Thursday, 26 January 2012

The FSA has decided to fine David Einhorn £7.2 million

Yesterday. Just decided. Just like that. 'Oh, what shall we do today? I know, let's fine Einhorn £7.2 million. We need some new carpets.' Absolutely outrageous!

'On 9 June 2009, Einhorn was a party to a telephone conference in which it was disclosed to him by a corporate broker acting on behalf of Punch Taverns Plc that Punch was at an advanced stage of the process towards a significant equity fundraising. This was inside information and Einhorn should have appreciated this. A matter of minutes after the telephone conversation had concluded and on the basis of that inside information Einhorn gave instructions to sell all of Greenlight's holding in Punch. At the time these instructions were given Greenlight held 13.3% of Punch's issued equity.' More, than is healthy.

So, apparently, Mr Einhorn - not "Einhorn", if you don't mind, let's have a bit of respect - didn't realize that it was inside information. The FSA claims he's a clever boy, so he should have realized. Well, maybe. I don't know. Should he have realized, dear reader? And £7.2 million is a lot of money, isn't it? I'm not exactly Mr Einhorn's biggest fan. (He hasn't got any time for mystical capitalism. He never came to the desert in the old days.) However, this doesn't mean I want to see a dead shark biting lumps out of him. It wouldn't be so bad if it believed in death, but this is The Dead Shark That Refuses To Believe In Death.

Actually, I need some new carpets. I might fine someone.


Yes, I might fine someone. Then jump on a plane to Davos and hang out with my angel. Normally, I wouldn't dream of going to Davos, but when you're in love you do crazy stuff, don't you?