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Lehman’prophet’ hit by £3.6m fine
David Einhorn, the high-profile American hedge fund manager who foresaw problems at Lehman Brothers before the Wall Street bank collapsed, was hit with a £3.6 million fine from the Financial Services Authority (FSA) yesterday for trading on inside information.
The FSA fined Einhorn and his Greenlight Capital firm a total of £7.2m for market abuse. The watchdog said that Einhorn was told in June 2009 that pubs operator Punch Taverns was about to launch a rights issue.
Einhorn then gave instructions to sell Greenlight’s holding in Punch.
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Weather for Edinburgh
Thursday 24 May 2012
Today
Sunny spells
Temperature: 10 C to 23 C
Wind Speed: 12 mph
Wind direction: North
Tomorrow
Sunny spells
Temperature: 9 C to 21 C
Wind Speed: 14 mph
Wind direction: North east
