MSE News: Watchdogs investigate gas price 'manipulation'

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  • Pincher
    Pincher Posts: 6,552
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    Plushchris wrote: »
    Keep dreaming..:rotfl:

    Its always nice to have dreams..

    If my dream came true, you would do quite well out of it as well.

    If George Osborne's dream came true, and gets the fine money, he won't share it with you.

    So, all together now: I have a dream.......
  • ... It looks to me that only the traders themselves or the financial outfits they work for would gain by such manipulation - indeed, the mse report says it's unclear whether consumers actually gained or lost by that manipulation

    It doesn't really matter if it is the the energy companies, banks or traders who are gaining. What really matters is that the "market" is being manipulated by whatever organisation to increase their profits. The money for those excess profits doesn't just come out of thin air, someone has to pay for it. Who do you think that is going to be? I would suggest it will ultimately be the end consumer.
    eg:
    1) bank manipulates market to make excess profit at expense of power company
    2) power company recoups their excess cost through higher prices for consumers

    Market manipulation is not a "victimless crime" - someone has to pay for it.
  • LadyDee
    LadyDee Posts: 4,293
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    I hope any investigation is going to include people who are locked into Calor gas - we can't switch, shop around, try to find a cheaper deal.
  • Plushchris wrote: »
    Keep dreaming..:rotfl:

    Its always nice to have dreams..

    Consumer groups should be campaigning that if, they are found guilty, rather than pay a fine - they should indeed should pay their customers pro rata.
  • trets77
    trets77 Posts: 2,886
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    Seize their assets would be a better idea.

    we did it to Iceland. :snow_laug
    Better in my pocket than theirs :rotfl:
  • Ken68
    Ken68 Posts: 6,825
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    This Libor- like fixing was mentioned in Private Eye "Keeping the Lights On" in Issue No 1319 27th July.
    It mentions other indices such as petrol, diesel, coal and natural gas possibly subject to the same rigging.
    The Private Eye article mentions that the energy price reporting agencies such as Platts, Argus, ICIS-Heren and McCloskey did bring it to the attention of the Financial Services Authority.
    Beginning to look like another Bank Job.
  • Ken68 wrote: »
    . . . Beginning to look like another Bank Job.
    Well what a surprise that would be if it was found the banks were involved.
    >:)Warning: In the kingdom of the blind, the one-eyed man is king.
  • Ken68
    Ken68 Posts: 6,825
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    Curious timeline.
    The International Organisation of Securities Commissions (IOSCO) issued a report,exact date not known, but pre July 27th. which was picked up by Private Eye but not by the mainstream media until whistleblower came forth recently, three months later.
    Would the PM's office (and Sam Laidlaw of Centrica, business advisor) have seen this report in July.
    In the meantime price rises by the energy companies.
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