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March 24, 2005

..But Score One For French Judges: Soros Conviction Upheld

Boy, do liberals hate inside-traders and global currency manipulators... except when they donate to MoveOn:

Billionaire investor George Soros was found guilty of insider trading by a French appeals court, upholding a 2002 conviction in a case that he's been fighting for 16 years.

The Paris appeals court ruled that Soros's 1988 purchase of Societe Generale SA shares with the knowledge that the bank might be a takeover target broke French insider trading laws. The court today confirmed an earlier order asking Soros to pay back his 2.2 million euros ($2.9 million) in gains. Prosecutors didn't ask for punitive damages and Soros faces no other penalties or restrictions in France.

...

The verdict marks the only legal stain on Soros's 40-year investing career. It comes at a time when Soros, 74, is no longer actively investing and has turned his attention to political and charitable activities. Soros contributed $26.5 million to a failed effort to defeat President George Bush in last year's U.S. presidential elections.

The only legal stain? Why is this reporter so helpfully pointing that out to us? Is Martha Stewart's conviction for obstruction of justice also noted to be her "only" legal stain?

Jeepers-- it's almost as if this reporter approves of George Soros or something!

Thanks to Ogre Gunner.


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posted by Ace at 01:59 PM

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