A Top London Banker at JPMorgan Chase Resigns

LINK: http://dealbook.nytimes.com/2012/04/03/a-top-london-banker-at-jpmorgan-chase-resigns/?ref=global

Another rat bites the dust...8)

• April 3, 2012, 6:50 am
  

A Top London Banker at JPMorgan Chase Resigns

By MARK SCOTT

J.B. Reed/Bloomberg News
LONDON — One of the top bankers at JPMorgan Chase in London resigned on Tuesday.

Ian Hannam, JPMorgan’s global chairman of equity capital markets, left the bank after British financial regulators fined him for disclosing inside information.

Mr. Hannam said he would appeal the decision, which relates to two e-mails sent in 2008 to a prospective client. The e-mails contained information on Heritage Oil, a British oil and natural gas exploration company, for which Mr. Hannam was lead adviser, according to a statement from the Financial Services Authority of Britain.

The regulator fined Mr. Hannam £450,000, or $721,000, for the offenses.

• Documents: The F.S.A. statement
  

The ruling on Mr. Hannam’s appeal may take more than a year. He is expected to stay at JPMorgan until he completes his client commitments, and no successor has been appointed.

‘‘Appealing the case while still at the firm would be an unfair distraction to my clients and colleagues,’’ Mr. Hannam said in a statement. ‘‘I strongly believe, and have been advised by my legal counsel, that the F.S.A.’s conclusions are wrong and I look forward to challenging them in an independent tribunal.’’

Mr. Hannam, a former soldier, is known for his expertise in the mining industry, and is part of a team currently advising Xstrata, the mining company that received a takeover bid from Glencore International.

He has worked on many of the largest natural resources deals in the last decade, including the initial public offerings of Vedanta Resources, the metals and mining company, and Xstrata.

Mr. Hannam worked for Salomon Brothers in the capital markets business before joining the British bank Robert Fleming in 1992, which was acquired by Chase Manhattan in 2000. He also helped to create the joint venture between JPMorgan and Cazenove. JPMorgan eventually acquired Cazenove in 2010.

While the Financial Services Authority said Mr. Hannam did not set out to commit market abuse, the regulator said his failures were serious because of his experience and senior position at JPMorgan.

Authorities added that the fine reflected the serious nature of the market abuse.

‘‘Inside information is extremely valuable and must be handled with care to ensure that it is properly controlled and that appropriate safeguards are observed,’’ Tracey McDermott, acting director of enforcement and financial crime for the authority, said in a statement. ‘‘This applies to all market participants but is particularly important for senior practitioners who will regularly interact with a wide circle of contacts.’’

Mr. Hannam is not the first prominent figure to come under the authority’s scrutiny this year. British regulators have issued a number of fines in recent months, despite plans to split up the Financial Services Authority in 2013. The majority of its powers will be given to the Bank of England, the country’s central bank.

Earlier this year, the money manager David Einhorn and his hedge fund, Greenlight Capital, were fined about $11 million for using confidential information to trade in the stock of a British pub chain.

The authority also fined Andrew Osborne, a former Merrill Lynch corporate broker, £350,000 for leaking the confidential information to Greenlight Capital in what the agency called ‘‘a serious case of market abuse.”

Last month, British regulators fined the private bank Coutts £8.75 million over failing to follow standards intended to fight money laundering. The F.S.A. said Coutts, which is part of the nationalized Royal Bank of Scotland and provides banking services to Queen Elizabeth II, had not applied rigorous controls when dealing with so-called high-risk customers.

Hector Sants, chief executive of the Financial Services Authority, also said last month that he would step down at the end of June, as part of a major overhaul of the country’s system for policing financial markets.

One by one, they seem to be rounding up the "rats".

OK.................

Unfortunately, this rat has little or nothing to do with us. Meanwhile, we still have all the rats sitting comfortably in their seats in Congress, the Senate an the Executive and Judicial branches. When a LOT of those rats are rounded up, we may get somewhere, but I doubt this will happen.

But not for long prosetian.

purpleskyz, you are so so right!!!!! NOT FOR LONG!!!!

Shipngold wrote:purpleskyz, you are so so right!!!!! NOT FOR LONG!!!!

As much as I would like to believe that, I'm havin a bit of a problem seeing just who is going to do this clean up.

Well everyone will know in good time. The MSM has to be cleansed first. Should not be too long of a wait from what I read.

purpleskyz wrote:Well everyone will know in good time. The MSM has to be cleansed first. Should not be too long of a wait from what I read.

Sorry, I must not be up on my 3 letter designations, who or what, is the MSM?

good question I know MSN, and MSG, but not MSM

main stream media

OH ... LOL maybe you should have used LSM we might have figured it out then!

"methyl sulfonyl methane" ?

I like the lame part!

"Maastricht School of Management" ?

looks as though they are loosing their management position!

ARGH!!! I can't take it any more! You loose your sails, or set loose the trapped animal, but you lose your job, lose a game, or lose your way! Sorry, just one of those common misspelling errors that drive me nuts ... people do it constantly, even so called professional journalists! There I vented, feeling better now ... and less like to lose my temper because of loose grammar.

English school teacher perhaps?

Nope, I just love language and writing. My old boss used to call me her walking dictionary and grammar checker. I suspect that all the time I managed a print shop has something to do with it as well.

Sorry... I did not mean to confuse anyone.
Main stream media is the correct answer. Shipngold gets the HF. (high five for those that don't know) LOL!

Kevind53 wrote:Nope, I just love language and writing. My old boss used to call me her walking dictionary and grammar checker. I suspect that all the time I managed a print shop has something to do with it as well.

You and my bride, She gets mad at the TV news folks all the time, but that being their profession, they should know and do better. It reminds of the fact that about 25 years ago it was revealed that the largest news mag's of the day where writing "down" to the eight grade reading level.

1alaskan they have to write down to an 8th grade level. That is when the education ends in our public school system. Keep em' dumb and dumber. Way more zombie worker bees that way.

Good thing Al Sharpton's on our side Yea Buddy!!!

Some of our members see things differently than others, but some still like to slant their posts in a direction that better fits OOM2,

So if you all want to go that way, great, but you know all of that sort of discussion's are not to be posted here, so please carry on, over at OOM2

Some may not like to believe BUT When Stauss Kahn, former head of the I M F was aressted for rape then never brought to trial, he was effectively "removed" from office. He will not show up in the mainstream business world again.



When Ian Hannam resigned today he was also effectively "removed" from office. The same fate to a career has been finalized.



We have read the REAL articles about hundreds of "bankers" and other high profile officials of banking type institutions "removed" in one way or another. All since Feb of this year. This is unprecidented in the banking industries history. These removals are not by chance but circumstance. We can or cannot call this cabal, house cleaning, a lot of things. The truth is that has never happened before. You pick your own word to call it.



We have heard of (and most believe in) the "global reset" of world currencies is impending. So why would these removals be less beleivable? Why would this type REAL news be so easy to dismiss? I submit when one sees the truth one should look with a more open mind.



How this relates to dinar... Simple...If anyone beileves for one second that a person or certain group can stop or hinder this event we await for any real length of time you need think again. People or even entities that get in the way when something is "scheduled" to occur, They or them or it can easily be removed without firing a single shot.



The people that have been put in place to carry out this "event" have been placed because of their ability and knowledge to accomplish the goal. The timing is all we do not know, and will not until it is done.



Stay calm and let it happen.

purpleskyz wrote:Sorry... I did not mean to confuse anyone.
Main stream media is the correct answer. Shipngold gets the HF. (high five for those that don't know) LOL!

No problem, just glad to see I wasn't the only one behind on his 3 letter designations.

Now that we have that done, I have to ask why "we" need to do that first? And I ask again, who is the "we" that are going to be doing this clean up?

sorry about the spelling and if I told you what I would like to, this tread would be locked. All I am going to say is go to oom2 and read everything and if it doesn't get you pumped then sorry for you. I through. (is that the right one)

LOL!!! ok 1 alaskan
If you feel that pointing out the obvious is more suited to OOM2 then I will just have to take your word for that.
Keeping ones eyes wide shut may be their path and I for one would not wish to disturb their slumber.
Yawn....