We feel sympathy for the FCA. But then, the hole in which it finds itself is of its own digging.
Consider the fresh news. Having spent eight months mulling over the evidence presented in Ian Hannam’s Upper Tribunal appeal against the regulator’s earlier imposition of a £450,000 fine for supposedly passing on inside information, the Upper Tribunal has concurred that Hannam did indeed breach the UK rulebook.
But as is gradually being realised, the rulebook itself is unworkable. It involves pursuing upright citizens for synthetic crimes. Read more
Fresh from the Upper Tribunal. Click below for the judgment.
Just in case the real trophies never get cast, here are the advisers to the
$90 $80 $70 $60 $55(?)bn putative merger between Glencore and Xstrata. Click to enlarge.
First there was the foul-up over competition issues. Unbelievably, Glenstrata had not factored in the likelihood of a referral to the European authorities. Read more
It must have come as quite a shock to the FSA apparatchiks when Ian Hannam turned on them. The accepted procedure following the ritual humiliation, fine and brutal publicity that accompanies a critical report is for the miscreant to issue a more-in-sorrow-than-anger statement, and express a desire to move on. Hannam, though, is made of sterner stuff, and the FSA will now be forced to justify its action in front of an independent tribunal.
It promises to be quite a scrap. The 24-page Decision Notice is not one of the FSA’s finest documents. The logic is thin, relying on arguments like: Read more
Just when we were considering launching the Ian Hannam is Innocent OK? campaign, this crosses our radar…
The statement above comes from reader WEB, in a comment on Tuesday’s post concerning the public hanging of Ian Hannam, the heroic JP Morgan Cazenove banker fined by the FSA for supposedly distributing price sensitive information in two emails.
Scrolling through the related comments here on FT Alphaville and also elsewhere on FT.com, opinions would seem to fall into three camps: there’s the ‘screw him, he’s just a bankster’ brigade; then there’s the view that the FSA is fairly imposing its rulebook; and finally there are those who think the FSA is out of order here and maybe out of control more generally. Read more
Us Brits think of Cazenove as being the epitome of shrewd.
After all, Cazenove partners are/were the masters of corporate broking, the ultimate financial weather-vane for London’s financial community. One-in-three Footsie bosses would/do count the firm’s urbane chairman, David Mayhew, as their closest adviser. Read more