Us Regulators Threats Barclays With $470m Energy Fine

Barclays refuses the accusations, it is also subjected to additional regulatory inquiries

. Barclays has 30 days to challenge the fine. The fine is bigger than labor rate-rigging scandal.

The bank revealed on Wednesday, The Federal Energy Regulatory Commission has been investigating it.

The fine was put forward over communications by four traders on Barclays West Coast desk. A decade ago veterans of power firm Mirant, the team of four traders, was fined hundreds of millions of dollars to have swapped over messages making clear how they could use certain trades in one market to profit in another said Ferc. The traders were also charged with stage-managing power prices to make money with their financial substitute position which resulted winning the bank $34.9m and loss for opponent power traders of $139m.

We believe that our trading was legitimate and in compliance with applicable law, Barclays spokesman Mark Lane said. We have co-operated fully with the Ferc investigation, which relates to trading activity that occurred several years ago. We intend to vigorously defend this matter.

Barclays was given notice by Ferc that it has already set in motion the investigation of BarclaysWestern US power trading on 3 July 2007, but only the banks shareholders were brought up to date on Wednesday. In the mean time if you required cash help, dont hesitate feel free to come to us and submit all the details. Once we receive your details we will verify and approve it for next step. We will deposit directly on your bank account for next payday visit now at 1 month loan. Not including even additional charges Barclays fine-tuned profit was 1.7bn, up from 1.3bn for the quarter last year, Chief executive Antony Jenkins told.

Barclays winning of business has been area of concern for US authorities and they are also looking whether the Barclays wining of business acts in accordance with the Foreign Corrupt Practices Act. In a series of scandals which depressed banks reputation was by the other new investigations.

In June, Barclays was charged in an attempt to manipulate Libor, an interbank lending rate which had an effect on mortgages and loans. The fine is of 290m and was charged by UK and US regulators.

In 2008 August the business between Barclays bank and Qatar Holding was also investigated, when the bank was collecting money in the Middle East during the banking crisis. Since the financial crisis in 2008 the complete financial services industry was inquired. Its status was hammered badly by the mis-selling of specialist insurance and PPI.

by: Beverley Brittany

POST COMMENT

Cheapest New Ipad: Tablets Conquering The World Bad Credit Loans: New Way Of Applying For Urgent Bucks Increase In The Sales Of New Homes With Crr Cut Experion 108 Heights - Adds New Dimension To Lifestyle Living Experience An Incredible Fusion Of Old And New Aspects Of Delhi How To Give Uniqueness And Popularity To The New Launched Brand? Explore Your Money Saving Options With A New Telecoms Provider Purva Whitehall Bangalore - Puravankara Group New Launch At Sarjapur Road Gardenxtras - New Stock Arrived For Winter Budget Hotels At New Delhi: Contributing To Cater The Best To The Guests The Three Simple Steps To Save Lots Of Cash Whenever You Are Buying A Brand New System Put On A New Smile For Clothes Shopping Maintaining Your Roof Good As New With Roofing Renovation Solutions