The Times
July 7, 2009
Similarly, in investment banking, a fine of a couple of million or so was no more than the bonus of a middling managing director. Why on earth in an industry, where money ranks first, second and third in management priority, did the FSA seriously think that such piddling flea bites would make senior management take compliance more seriously?
On insider dealing, its questionable, however, whether the threat of larger fines will be so effective. Of much greater deterrent effect would be if the FSA actually caught, prosecuted and jailed some of the big fish.
There is one other proviso. In cases where shareholders have been misled, the case for bigger fines falls down. The biggest FSA fine ever was a £17 million penalty meted out to Shell for misleading its own shareholders. Since no Shell manager was successfully pursued, the consequence was that the shareholders, the victims of the scandal, ended up indirectly paying the fine.
The Americanisation of the FSA continues apace. It is already pushing ahead with plans to offer witnesses immunity from prosecution in order to nail wrongdoers. Now it is wielding SEC-style fines.
There is one other plus. The fines are ringfenced and used to offset the FSAs industry-wide levies. With these set to soar as the FSA flexes its post-crunch muscles, those who stick to the straight and narrow deserve every little concession going.
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.
