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5corpio started a blog post Barclays and four traders fined $453m over US energy market-riggingBarclays and four traders fined $453m over US energy market-rigging
US regulators have upheld a fine on Barclays and four of its traders of $453m (£300m) for allegedly manipulating electricity prices. Barclays must pay £435m within 30 days, while one trader must pay $15m and three others $1m each. Barclays must also forgo $34.9m in profits, which will be distributed to low-income aid programmes in Arizona, California, Oregon and Washington. Barclays said it intended to "vigorously defend this matter". The fines were first proposed by staff at the Federal Energy Regulatory Commission (FERC) last October, and have now been upheld by the body's board of commissioners. FERC accused Barclays of manipulating the electricity markets in California and other states from November 2006 to December 2008. But the bank said in a statement: "We are disappointed by the action that FERC took today. We believe the penalty assessed by the FERC is without basis, and we strongly disagree with the allegations made."....Read more here-
#15corpio commentedEditing a commentdo we ever wonder if these Banks have any monies left, with these 'HUGE' proportions of Fines? that keeps on whopping their arses! makes one STOP to THINK!
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