Do not withhold plans for messing with the global financial system from the Financial Services Authority. (Until Monday, anyway.)

Prudential Plc has been fined 30 million pounds and had its CEO publicly censured for failing to inform Britain’s financial watchdog about an ill-fated Asian takeover….

The FSA said the abortive $35.5 billion takeover of AIA in 2010 would have transformed the company and could have damaged the stability and confidence of the financial system in the UK and abroad.

“Prudential, led by Thiam as CEO, failed to give due consideration to its obligation to inform the FSA of this transaction, which would have had a huge impact on the group had it gone through,” said Tracey McDermott, head of enforcement at the FSA.

“That was a serious error of judgment for which Prudential is paying the price.”

Prudential fined £30 million for secret AIA bid plans [Reuters]

7 comments (hidden to protect delicate sensibilities)
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Comments (7)

  1. Posted by UBS Sucks Guy | March 27, 2013 at 1:36 PM

    Unsubscribe Unsubscribe Unsubscribe! !!!

  2. Posted by VonSloneker | March 27, 2013 at 3:18 PM

    Stupid bastards. In my day, the closest we ever came to anything asian was railroad financing.

    - The Ghost of Jules S. Bache

  3. Posted by Guest | March 27, 2013 at 3:57 PM

    Shazar,

    We the people of Malta salute you!

  4. Posted by guest | March 27, 2013 at 4:10 PM

    Great article Jon! Remember, they may look down on us but they can't make us look down on ourselves. Same height bros for life!

  5. Posted by Guest | March 27, 2013 at 4:45 PM

    Wrong Prudential, bro.

    - 19th century British imperialist (and Prudential plc policyholder)

  6. Posted by VonSloneker | March 27, 2013 at 5:14 PM

    Or is it??**

    - Guy who went a bridge to far to make a chinese railroad worker connection

    ** Yeah…it is

  7. Posted by Godzilla | March 27, 2013 at 6:49 PM

    Asian takeovers…what a joke