Question by Lorenzo: Have you seen this story about Soros European activities in October? Their PM stepped down now too?
3/27/2009 10:43 AM GMT
Record fine for Soros Fund over Hungarian transactions
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.”
oh and guess what the media labels the people who are angry about the corrupt government there too:
can you believe he said he retired last year.
and, while he was bragging that he was enjoying a “very good crisis” the ex communist PM is so unpopular he decided to step down, but they didn’t have an election, just reached a consensus to replace him with another party member;
this is the Socialist Party that sent a delegation to the DNC for “interparty relations” BTW
Soros was the one bragging of the “very good crisis”
Answer by White House Watching
Its about time. This man manipulates way too many people and governments.
Soros+Obama, wonder where all of that money came from?
Know better? Leave your own answer in the comments!