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(Yahoo)   Barclay's Bank vows to fight the $453 million fine imposed by US regulators for what they allege was an illegal scheme to manipulate US energy prices from 2006 to 2009, or what's know in the Business as "the Enron-a-rooski"   (news.yahoo.com) divider line 20
    More: Interesting, barclays, Enron, businesses, Federal Energy Regulatory Commission, Libor  
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614 clicks; posted to Business » on 17 Jul 2013 at 12:51 PM (2 years ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



20 Comments   (+0 »)
   
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2013-07-17 12:27:18 PM  
Hmmm I wonder if individual consumers of the utility companies would be considered to have enough standing to make a class action suit against barclay's worthwhile?
 
2013-07-17 01:00:41 PM  

Magorn: Hmmm I wonder if individual consumers of the utility companies would be considered to have enough standing to make a class action suit against barclay's worthwhile?


I have to believe this is why they are fighting it. $453 million for them is a drop in the bucket, but if they just agree to pay it then they are admitting to guilt and would have to pay any settlement in a class action lawsuit that a court deems appropriate. I would imagine that they aren't really fighting the fine, but are just trying to get a plea that would absolve them from any civil liability also if they pay the fine.
 
2013-07-17 01:01:06 PM  
WTF is wrong with our society!

Why are PUBLIC GOODS traded for profit?

Infrastructure should be owned by the government so these types of abuses STOP!  Every decade there is another ENRON...  well guess what, when you have a monopoly on something people CANNOT live without, you tend to do evil things.

Fark this capitalist pipe dream.
What's next a market exchange for which roads will be repaired or rivers polluted?

You make a profit on LUXURY GOODS, CONSUMER GOODS, etc.
Not basic fuel for the home to survive during the hot summer / cold winter!

This deregulation bullshyat was always designed with bankers raping the common man in mind.
Now we are surprised when it actually happens... OVER and OVER again.
 
2013-07-17 01:08:31 PM  

NostroZ: WTF is wrong with our society!

Why are PUBLIC GOODS traded for profit?

Infrastructure should be owned by the government so these types of abuses STOP!  Every decade there is another ENRON...  well guess what, when you have a monopoly on something people CANNOT live without, you tend to do evil things.

Fark this capitalist pipe dream.
What's next a market exchange for which roads will be repaired or rivers polluted?

You make a profit on LUXURY GOODS, CONSUMER GOODS, etc.
Not basic fuel for the home to survive during the hot summer / cold winter!

This deregulation bullshyat was always designed with bankers raping the common man in mind.
Now we are surprised when it actually happens... OVER and OVER again.


Bears...Bears...Bears...Bears...Bears...
 
2013-07-17 01:08:37 PM  
But speculative trading on oil futures is still ok, right?
 
2013-07-17 01:12:20 PM  
it's been a long time since i read anything about enron, but i thought the big enron debacle was not their energy services.  i thought that part of the company was actually run like normal.

i thought it was all the fraudulent accounting that claimed profits or expected profits that didn't exist, investing in high risk stuff like it was a sure thing, and lied to investors about it being a sure thing.  telling employees to drop their 401(k)s for stock options, when the Enron stock price was inflated do to the fraudulent statements of non-existent profits.  stuff like that.  from what i understood, outside of the BS accounting and investing, their original business plan of providing energy actually ran fine.

/ feel free to correct me.  i am not an authority and never was an authority on enron.  that's just what i remember.
 
2013-07-17 01:41:49 PM  

pute kisses like a man: their original business plan of providing energy actually ran fine.


No, here is Enron's involvement in the rolling blackouts that California experienced in the 2000s (which was a result of them manipulating / choke-hold-squeezing the energy market for profit)
 
2013-07-17 01:41:54 PM  

pute kisses like a man: it's been a long time since i read anything about enron, but i thought the big enron debacle was not their energy services.  i thought that part of the company was actually run like normal.

i thought it was all the fraudulent accounting that claimed profits or expected profits that didn't exist, investing in high risk stuff like it was a sure thing, and lied to investors about it being a sure thing.  telling employees to drop their 401(k)s for stock options, when the Enron stock price was inflated do to the fraudulent statements of non-existent profits.  stuff like that.  from what i understood, outside of the BS accounting and investing, their original business plan of providing energy actually ran fine.

/ feel free to correct me.  i am not an authority and never was an authority on enron.  that's just what i remember.


