Hedge Funds

Greenlight Capital Fined Over ‘Punch’ Trades For Reasons Not Entirely Clearly Clear To Greenlight

According to the FSA, which imposed the £7.2 million fine for “inadvertently engaging in market abuse in connection with trading of Punch Taverns…the market abuse was not deliberate or reckless. Mr. Einhorn did not believe that the information that he had received was inside information and he did not intend to commit market abuse.” Sayeth Einhorn:

“We believe that this action is unjust and inconsistent with the law and with prior FSA enforcement precedent. However, rather than continue an arduous fight, we have decided to put this matter behind us and concentrate on managing our business…We have always strived to set an example of good conduct and ethics, and we take compliance very seriously. We didn’t believe in 2009, and we don’t believe now, that there was anything wrong with our conduct and our actions. The fine is for trading in advance of a decision that had not been made, and the FSA concedes we did not believe we had any inside information. We did not enter into any confidentiality agreement, we explicitly requested that we not be given confidential information, and we do not believe we were given any such information. Further, all the witness testimony supports our view.”

Einhorn and Co will be holding a 4PM conference call to discuss the situation– stay tuned!

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73 Responses to “Greenlight Capital Fined Over ‘Punch’ Trades For Reasons Not Entirely Clearly Clear To Greenlight”

  1. investorcluzo says:

    Fooling some of the people all of the time…
    -D. Einhorn

  2. Bitchtern says:

    Just more of the Wall Street Witch Hunt drama to keep the proles appeased and not rioting.

  3. Jackwagon says:


  4. Nailz6 says:

    Hardly a fine

    – Raj

  5. Dog says:

    Those Brits are so polite. I bet they apologised for fining him.

  6. Default says:

    Pay it in Euros

  7. yumms says:

    David Einhorn is so fuckin attractive

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