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The Federal Energy Regulatory Commission (FERC) yesterday gave Barclays (BCS +1.25% in...

The Federal Energy Regulatory Commission (FERC) yesterday gave Barclays (BCS +1.25% in London) 30 days to show why it shouldn't be fined $470M for allegedly manipulating the Californian power markets by deliberately making losses on physical electricity prices in order to profit from related swaps positions. The strategy apparently used to be fairly common, and Barclays says it will fight FERC.
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