Daily Telegraph: It’s a big bite for bureaucrats
“Shell shareholders are writing the cheques and, as the American lawyers get going, they will be writing more and bigger ones.”
City comment
Edited by Neil Collins, City Editor
(Filed: 30/07/2004)
Even given the salaries at the Financial Services Authority (pay peanuts and you get. . .) £17m should cover quite a few of them, so it was a good day for the bureaucrats yesterday. The fine, levied on Shell for breaching the catch-all rules on “market abuse” looks modest compared with the $120m hit from the Securities & Exchange Commission in America, but everything’s bigger over there.
In truth, the fines are a classic case of kicking the dog to punish the cat, since those in charge when Shell overstated its oil reserves have all gone (and we may be sure they have been well rewarded for their incompetence). Shell shareholders are writing the cheques and, as the American lawyers get going, they will be writing more and bigger ones. read more
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