That's why Enron Collapsed, but not why Enron was evil.  Enron did some shady, and some outright illegal shiat to send prices in the  CA energy market and sent prices SOARING for a while, leading to the Western Energy Crisis of 2000-2001  that caused massive blackouts in that state and more or less directly lead to Gray Davis' recall and replacement with Arnold Schwarzenegger
 
2013-07-17 01:43:49 PM  

Magorn: Enron did some shady, and some outright illegal shiat to send prices in the  CA energy market and sent prices SOARING for a while, leading to the Western Energy Crisis of 2000-2001


5 seconds in before you :)    & my link is the sub-reference of wikipedia to Enron's involvement...  close, but no cigar for you today

Try again tomorrow, good sir.
:)===~
 
2013-07-17 01:45:06 PM  

NostroZ: Why are PUBLIC GOODS traded for profit?


Because SOCIALIZMS!11!

Do you want some faceless Government bureaucrat arbitrarily deciding how much you're going to pay for a gallon of heating oil?
I know I don't, I'll put my trust in the Free Market which as you probably already know is self regulating and therefore immune to abuse.
 
2013-07-17 01:48:31 PM  
I'm sure they will be  Conscientious Corporate Citizens, Just like EXXON, and take care of their legal obligations in due time.

/ Laws are for the "Little People"
 
2013-07-17 01:51:56 PM  
Deanna's just happy he is finally standing up for himself.
 
2013-07-17 01:53:43 PM  
Don't want to pay?  Revoke their rights to do banking in the US.  They'll pay.
 
2013-07-17 02:50:41 PM  

Eddie Adams from Torrance: NostroZ: Why are PUBLIC GOODS traded for profit?

Because SOCIALIZMS!11!

Do you want some faceless Government bureaucrat arbitrarily deciding how much you're going to pay for a gallon of heating oil?
I know I don't, I'll put my trust in the Free Market which as you probably already know is self regulating and therefore immune to abuse.


For those who are serious about the above:

Rural Elec. Co-op, here.  All revenues above and beyond what is required for personnel/maintenance/improvements & purchase of energy is returned to members, in the form of a check,  every year (we just sign over our returns to assist in helping cover winter/summer bills of members who are short at those times).
 
2013-07-17 03:42:05 PM  

Jim from Saint Paul: Deanna's just happy he is finally standing up for himself.


"I sense greed in you, Reginald."
 
2013-07-17 04:27:39 PM  

NostroZ: pute kisses like a man: their original business plan of providing energy actually ran fine.

No, here is Enron's involvement in the rolling blackouts that California experienced in the 2000s (which was a result of them manipulating / choke-hold-squeezing the energy market for profit)


Magorn: pute kisses like a man: it's been a long time since i read anything about enron, but i thought the big enron debacle was not their energy services.  i thought that part of the company was actually run like normal.

i thought it was all the fraudulent accounting that claimed profits or expected profits that didn't exist, investing in high risk stuff like it was a sure thing, and lied to investors about it being a sure thing.  telling employees to drop their 401(k)s for stock options, when the Enron stock price was inflated do to the fraudulent statements of non-existent profits.  stuff like that.  from what i understood, outside of the BS accounting and investing, their original business plan of providing energy actually ran fine.

/ feel free to correct me.  i am not an authority and never was an authority on enron.  that's just what i remember.

That's why Enron Collapsed, but not why Enron was evil.  Enron did some shady, and some outright illegal shiat to send prices in the  CA energy market and sent prices SOARING for a while, leading to the Western Energy Crisis of 2000-2001  that caused massive blackouts in that state and more or less directly lead to Gray Davis' recall and replacement with Arnold Schwarzenegger


thanks.  every now and then, i learn something on fark.

/ i think i'll have to continue to couch my future responses, being wrong has never been so painless.
 
2013-07-17 08:15:39 PM  
I'm still not doing that Xoom pose!
 
2013-07-18 05:09:27 AM  
www.sesamestreet.org
 
2013-07-18 06:59:36 AM  

relaxitsjustme: Don't want to pay?  Revoke their rights to do banking in the US.  They'll pay.


Heh heh. Ya rite. It went out - light it up again and pass it.
 
2013-07-18 10:17:53 AM  

dangelder: [www.sesamestreet.org image 264x198]


Ohhhhhhhh. Nice. Much better then the Star Trek reference.
 
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