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Soros Caught Shorting Hungarian Market

From the Agence France-Pressee:

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."

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.

Hasn’t it?

(Thanks to Proreason for the heads up.)

This article was posted by Steve on Tuesday, March 31st, 2009. Comments are currently closed.

18 Responses to “Soros Caught Shorting Hungarian Market”

  1. proreason says:

    Sweet Georgie is in the news again….foreign news of course. From Agence France-Press via (surprisingly) MSM:

    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…


    Good thing George would never dare to do anything similar in the U.S. particularly in the middle of the presidential election.

    And as a reminder, I’ve asserted before on S&L that there were many days when the heavy hit on the markets in the 2 months after McCain took the lead in the polls occured in the last 1/2 hour of trading….almost as if some unseen hand was making sure there would be no good news that day. Surely it is entirely coincidental that Mr. Soros’ illegal trading (for the one time he has been caught so far) happened only minutes prior to the closing bell. After all, people who think Sep-Oct 2008 wasn’t just a confluence of half a dozen once-in-three-lifetimes random events are “conspiracy theorists” and “nuts”…..and we certainly don’t want to be branded like that by our oh-so-objective media.

    • TwilightZoned says:

      I believe you’re on to something. Soros has been caught with his finger in too many pies. The man is pure evil IMO.

    • Enthalpy says:

      proreason, there would be no way to imagine what Soros has done in his life. He may be America’s most formidable adversary.

  2. Liberals Demise says:

    “…..this has been shouted from the rooftops by our media watchdogs”.


  3. VMAN says:

    Nazi bastard

  4. Right of the People says:

    Don’t they have the death penalty in Hungry? I’d say this qualifies.

  5. Howard Roark says:

    Admittedly, I used to wonder how communists could become such wealthy world tycoons–isn’t the amassing of wealth at the cost of the proletariat a high sin in the Church of Communism? Sure it is. But that’s for the masses, of course.

    The truth is, Communism will need the Soros’ to financially back their socialist plans. Soros will own a country, through means such as what we see here, and the apparatchik in charge–Barry et al–will be nothing but wealthy benefactors in charge of the rest of us.

    How does Soros benefit from a socialist country that doesn’t care about engines of industry making a profit? It won’t matter when we’re all enslaved, you see. Soros’ wealth is guaranteed for his family for many, many generations, despite the fraction he may use to steamroll through a nation’s federal treasury.

    Communist puppeteers need the masses to be meek, controlled, sheep. Give them all a modest income with no hope of ever making more, and the system will take care of itself. Soros’ wealth will NEVER be threatened when no one can open up their own widget factory, walmart, or Microsoft to compete against him.

    • proreason says:

      I don’t think Communism has much to do with socialism at all.

      Socialism is just a handy tool to get the boot on the public’s throat.

      You are correct that Soros, and his ilk, feel like they have enough and don’t really need more.

      What they are after, and what Stalin and Lenin were after, is total control.

      Only that insures on-going domination.

      And in a more subtle way, people like Buffet and the wealthy elite in this country are similar. They don’t view themselves as jackboot kind of people, but they are intent to make sure they never fall from the pinnacle. That’s why they support slime like Obama. (I think it’s an open issue whether The Moron is ideological or not. Sometimes I think he is revenge-driven. Other times, I see him as just a common slavey criminal, collecting for his Bosses.)

      A lot of politics is just moving fingers in front of the eyes.

      The motives are a lot more primitive than what they want you to believe.

  6. Howard Roark says:

    I don’t think Communism has much to do with socialism at all.

    I do. Socialism is a stepping stone towards its ultimate goal: total control of a society. Socialism is the stage you pass through on your way to slavery. Or, as Hayek so succinctly put it, a “road to serfdom”.

    After all, we can look at the best examples of Communism from the past and see plainly that they were formed on the pretense of being “socialist”. The third letter in U.S.S.R. stands for “socialist”. Castro built a “socialist dream”. What dictators call “socialist”, we freedom-loving observers know of as “communism”.

