Thursday, November 01, 2012
How bad is Barclay's?
Today brings another story about nefarious deeds at Barclay's. The tale has not stopped. Today, we learned of another large fine - $450,000,000 - assessed against the bank. This one is by the US Federal Energy Regulatory Commission (FERC) for being engaged in a "coordinated scheme to manipulate
trading at four electricity trading points in the Western United States". The bank also has to disgorge another $34,900,000 in "unjust profits". Plus, the actual manipulators - four traders - have to pay $18,000,000 in fines. It's good to see that the actual perpetrators are being fined as well as the bank.
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