Just when I thought JPM was the only investment bank clear of conspiracy…
Ian Hannam, JPMorgan’s global chairman of equity capital markets, left the bank after British financial regulators fined him for disclosing inside information.The e-mails contained information on Heritage Oil, a British oil and natural gas exploration company, for which Mr. Hannam was lead adviser, according to a statement from the Financial Services Authority of Britain.
The regulator fined Mr. Hannam £450,000, or $721,000, for the offenses.
Questions:
1. Do you think this one of many legal cases to come? Will others try this?
2. Do you think the fine is a fair punishment?
Here’s the article: http://dealbook.nytimes.com/2012/04/03/a-top-lond…
Nothing unusual here. I don't think this marks the start of some new wave of investigations and crackdowns. Some guys get caught and some don't, while the majority never perform any illegal acts at all. I would think it's just business as usual for the regulators.
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