Tuesday, March 31, 2015

NYU's Michael Steinhardt, Wall Street and Golan Heights Oil Connection: Part 9

NYU Trustee Steinhardt’s Historic Price-Fixing Case Connection

Coincidentally, in the year before Clinton defeated Republican President Bush I in the 1992 presidential election, the Republican Bush Administration’s Securities and Exchange Commission [SEC] apparently began looking into allegations that Steinhardt’s investment firm and billionaire speculator-turned “philanthropist” George Soros’ investment firm were involved in the white-collar crime of price-fixing. As Steinhardt noted in his 2001 No Bull book:

“…In June 1991, the government began investigating price fixing or collusion at auctions. It was alleged that Salomon and three key clients—Tiger Management (run by Julian Robertson), Quantum Fund (run by George Soros) and the Steinhardt funds—had colluded to manipulate the market in two-year Treasury notes in the April and May auctions…In time, the SEC issued subpoenas to key people at…Steinhardt. Eventually a large group of small investors filed a number of class-action civil suits…against…Steinhardt. They alleged that…we had colluded…causing them to lose millions…We ended up paying the SEC and Justice Department civil fines. All in all, we at Steinhardt paid fines and fees totaling more than $70 million…I paid 75 percent of the fines…”

(end of part 9)

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