Barclays traders rigged American electricity prices to boost their own profits and bragged about it in damning e-mailsSubmitted by emalvini on Fri, 11/02/2012 - 17:07
Barclays traders rigged American electricity prices to boost their own profits and bragged about it in damning e-mails
Critics said the expletive-ridden correspondence provides further evidence of the 'rotten culture of casino banking' that built up under Bob Diamond
Bank faces $470 million fine for allegedly manipulating energy market in US
By JAMES SALMON
PUBLISHED: 21:09 EST, 1 November 2012
UPDATED: 21:10 EST, 1 November 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.