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Barclays traders caught in email rigging American electricity prices for profit

Published: November 3, 2012
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Source: Daily Mail

Barclays traders toyed with electricity prices at several major power trading hubs in the western U.S. to boost their own profits.

The men were caught, and Barclays slapped with a $470million fine, after they bragged about the price rigging in a series of damning, foul-mouthed e-mails.

Four traders are accused of conspiring to sell electricity at a loss to drive prices down between November 2006 and 2008.

This enabled simultaneous bets on falling energy prices to reap huge profits, leading to losses of $140million for other investors and pensions funds.

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