    If socialism is a redistribution of wealth, and a partial control of industry by the government in a centralized, one-party architecture, I’d say that is only a small fraction away from being “communist”. After all, how long can socialism survive if you and I can open our own utility companies, post offices, or grocery stores?

    • proreason says:

      “road to serfdom”.

      That’s what it’s about.

      Except that they want you to be the serfs, and themselves to be the princes.

      If Capitalism worked as well to get their boot on your throat, they would use it just as eagerly.

      Talking about socialism gives it a cachet it doesn’t deserve, because socialism is an ideology.

      But what these people do is not an ideology. It’s just pure jackboot thuggery.

    • Howard Roark says:

      If Capitalism worked as well to get their boot on your throat, they would use it just as eagerly.

      I agree, PR.

      Talking about socialism gives it a cachet it doesn’t deserve, because socialism is an ideology.

      Again, so true. I was just thinking the same concept as I finished posting my previous thought. “Theory and practice are often two different things.” I admit that I am a person who is the sum total of his experiences. Perhaps I have a knee-jerk reaction when discussing socialism and communism because of my experiences in the Army and living in South Korea for a year in 1988.

      As an 18 year-old entering the service for a 4-year hitch, I was only accustomed to understanding socialist theory through books and discussion. When I was at the mercy of the Armed Forces’ way of life, I began to see it up close and personal. Admittedly, every person’s experience in the military is personal and mostly unique, but there are also many universal truths that any of us who wore the uniform came away with.

      For me, my revulsion with socialism surfaced when I saw everyone getting the same pay, despite lack of merit and performance to earn it. I was raised in the Appalachian mountains, where a farmer-class mentality still exists. “If you don’t work the soil and livestock every day, you don’t survive”, kind of reality. I was used to merit, a true work ethic, and honesty as ways of life.

      When there were the usual work details to do, there would always be a group of us soldiers appointed to do them. Off 8 of us would go to do some back-breaking, exhausting, labor-intensive duty. No big deal to me, because that’s life. Nothing is free in this world, and all of that. But inevitably, there would ALWAYS be one or two of those 8 guys who would slip away from the detail, go find themselves a nice quiet place, and sleep the day away while I was fulfilling the orders with the other guys.

      Shouldn’t those “shamers” (as we called them) be held accountable for shirking their responsibilities? You’re DAMN RIGHT they should have, but were they ever made to pay?

      As anyone who wore the uniform can attest, those shamers knew how to play the system (much like welfare cheats in the civilian world) and besides never made to answer for their behavior, they received the same pay at the end of the month as me. And I HATED that reality.

      That is socialism up close, in practice. Not just some college textbook look at things.

      Despite how much I love my time with the 82nd Airborne, the 101st Air Assault, and the 2nd ID, I have never regretted leaving that socialist nightmare behind.

    • GuppyNblue says:

      According to Marx, socialism is a step to communism. According to his theory, society progresses from feudalism to communism and those that subscribed to this theory were called progressives.

  7. chestnutt says:

    1.6 million euros-Pocket change for Mr Anti-Capitalist-I-Am-Controlling-Your-Government-Now!

  8. GuppyNblue says:

    Soros put together a well financed political infrastructure and accomplished his mission. That his influence gets so little attention from the media says a lot.

    “I retired last year and now only oversee the transactions to do with my private account”
    Thats right – nothing to see here.

  9. Gila Monster says:

    Wasn,t Soros convicted of securities fraud or insider trading in France a few years ago?

    Definitely a pattern…

  10. proreason says:

    MSM rush to investigate Soros hasn’t started yet. Google search says 0 msm outlets (other than the msnbc link) have mentioned the 5 day old story.

    Imagine if McCain had won and his principle financial backer was convicted of market manipulation 25 days before the election….

    – thousands of “journalists” would be all over the story
    – the Slimes and the Washington Pravda would have already called for McCain’s impeachment
    – we would know the life story of every member of the financial backer’s family down to their condom usage
    – 16 major tv reports, including 1-hour specials would be in the queue
    – Drooling Barney and the boys would be cranking up the investigations.

    just for starters.

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