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.

No comments: