U.S. regulators threatened to fine Barclays roughly $470
million (291.4 million pounds) to settle allegations that the bank and four
traders manipulated California electricity markets, reviving the specter of a
sector-wide crackdown on energy trading, CNBC tells us.
It could possibly be the biggest penalty ever levied by the
Federal Energy Regulatory Commission (FERC), and potentially exceeds the fine
Barclays paid over the Libor bid-rigging scandal that cost Chief Executive
Robert Diamond his job.
The bank has 30 days to show why it should not be penalized
for an alleged scheme of manipulating physical electricity prices at a loss in
order to make profits in related positions in the swaps market, a strategy
known as a "loss-leader"....
No comments:
Post a Comment