And they could not understand "why grouping of payments in bands for one, but not the other, presents data-protection or breach-of-confidence issues", as the BBC had insisted.
"For us to function effectively on behalf of the public there has to be mutual confidence within the Treasury team, and there can be no breachof trust between a Minister and his political members, " he added.
It is highly damaging to market confidence when privileged shareholders commit market abuse, and the high penalty reflects the seriousness of his breach.