• 2 minutes U.S. Presidential Elections Status - Electoral Votes
  • 5 minutes “Cushing Oil Inventories Are Soaring Again” By Tsvetana Paraskova
  • 7 minutes United States LNG Exports Reach Third Place
  • 31 mins China sends warplanes thru Taiwan airspace. Joe's reponse . . . .
  • 2 hours Joe Biden's Presidency
  • 10 mins Biden suspends oil and gas drilling on Federal Lands for 60 days for review.
  • 3 hours Navalny Poisoning Weakens Russo German Relations
  • 2 hours The World Economic Forum & Davos - Setting the agenda on fossil fuels, global regulations, etc.
  • 5 hours Will Empire be brazen about stealing OIL from Venezuela?
  • 22 hours So Is COVID a Media Hoax or Not?
  • 2 hours Here it is, the actual Complaint filed by Dominion Voting Machines against Sydney Powell
  • 8 hours Minerals, Mining and Industrial Ecology
  • 1 day GENERAL NORMAN SCHWARZKOPF: The Third Tour
  • 1 day a In 2020, we produced and delivered half a million cars.
  • 1 day JACK MA versus Xi Jinping
Bezos And Gates Backed Fund To Invest In Clean Energy Startups

Bezos And Gates Backed Fund To Invest In Clean Energy Startups

Breakthrough Energy Ventures (BEV), the clean-tech…

IEA Slashes Oil Demand Outlook For 2021

IEA Slashes Oil Demand Outlook For 2021

The International Energy Agency cut…

The FERC Boldly Takes on Wall Street

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.

By. James Burgess of Oilprice.com



Join the discussion | Back to homepage



Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News