Feds fine Barclays Bank $453 million for manipulating energy markets in California and the west

[Playinghardball]

Federal officials today slapped Barclays Bank with a $453 million fine for manipulating energy markets in California and other Western states.

It's one of the biggest penalties handed out by the Federal Energy Regulatory Commission since the California energy crisis, when generators and trading firms were ordered to repay billions to the state.

FERC said the fine was issued against Barclays and four of its traders: Daniel Brin, Scott Connelly, Karen Levin and Ryan Smith.

The agency said it found "an affirmative, coordinated and intentional effort to carry out a manipulative scheme."

FERC has shown a get-tough attitude with energy traders in recent years. In June it ordered JPMorgan Chase to pay California tens of millions of dollars over manipulated electricity trades.

Officials with Barclays couldn't be reached for immediate comment.

http://www.sacbee.com/2013/07/16/5571309/feds-fine-barclays-bank-453-million.html#storylink=cpy

[woolldog]

1. Not nearly enough, but it's a start. nt

[gateley]

2. It's just a part of doing business -- probably have "fines" built into their budget like

marketing. Until someone BIG sees the inside of a cell, this won't slow any of them down.

[FiveGoodMen]

3. They'll probably find a way to write it off their taxes.

[gateley]

6. Hell, there's probably a law ensuring they can do that -- a la Monsanto's get out of jail free card.

[onethatcares]

4. how much did they make

doing this? If no one went to jail, and they didn't get a fine more than what they screwed the people out of, it's a fucking joke.

I boil it down to this. How much did the company run by florida governor prick scott cheat the government out of in medicare to qualify for a 1.7 billion dollar fine? You know it didn't hurt them because they gave him 300 million to bow out.

ewwwww. playing hardball, right.

[NV Whino]

5. Let's see, that's going to reach the pockets of the consumers. Right?