{"id":36622,"date":"2013-07-17T07:42:00","date_gmt":"2013-07-17T14:42:00","guid":{"rendered":"http:\/\/uprisingradio.org\/home\/?p=36622"},"modified":"2013-07-17T07:42:00","modified_gmt":"2013-07-17T14:42:00","slug":"bbc-barclays-453m-fine-for-us-energy-market-rigging-upheld","status":"publish","type":"post","link":"https:\/\/uprisingradio.org\/home\/2013\/07\/17\/bbc-barclays-453m-fine-for-us-energy-market-rigging-upheld\/","title":{"rendered":"BBC: Barclays&#8217; $453m fine for US energy market-rigging upheld"},"content":{"rendered":"<p>Barclays must pay $435m within 30 days, while one trader must pay $15m and three others $1m each.<\/p>\n<p>Barclays must also forgo $34.9m in profits, which will be distributed to low-income aid programmes in Arizona, California, Oregon and Washington.<\/p>\n<p>Barclays said it intended to &#8220;vigorously defend this matter&#8221;.<\/p>\n<p>The fines were first proposed by staff at the Federal Energy Regulatory Commission (FERC) last October, and have now been upheld by the body&#8217;s board of commissioners.<\/p>\n<p>FERC accused Barclays of manipulating the electricity markets in California and other states from November 2006 to December 2008.<\/p>\n<p>But the bank said in a statement: &#8220;We are disappointed by the action that FERC took today. We believe the penalty assessed by the FERC is without basis, and we strongly disagree with the allegations made.&#8221;<\/p>\n<p>In addition to the company fine, Barclays traders Daniel Brin, Scott Connelly, Karen Levine and Ryan Smith &#8211; who are accused of manipulating an index relating to electric energy prices in the western part of the US &#8211; were ordered to pay substantial sums.<\/p>\n<p><a href=\"http:\/\/www.bbc.co.uk\/news\/business-23337178\" target=\"_blank\">Click here for the full story.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Barclays must pay $435m within 30 days, while one trader must pay $15m and three others $1m each. Barclays must also forgo $34.9m in profits, which will be distributed to low-income aid programmes in Arizona, California, Oregon and Washington. Barclays said it intended to &#8220;vigorously defend this matter&#8221;. The fines were first proposed by staff [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","footnotes":""},"categories":[35],"tags":[],"class_list":["post-36622","post","type-post","status-publish","format-standard","hentry","category-important-news-stories"],"_links":{"self":[{"href":"https:\/\/uprisingradio.org\/home\/wp-json\/wp\/v2\/posts\/36622","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/uprisingradio.org\/home\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uprisingradio.org\/home\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uprisingradio.org\/home\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/uprisingradio.org\/home\/wp-json\/wp\/v2\/comments?post=36622"}],"version-history":[{"count":1,"href":"https:\/\/uprisingradio.org\/home\/wp-json\/wp\/v2\/posts\/36622\/revisions"}],"predecessor-version":[{"id":36623,"href":"https:\/\/uprisingradio.org\/home\/wp-json\/wp\/v2\/posts\/36622\/revisions\/36623"}],"wp:attachment":[{"href":"https:\/\/uprisingradio.org\/home\/wp-json\/wp\/v2\/media?parent=36622"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uprisingradio.org\/home\/wp-json\/wp\/v2\/categories?post=36622"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uprisingradio.org\/home\/wp-json\/wp\/v2\/tags?post=36622"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}