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View Diary: FERC fines Barclays for manipulating US energy prices (17 comments)

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  •  Actually, in U.S., this story's much nastier... (12+ / 0-)

    ..than what you're reporting. They're being investigated for doing the same thing in the U.S....AGAIN. But, it's already setup so that the worst thing they'll suffer is a fine/wristslap, just like the TBTF's. That's what happens when DoJ "refers" a "hot potato" matter like this to the FTC. Which is exactly what they did! The FTC can only, pretty much, levy fines. They have to refer the matter back to the DoJ for criminal prosecution. (And, we've all seen that show before, haven't we?) Rinse. Repeat.

    "U.S. FTC Launches Price-Fixing Probe: Sources" (Bullfax 6/24/13)

    From Bloomberg on June 25th....

    U.S. FTC Said to Open Probe of Oil Price-Fixing After EU
    By Sara Forden
    Bloomberg
    Jun 25, 2013 10:49 AM ET

    The U.S. Federal Trade Commission opened a formal investigation into how prices of crude oil and petroleum-derived products are set, mirroring a European Union inquiry, two people familiar with the matter said.

    The investigation, now in a preliminary stage, will probably broaden into a multi-jurisdictional affair like the inquiry into manipulation of the London interbank offered rate, or Libor, the people said. FTC investigators are reviewing the progress made by their European counterparts, the people said, asking not to be identified because the matter is confidential....

    The FTC, which routinely monitors wholesale and retail gasoline prices in the U.S. to look for anticompetitive behavior, agreed with the Justice Department’s antitrust division to handle the probe, said the people. The assignment of the matter to the FTC instead of the Justice Department is an indication that U.S. regulators don’t suspect the conduct they’re scrutinizing is criminal, the people said.

    The opening of the oil-price investigation in the U.S. is the latest in a growing number of simultaneous EU-U.S. inquiries into areas including Libor, standard essential patents and Internet search manipulation, as well as merger reviews in the music and airline industries. The extent to which regulators in each jurisdiction can collaborate with one another depends on whether the companies under review sign waivers allowing data about them to be shared....

    "I always thought if you worked hard enough and tried hard enough, things would work out. I was wrong." --Katharine Graham

    by bobswern on Tue Jul 16, 2013 at 09:45:29 PM PDT

    •  In U.S., Repeat Offenders Get Away... (6+ / 0-)

      ...with wrist slaps, repeatedly.

      But, get caught with a couple of joints three or four times in some states, still, to this day, and see what happens.

      "I always thought if you worked hard enough and tried hard enough, things would work out. I was wrong." --Katharine Graham

      by bobswern on Tue Jul 16, 2013 at 09:50:07 PM PDT

      [ Parent ]

      •  Three strikes! (2+ / 0-)
        Recommended by:
        northsylvania, VeggiElaine

        For corporations...

        Government and laws are the agreement we all make to secure everyone's freedom.

        by Simplify on Tue Jul 16, 2013 at 10:27:33 PM PDT

        [ Parent ]

        •  The rules for how corporations operate are (0+ / 0-)

          set by the states in which they incorporate. If legislatures were doing their jobs properly, they would be addressing how their subsidiary entities (agencies, counties and municipalities) are delivering services, as well as how the private corporations they authorize function. The reason they don't and get fixated on how individual persons can be manipulated and restricted and exploited is because "birds of a feather flock together" and the denizens of these artificial bodies (public and private corporations) perceive themselves as rulers, not servants.
          ALEC is correct. State legislatures is where the action is. Where they are wrong is in trying to kill popular government state by state by depriving women and young people and the elderly of their rights. They're too late. The taste of autonomy is too sweet.

          We organize governments to deliver services and prevent abuse.

          by hannah on Wed Jul 17, 2013 at 02:18:40 AM PDT

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          •  So not true (0+ / 0-)

            There are a few things that are set by the corporation's nominal home state, like the rules about election of corporate officers.

            Many more issues go by location of a facility, not where the company is incorporated. That's why they care about owning all 50 state legislatures.

            And much of the regulation that matters (environmental, antitrust, employment discrimination, etc. etc.) is Federal, especially for companies over say 50 employees. That's why the right-wingers hate Federal regulation; they'd rather deal with 50 understaffed and corruptible state agencies than one well-staffed competent one in Washington.

            •  More could be set. Insurance companies are (0+ / 0-)

              regulated by each state because the states insist on it. Utilities are regulated by states.
              Of course, there's also the problem that the purpose of regulation is to make enterprise regular, predictable and, as much as possible, risk free. There has been no regulatory capture. Regulators are installed to assist.

              We organize governments to deliver services and prevent abuse.

              by hannah on Wed Jul 17, 2013 at 06:22:06 AM PDT

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          •  You're conflating corporate governance versus... (0+ / 0-)

            ...other types of corporate/business law, IMHO. In reality, federal (law) preemption of state laws is more common now, in terms of the day-to-day activities of these corporations, in general. And, that effort's usually to the significant benefit of these corporations, as well. In turn, what we're now seeing is a trend to international corporate law trumping the laws of nations; and, that's a pretty damn scary reality!

            "I always thought if you worked hard enough and tried hard enough, things would work out. I was wrong." --Katharine Graham

            by bobswern on Wed Jul 17, 2013 at 07:56:48 AM PDT

            [ Parent ]

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