|Barclays Bankers: Rigging Energy Prices ‘Was Fun’|
|by Tom McGregor||Thu, Nov 1, 2012, 09:57 PM|
Another London Bank faces more scandal over allegations of rigging the market. Emails between Barclays traders disclose that the bank encouraged a culture of shameless braggarts who would boast, they “f***ed” the emerging energy market in Brazil and said it “was fun.”
According to the Daily Mail of London, “emails and phone messages between foul-mouthed Barclays traders in New York reveal how they bragged about rigging energy prices in America to make huge profits.”
The emails disclose how the disgraced former boss, Bob Diamond, had created a “rotten culture of casino banking, according to critics.
As reported by the Mail, “the bank faces a $270 million fine by the US Federal Energy regulatory Commission for allegedly manipulating the energy market across Western America between November 2006 and 2008.”
Four traders are alleged of conspiring to sell electricity at a loss to drive prices downhill, which would enable them to make simultaneous bets on dropping energy prices to earn huge profits, but causing losses of $86 million for other investors and pension funds.
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