Prominent hedge fund manager David Einhorn, who is known for seeing problems at Lehman Brothers and publicly shorting the stock prior to the bank's demise, was fined yesterday by the U.K. Financial Services Authority.
Einhorn and his fund Greenlight Capital, which has about $8 billion AUM, were slapped with a $11.2 million penalty by the FSA for trading stock in Punch Taverns PLC on inside information back in 2009.
"I agree this is a serious matter, but not for the same reasons as the FSA. The FSA says this was an act of 'insider dealing.' This resembles insider dealing as much as soccer resembles football," Einhorn said.