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Mon Nov 12, 2012, 06:10 PM

FSA examines whistleblower's claims of 'Libor-like' manipulation in gas prices

This discussion thread was locked as off-topic by muriel_volestrangler (a host of the Latest Breaking News forum).

Source: Guardian

The City watchdog, the Financial Services Authority, is investigating claims by a whistleblower that Britain's 300bn wholesale gas market has been "regularly" manipulated by some of the big power companies, exploiting weaknesses that echo the recent Libor scandal.

Separately, the energy regulator Ofgem has been warned by a company responsible for setting so-called benchmark prices, ICIS Heren, that it had seen evidence of suspect trading on 28 September, a key date as it marks the end of the gas financial year and can have an important influence on future prices.

The whistleblower, who worked for ICIS Heren, raised the alarm after identifying what he believed to be attempts to distort the prices reported by the company. These benchmark prices are critically important because many wholesale gas contracts are based on them and small changes in the price can cost or save companies millions.

The revelations come at a highly charged time for Britain's energy sector, with many of the big six suppliers under public fire for alleged profiteering on household energy bills and mis-selling on the doorstep.

Read more: http://www.guardian.co.uk/business/2012/nov/12/libor-like-manipulation-gas-markets

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Reply FSA examines whistleblower's claims of 'Libor-like' manipulation in gas prices (Original post)
dipsydoodle Nov 2012 OP
libodem Nov 2012 #1
dipsydoodle Nov 2012 #2
muriel_volestrangler Nov 2012 #3

Response to dipsydoodle (Original post)

Mon Nov 12, 2012, 06:15 PM

1. You know they have

Artificially been kept high, to dick with the economics of the entire country, and keep Obama from winning re-election. I know it. And you know it.

Someone just has to prove it.

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Response to libodem (Reply #1)

Mon Nov 12, 2012, 06:23 PM

2. According to Reuters

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Response to dipsydoodle (Original post)

Mon Nov 12, 2012, 06:36 PM

3. Locking - duplicate thread

of http://www.democraticunderground.com/1014301748 . Please continue discussion there. Thanks.

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