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Barclays traders rigged American electricity prices to boost their own profits and bragged about it in damning e-mails

Posted By admin On November 3, 2012 @ 9:33 am In Money Watch | Comments Disabled

James Salmon
UK Daily Mail [1]
Nov 3, 2012

Barclays traders toyed with electricity prices at several major power trading hubs in the western U.S. to boost their own profits.

The men were caught, and Barclays slapped with a $470million fine, after they bragged about the price rigging in a series of damning, foul-mouthed e-mails.

Four traders are accused of conspiring to sell electricity at a loss to drive prices down between November 2006 and 2008.

This enabled simultaneous bets on falling energy prices to reap huge profits, leading to losses of $140million for other investors and pensions funds.

However, the actions are not believed to have raised energy prices for consumers.

Critics yesterday said the expletive-ridden correspondence provides further evidence of the ‘rotten culture of casino banking’ that built up under Bob Diamond, the disgraced former CEO of the British bank.

Full article here [1]

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URLs in this post:

[1] UK Daily Mail: http://www.dailymail.co.uk/news/article-2226573/Barclays-traders-rigged-American-electricity-prices-boost-profits.html

[2] Australia: Electricity Prices to Rise by Up to 64% As a Result Of Global Warming Schemes: http://www.prisonplanet.com/australia-electricity-prices-to-rise-by-up-to-64-as-a-result-of-global-warming-schemes.html

[3] Traders manipulated oil prices – U.S.: http://www.prisonplanet.com/traders-manipulated-oil-prices-us.html

[4] Was the petrol price rigged too?: http://www.prisonplanet.com/was-the-petrol-price-rigged-too.html

[5] Barclays bank forced to admit it paid just 1% in corporation tax in 2009: http://www.prisonplanet.com/barclays-bank-forced-to-admit-it-paid-just-1-in-corporation-tax-in-2009.html

[6] Carbon Tax On Electricity To Send Prices Skyrocketing: http://www.prisonplanet.com/carbon-tax-on-electricity-to-send-prices-skyrocketing.html

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