 We expect someone in his position to be able to identify inside information when he receives it and to act appropriately.His failure to do so is a serious breach of the expected standards of market conduct.It is highly damaging to market confidence when privileged shareholders commit market abuse, and the high penalty reflects the seriousness of his breach.Einhorn called the £7.2m fine "unjust" and "inconsistent with the law" but said he would pay it "rather than continue an arduous fight" The fine was the second largest levied on an individual in the history of Britain's Financial Services Authority.