Record fine for Soros 'illegal manipulation of financial markets'

Thomas Lifson
The principle financier of the Democrats, the man whose early support catapulted Obama into the lead for the nomination, the man who made billions from the stock market crash that changed everything in the fall campaign (McCain was in the lead when the crisis hit), has been given a record fine by Hungarian financial authorities. AFP reports:

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.

This is not the first time Soros has been fined for illegal market manipulation. That he is the most significant financial backer of the American left should serve as a clarion call to Americans. Do not trust this man.

Hat tip: Bryan Demko

Update: Steve Gilbert looks at the timing:

October 9th, huh? Gee, the US money markets were having some trouble around that time as well.

Of course Mr. Soros would never pull any such financial shenanigans in this country.

Unless he knew that he would have nothing to fear and everything to gain with the next administration.

Of course this has been shouted from the rooftops by our media watchdogs.

The principle financier of the Democrats, the man whose early support catapulted Obama into the lead for the nomination, the man who made billions from the stock market crash that changed everything in the fall campaign (McCain was in the lead when the crisis hit), has been given a record fine by Hungarian financial authorities. AFP reports:

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.

This is not the first time Soros has been fined for illegal market manipulation. That he is the most significant financial backer of the American left should serve as a clarion call to Americans. Do not trust this man.

Hat tip: Bryan Demko

Update: Steve Gilbert looks at the timing:

October 9th, huh? Gee, the US money markets were having some trouble around that time as well.

Of course Mr. Soros would never pull any such financial shenanigans in this country.

Unless he knew that he would have nothing to fear and everything to gain with the next administration.

Of course this has been shouted from the rooftops by our media watchdogs.