Attacks made by U.S. Senator Bob Menendez’s campaign over Bob Hugin’s departure from J.P Morgan in the late 1990’s appear to be largely based off of intimation.
Asked on Tuesday what information his campaign had driving the attacks, Menendez said the timeline of Hugin’s move from the investment bank to the pharmaceutical company Celgene was driving his campaign’s inquiry into the Hugin’s departure from the former firm.
“It’s not a question of information. It’s a question of Bob Hugin made a big deal, big deal, that Celgene was in such dire straits. Well, why would you leave a senior position at J.P. Morgan, have a few months off then go to a company that was in such dire straits?” Menendez said. “Something doesn’t sound right.”
Hugin, who served as managing director and head of fixed-income syndicate at J.P. Morgan, on Sunday indicated he would be willing to approve the release of a form that must be filed when an employee registered with the Financial Industry Regulation Authority (FINRA) departs from firm.
The form, a U5, must contain an explanation of all such separations that are not voluntary, but once 10 years after the forms are filed, their release requires the approval of the employee.
Hugin has strongly denied that his departure from J.P. Morgan was the result of any improper conduct, calling the accusations made by his opponent’s campaign “totally ridiculous and slanderous.”
He said he resigned from the firm and was not fired.
“I have never had any violation of any rule or anyone at any time. Anybody who implies anything about my integrity or my honor is totally lying and disrespecting the facts,” Hugin told the New Jersey Globe on Sunday.
Hugin left J.P. Morgan after 14 years in April of 1999. He began working at Celgene in June, about two months later.
Hugin’s campaign has repeatedly pointed to his success at the Celgene over the past few months, frequently highlighting the company’s near-empty coffers at the time of Hugin’s arrival.
“He says he’s going to be transparent. Let him be transparent about it,” Menendez said.