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October 31, 2012 at 05:15 AM
Fresh from an FSA investigation into LIBOR rigging, Barclays is now the target of two more inquiries—this time by the U.S. Federal Energy Regulatory Commission (FERC), the Justice Department and the SEC over its actions on energy prices and possible violations of the U.S. Foreign Corrupt Practices Act.
Reuters reported Wednesday that Barclays said FERC was examining the possibility that the bank may have manipulated power prices in the western U.S. from late 2006 to 2008. It said that FERC could propose penalties as early as this week, and added that the bank would “vigorously” defend itself.
The other action comes as the Financial Services Authority (FSA), the British regulator and fraud prosecutor, investigates the bank’s ties with Qatari investors over a vast infusion of 11.5 billion pounds ($18.5 billion) that enabled the bank to avoid a government bailout in 2007. At issue are fees reportedly paid by Barclays to the Qatar Investment Authority.
