of the fine but insisted that he was not involved in the transactions.
"I no longer control the Soros Fund Management's operations, I retired last year and now only oversee the transactions to do with my private account," he said in the statement, published by Hungarian news agency MTI.
"Soros Fund Management is cooperating with the Hungarian authorities and has also launched an internal investigation" into the illegal transactions, he noted.
He added he was "deeply sorry the Soros Fund Management had carried out such a transaction."
(Excerpt) Read more at news.id.msn.com ...
I'm sure if anything were ever out of order, the Treasury Department would investigate the matter thoroughly and people would be brought to justice...
I’m shocked, shocked!
1.6 million is pocket change for Soros.
€ 1.6Million? Soros probably just considers this a small operating expense. With the manipulation he does, he needs to be hit with something with a few extra zeros.
> 1.6 million is pocket change for Soros.
That was EXACTLY what I was going to say!!
Soros is still wanted in Russia for currency manipulation, whereby he made BILLIONS while the Rouble fell from $0.16 to $0.03.
Unfortunately, we have no extradition treaty with Russia. They would not just give Soros a fine. You can ask the suckers that helped him, and that he left behind in Moscow, when they think they will ever get out of prison. They probably don’t even know.
there should be a death penalty for what he did.
1.6 million? Heck, a $16 3/8” manila rope would cure Soros of any future ability to manipulate the market.
They should fine a lot more than that. I am glad to see something is finally being done. They should fine the people behind him too.
Can anyone say “Madoff Scheme”???
I would love nothing better than for him to spend his last days on earth in prison with a jump suit on and eating bread and slop...that would even be too good for this dirtbag.
I know that was sarcasm but on a serious note, look at the dates.
Soros (who says he’s ‘retired’) manipulated bank stocks so that the markets would crumble and appear to be “Bush’s Fault”(tm) just in time for the US election.
And the policies that would “save us” are those of his front man, Obama. Nice little racket Soros, Obama and Co(mrades) have going. Make a problem, and come in with the (final) solution.
Meanwhile, we are focused, still, on AIG, even as Congress “fires” the CEO of GM!!! I am sorry, did we become a feuher worshiping national socialist police state while I have been deployed in Afghanistan?
That last question was rhetorical.
I don’t understand the nuts and bolts of these things but didn’t Martha go to jail for a lot less?
“I don’t understand the nuts and bolts of these things but didn’t Martha go to jail for a lot less?”
You Betcha!
How come Hungary can find Soros’s manipulation and we can’t??
You know if he is doing it there, he is doing it there.
I bet the only reason we aren’t finding it, is nobody is looking for it, and/or he’s manipulated with bribes the public officials in charge of looking for it.
This guy has no morals ro ethics. I just can’t believe he shorted one of the biggest banks in Hungary.
there should be a death penalty for what he did.
There is, the executioner just hasn’t got him yet. Sounds like we should put his butt on a flight for Moscow and let Pooty take care of him in his “special” way.
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