Top JP Morgan banker resigns over market abuse fine [NotSoBreaking] - MarketTicker Forums


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User Info	Top JP Morgan banker resigns over market abuse fine in forum [NotSoBreaking]
Crossthread Posts: 4539 Incept: 2007-09-04 Wilmington, NC	One of JP Morgan's most senior bankers resigned abruptly on Tuesday, after being fined by Britain's financial watchdog for market abuse related to inside information on Heritage Oil (HOIL.L) emailed to a prospective client. Britain's Financial Services Authority said it had fined Ian Hannam, JP Morgan's Global Chairman of Equity Capital Markets and one of London's best-known and most colorful investment bankers, 450,000 pounds ($720,700) over the breach. JP Morgan announced Hannam's resignation to staff in a morning memo minutes afterwards. Hannam, an industry veteran whose current deals include advising miner Xstrata (XTA.L) on its merger with Glencore (GLEN.L), said he had fully cooperated with the FSA and would appeal against the decision. "I will complete my current client commitments and ensure a smooth handover of responsibilities," Hannam said in an emailed statement. "Appealing the case while still at the firm would be an unfair distraction to my clients and colleagues." The FSA said in its statement that Hannam had disclosed insider information on Heritage, a JP Morgan client, in two emails sent to a prospective client in September and October 2008. One email contained information about a potential offer for Heritage, while another detailed a new oil find. Hannam is known for his role in the tie-up between blue-blood advisor Cazenove and U.S. rival JP Morgan, and for his work with some of the top players in the mining sector, including Xstrata. Major deals outside the mining sector include the merger between Virgin Media and NTL and the creation of SABMiller. A former soldier and engineer who began his career with house builder Taylor Woodrow, South London-born Hannam started his banking career in Salomon Brothers in New York in the early 1980s before moving to Robert Fleming in 1992. Heritage Oil declined to comment. ($1 = 0.6244 British pounds) credits Ruters ---------- “Cognitive Co-Dependency” is when a normal rational person, internalizes irrational illogical presentations, and somehow reconciles them to fit their scripted indoctrination of logical analysis. Quote: Samuel L. Clemens:There is NO Native Criminal Class; EXCEPT for CONgress 2012-04-03 07:13:16 Permalink
Drench Posts: 28631 Incept: 2009-11-10	Quote: I will complete my current client commitments Which should take about a hundredth of a second... 2012-04-03 07:54:08 Permalink
Pika-steph Posts: 54697 Incept: 2007-09-11 Live Free Or Die; US Army Est. 1775	Link: http://www.reuters.com/article/2012/04/0.... ---------- Stop the Looting; Start Prosecuting - http://www.FedUpUSA.org/ "The only regulation that really works is failure."--Rick Santelli 2012-04-03 10:31:43 Permalink
Anti Posts: 4282 Incept: 2007-10-09	To those who understand the cultural context, does "South-London born" signify anything? I am thinking about Nick Leeson of Barings Bank fame who had a kind of lower class background and ended up bankrupting the bank. This guy who rose so far sounds real ordinary at the beginning (soldier, home builder engineer). ---------- Health is better than health insurance http://gerson.org/ Over the past 60 years, thousands of people have used the Gerson Therapy to recover from so-called “incurable” diseases such as cancer, diabetes, heart disease and arthritis. 2012-04-03 10:58:43 Permalink
Houstonstan Posts: 961 Incept: 2007-09-20 TX Online	Anti - see http://en.wikipedia.org/wiki/Only_Fools_.... ---------- Hobbies: Masturbation and smoking. I'm a 40 day'er and I smoke a lot. 2012-04-03 15:59:14 Permalink