A shortened list for this stormy week – our thoughts are with those who have been affected by Sandy.
- Barclays is under regulatory scrutiny again, this time for manipulation in energy markets between 2006 and 2008. “U.S. regulators proposed a record $469.9 million in penalties against Barclays Plc, and an additional $18 million on four of its former traders, as part of stepped up enforcement against energy-market manipulation.” Bloomberg, 11/1/12
- Big banks are benefiting at the expense of mortgage borrowers once again, as persistent low mortgage rates dramatically increase their profit margins. Big Banks have the ability to do this because they are ‘Too Big Too Fail’ which halts implementation of regulation and stops other players from entering the mortgage market. Due to this fractured market banks can do what they want again without consequence. NY Times, 10/31/12