Adrian Ash, 29 Jan ’08
The FSA… has just got round to bringing its first ever criminal case for insider dealing – despite being the statutory prosecutor for insider dealing since 2000.
“That’s a long while,” as Sara George of Allen & Overy noted to the Financial Times. Not least because the regulator itself says insider dealing is “rife” in the City of London, affecting almost 24% of takeover and merger announcements in 2005 – utterly unchanged from the proportion subject to insider dealing in 2000, the year the FSA became responsible for preventing it.
As for fines, the FSA’s preferred slap on the wrist, the largest single censure of a retail finance firm to date was this month’s £1 million fine (less than $2m) of HFC Bank for giving “unsuitable insurance advice”. HFC is part of the HSBC group. The parent’s latest interim report showed that it earned that much – pre-tax – every 36 minutes.
The FSA’s largest fine all told was £17 million ($33m) charged to Royal Dutch Shell for lying about its crude oil reserves in July 2004. The oil giant’s net income at the time was £24m per day.
For the full article go to…
http://goldnews.bullionvault.com/socgen_jerome_kerviel_banking_scandal_fsa_regulators_012920084
This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.
Royal Dutch Shell conspired directly with Hitler, financed the Nazi Party, was anti-Semitic and sold out its own Dutch Jewish employees to the Nazis. Shell had a close relationship with the Nazis during and after the reign of Sir Henri Deterding, an ardent Nazi, and the founder and decades long leader of the Royal Dutch Shell Group. His burial ceremony, which had all the trappings of a state funeral, was held at his private estate in Mecklenburg, Germany. The spectacle (photographs below) included a funeral procession led by a horse drawn funeral hearse with senior Nazis officials and senior Royal Dutch Shell directors in attendance, Nazi salutes at the graveside, swastika banners on display and wreaths and personal tributes from Adolf Hitler and Reichsmarschall, Hermann Goring. Deterding was an honored associate and supporter of Hitler and a personal friend of Goring.
Deterding was the guest of Hitler during a four day summit meeting at Berchtesgaden. Sir Henri and Hitler both had ambitions on Russian oil fields. Only an honored personal guest would be rewarded with a private four day meeting at Hitler’s mountain top retreat.
IN JULY 2007, MR BILL CAMPBELL (ABOVE, A RETIRED GROUP AUDITOR OF SHELL INTERNATIONAL SENT AN EMAIL TO EVERY UK MP AND MEMBER OF THE HOUSE OF LORDS: 
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A head-cut image of Alfred Donovan (now deceased) appears courtesy of The Wall Street Journal.
