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Record fine for Soros Fund over Hungarian transactions
Agence France-Presse ^ | 3/27/2009 | Uncredited

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 ...


TOPICS: Constitution/Conservatism; Crime/Corruption; News/Current Events; Political Humor/Cartoons
KEYWORDS: georgesosor; marketmanipulation; sorocrats; soros; usurper; waroncapitalism
Thank god here in America we have all those fail-safes in place to prevent anything like this ever happening in our markets...

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...

1 posted on 03/30/2009 8:34:51 AM PDT by AJMCQ
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To: AJMCQ; TigerLikesRooster; rabscuttle385

I’m shocked, shocked!


2 posted on 03/30/2009 8:36:33 AM PDT by Travis McGee (www.EnemiesForeignAndDomestic.com)
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To: AJMCQ

1.6 million is pocket change for Soros.


3 posted on 03/30/2009 8:37:36 AM PDT by cripplecreek (The poor bastards have us surrounded.)
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To: AJMCQ

But he did say he was “sorry”:

http://www.budapesttimes.hu/content/view/11517/221/


4 posted on 03/30/2009 8:38:14 AM PDT by AJMCQ (Who is Khalid al-Mansour? You mean Obama didn't get into Harvard on his grades?)
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To: AJMCQ

€ 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.


5 posted on 03/30/2009 8:39:02 AM PDT by mnehring
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To: cripplecreek

> 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.


6 posted on 03/30/2009 8:41:52 AM PDT by Westbrook (Having more children does not divide your love, it multiplies it.)
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To: mnehring
he needs to be hit with something with a few extra zeros.

His plane needs to be hit with the side of a mountain with his sorry ass onboard.
7 posted on 03/30/2009 8:41:53 AM PDT by cripplecreek (The poor bastards have us surrounded.)
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To: AJMCQ

there should be a death penalty for what he did.


8 posted on 03/30/2009 8:47:39 AM PDT by Vaquero ( "an armed society is a polite society" Robert A. Heinlein)
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To: cripplecreek

1.6 million? Heck, a $16 3/8” manila rope would cure Soros of any future ability to manipulate the market.


9 posted on 03/30/2009 8:48:21 AM PDT by Vigilanteman (Are there any men left in Washington? Or, are there only cowards? Ahmad Shah Massoud)
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To: AJMCQ; ExTexasRedhead

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.


10 posted on 03/30/2009 8:48:30 AM PDT by freekitty (Give me back my conservative vote.)
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To: AJMCQ

Can anyone say “Madoff Scheme”???


11 posted on 03/30/2009 8:49:21 AM PDT by ssaftler (OBAMA: One Big Ass Mistake America)
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To: cripplecreek

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.


12 posted on 03/30/2009 8:49:49 AM PDT by oust the louse (This Country now has a smelly BO problem.....)
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To: AJMCQ

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.


13 posted on 03/30/2009 8:51:46 AM PDT by M1Tanker (Proven Daily: Modern "progressive" liberalism is just National Socialism without the "twisted cross")
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To: AJMCQ

I don’t understand the nuts and bolts of these things but didn’t Martha go to jail for a lot less?


14 posted on 03/30/2009 9:04:35 AM PDT by CindyDawg
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To: CindyDawg

“I don’t understand the nuts and bolts of these things but didn’t Martha go to jail for a lot less?”

You Betcha!


15 posted on 03/30/2009 9:07:56 AM PDT by seekthetruth
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To: AJMCQ
We need to remove this guys citizenship Quick!!
16 posted on 03/30/2009 9:15:02 AM PDT by Cheetahcat (Osamabama the Wright kind of Racist!)
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To: AJMCQ

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.


17 posted on 03/30/2009 9:30:19 AM PDT by DannyTN (Impeach and Deport)
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To: AJMCQ

This guy has no morals ro ethics. I just can’t believe he shorted one of the biggest banks in Hungary.


18 posted on 03/30/2009 9:48:08 AM PDT by KC_Conspirator
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To: Vaquero

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.


19 posted on 03/30/2009 10:11:58 AM PDT by dusttoyou
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