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Acropolis Investment Management: Daily Insight
Acropolis Investment Management helps its clients invest their wealth by providing them with objective financial advice, disciplined portfolio management, and outstanding customer service. To learn more visit: http://www.acrinv.com/ … read more…
Advisors: Investment Management Help From Advisors
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Open Question: 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:
“right-wingers”
.
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”
Resolved Question: The internal rate of return on the investment in the new machine is closest to:?
(Ignore income taxes in this problem) The management of Elamin Corporation is considering the purchase of a machine that would cost $365,695 and would have a useful life of 9 years. The machine would have no salvage value. The machine would reduce labor and other operating costs by $61,000 per year. The internal rate of return on the investment in the new machine is closest to:
A.9%
B.11%
C.12%
D.10%
Resolved Question: Who will defend auto workers if they don’t do it themselves?
In the face of this unprecedented attack, the UAW has continued to maintain its silence. There is little doubt that the union bureaucracy has already agreed to all of the concessions demands involving the wages, benefits and working conditions of the almost 90,000 UAW members at GM and Chrysler. This would be in line with its decades-long policy of labor-management “partnership,” in which the UAW has given up most of the gains won in generations of struggle. The only real concern of the UAW is the tens of billions owed by GM and Chrysler to its retiree health care trust fund, which the union bureaucracy had counted on as a lucrative source of investment revenue to offset the income losses resulting from the loss of two-thirds of its dues-paying membership.
Behind the scenes the union bureaucracy is in intense negotiations with the White House over what it can gain from the carve-up of the auto industry and its collaboration in the brutal exploitation of auto workers. This includes a major ownership stake in the “new” auto companies, whose share values would presumably rise sharply after they dispensed with their pension obligations and other debts and had secured a sweetheart contract from the UAW.
Among those included on Obama’s auto task force is Ron Bloom, a former partner at the Wall Street investment firm Lazard Freres & Co. Bloom has worked for the United Steelworkers bureaucracy since 1996, advising the union as it collaborated with various billionaire asset strippers during the dismantling of the steel industry.
http://www.wsws.org/articles/2009/apr2009/auto-a16.shtml
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