Barclays traders caught in email rigging American electricity prices for profit

Daily Mail

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.

Read full article

EDITOR’S COMMENT: Recall that Enron, among other known corrupt entities have also been caught rigging electricity prices for profiteering adventures. This clip from ENRON: The Smartest Guys in the Room includes shocking actual audio from some of these Enron traders, bragging about driving up prices by artificially shutting down supply, among other tricks to game the market.

The Smartest Guys in the Room – California and Traders

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: