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U.S. regulator seeks $470 million from Barclays

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U.S. regulator seeks $470 million from Barclays Empty U.S. regulator seeks $470 million from Barclays

Post by FluteHolder Thu Nov 01, 2012 8:02 am

http://news.yahoo.com/u-power-market-watchdog-seeks-record-470-million-014623196--finance.html

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".

The FERC also said four of the company's power traders -- Daniel Brin, Scott Connelly, Karen Levine, and Ryan Smith -- have 30 days to show why they should not be assessed a total of $18 million in civil penalties.


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U.S. regulator seeks $470 million from Barclays Empty Re: U.S. regulator seeks $470 million from Barclays

Post by FluteHolder Thu Nov 01, 2012 8:07 am

So if you steal a little or help (Rajat) you go to jail and if you are a team, you get penalty?

So if the penalty is levied, why should the govt get the money, it should go to the consumers who paid $ for electricity.

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