Louisiana Light • 2 days | 73.02 | -0.64 | -0.87% | |||
Bonny Light • 31 days | 78.62 | -2.30 | -2.84% | |||
Opec Basket • 2 days | 73.65 | +0.08 | +0.11% | |||
Mars US • 321 days | 75.54 | -1.36 | -1.77% | |||
Gasoline • 13 mins | 2.050 | -0.010 | -0.48% |
Bonny Light • 31 days | 78.62 | -2.30 | -2.84% | |||
Girassol • 31 days | 79.56 | -1.80 | -2.21% | |||
Opec Basket • 2 days | 73.65 | +0.08 | +0.11% |
Peace Sour • 12 hours | 66.88 | -0.08 | -0.12% | |||
Light Sour Blend • 12 hours | 66.13 | -0.08 | -0.12% | |||
Syncrude Sweet Premium • 12 hours | 70.88 | -0.08 | -0.11% | |||
Central Alberta • 12 hours | 67.88 | -0.08 | -0.12% |
Eagle Ford • 2 days | 67.39 | -0.28 | -0.41% | |||
Oklahoma Sweet • 2 days | 67.50 | -0.25 | -0.37% | |||
Kansas Common • 3 days | 58.02 | +1.10 | +1.93% | |||
Buena Vista • 3 days | 77.67 | +1.10 | +1.44% |
This week, crude oil prices…
Brazil and Chile are at…
James Burgess
James Burgess studied Business Management at the University of Nottingham. He has worked in property development, chartered surveying, marketing, law, and accounts. He has also…
Wall Street is finding itself in a bitter fight against a relatively new organisation that is intent to see some of the largest banks charged for market manipulation.
The Federal Energy Regulatory Commission (FERC) is a government watchdog which oversees the oil, natural gas, and electricity markets in the US. In 2005, and as a result of the Enron scandal, the agency was given additional resources and powers to not only pursue energy companies, but also Wall Street banks, and hold them accountable for any illegal activities that they may have been involved in.
Related Article: Why US Energy and Economic Prospects Improve if Obama Loses
Just lately it has set its sights on JP Morgan Chase, Deutsche Bank, and Barclays, accusing them of manipulating energy prices.
Tyson Slocum, the director of the energy program for Public Citizen, claimed that the FERC is “the most powerful agency that no one knows about.”
Barclays and JP Morgan are aggressively contesting the attacks against them, stating that the accusations are overreaching.
Normally banks like to avoid confrontations with regulators, and try to settle issues fairly quickly and quietly. For example, the New York Times reported in June that Barclays had struck a deal with regulators to pay $450 million to settle accusations that it had manipulated interest rates during the 2008 financial crisis.
It is possible that the unusually aggressive response to the accusations is as a result of a far larger regulatory battle, which the financial institutions do not want to lose. The FERC, unlike other regulators has been granted the power to fine firms up to $1 million a day for every violation that it commits, which could potentially tie banks into years of costly law suits.
ADVERTISEMENT
By. James Burgess of Oilprice.com
James Burgess studied Business Management at the University of Nottingham. He has worked in property development, chartered surveying, marketing, law, and accounts. He has also…
The materials provided on this Web site are for informational and educational purposes only and are not intended to provide tax, legal, or investment advice.
Nothing contained on the Web site shall be considered a recommendation, solicitation, or offer to buy or sell a security to any person in any jurisdiction.
Trading and investing carries a high risk of losing money rapidly due to leverage. Individuals should consider whether they can afford the risks associated to trading.
74-89% of retail investor accounts lose money. Any trading and execution of orders mentioned on this website is carried out by and through OPCMarkets.
Merchant of Record: A Media Solutions trading as Oilprice.com