CliveH Posted July 17, 2013 Share Posted July 17, 2013 Again from one of the Pinks - Investment Week. ................................ Barclays has been hit with a record fine from a US regulator for allegedly manipulating energy markets in California and other US states. The bank and four traders must pay fines totalling $453m (around £300m) after the US Federal Energy Regulatory Commission (FERC) said it deliberately lost money in energy markets to benefit its financial positions between 2006 and 2008. FERC last night upheld its October 2012 proposal to fine the bank and four of its staff. The managing director of Barclays' power trading team must pay $15m, with three others hit with fines of $1m each. The bank itself has been fined $435m. "FERC finds that [the traders'] actions demonstrate an affirmative, coordinated and intentional effort to carry out a manipulative scheme, in violation of the Federal Power Act and FERC's Anti-Manipulation Rule," the regulator said in a statement. In response to the ruling, Barclays said it would "vigorously defend this matter". "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," said the group. Last year the Barclays received a £290m collective fine from the FSA and US regulators for LIBOR manipulation, leading to management resignations and a widespread investigation into misuse of the interbank rate. ............................. Link to comment Share on other sites More sharing options...
nowtelse2do Posted July 17, 2013 Share Posted July 17, 2013 USA getting their debt down steadily courtesy of Barclays, BP etc.....other foreign banks and institutions. Of course their industry does nothing wrong...does it? Who needs QE when BP are pumping billions into their economy. Dave Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.