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By Hanah Cho, The Baltimore Sun | March 12, 2012
The $245 million settlement that Baltimore's Constellation Energy Group agreed to pay is the largest of its kind to resolve allegations of market manipulation with the Federal Energy Regulatory Commission. Details of the settlement emerged Monday, the same day Chicago-based Exelon Corp. closed on its $7.9 billion takeover of Constellation. The sale creating the largest non-utility energy provider in the United States ushers Baltimore's last Fortune 500 company out of town. The New York Stock Exchange will de-list Constellation shares Tuesday.
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BUSINESS
By Hanah Cho, The Baltimore Sun | March 12, 2012
The $245 million settlement that Baltimore's Constellation Energy Group agreed to pay is the largest of its kind to resolve allegations of market manipulation with the Federal Energy Regulatory Commission. Details of the settlement emerged Monday, the same day Chicago-based Exelon Corp. closed on its $7.9 billion takeover of Constellation. The sale creating the largest non-utility energy provider in the United States ushers Baltimore's last Fortune 500 company out of town. The New York Stock Exchange will de-list Constellation shares Tuesday.
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BUSINESS
By New York Times News Service | January 23, 1992
WASHINGTON -- The Treasury will intervene in the government securities market whenever prices are distorted by a shortage of securities, whether as a result of market forces or market manipulation, the three agencies that regulate the market said yesterday.The new policy for the $2.2 trillion market, in which the government borrows the money for its operations, is the most drastic item in a package of new rules, procedures and legislative changes put together by the Treasury Department, the Securities and Exchange Commission and the Federal Reserve in the wake of the illegal bidding scandal involving Salomon Brothers that was disclosed in August.
BUSINESS
By NEW YORK TIMES NEW SERVICE | June 29, 2006
Federal regulators charged yesterday that a subsidiary of BP PLC manipulated the price of propane two years ago by cornering the market, pushing up heating costs for millions of households at the peak of winter demand. The Commodity Futures Trading Commission charges that at least six current and former employees at a unit of BP North America squeezed the propane market in February 2004, according to a civil complaint filed in federal court in Chicago. They sought to make at least $20 million in profits, it said.
NEWS
By Julie Hirschfeld Davis and Julie Hirschfeld Davis,SUN NATIONAL STAFF | July 31, 2003
WASHINGTON - The Senate narrowly turned back an attempt by Democrats to outlaw certain kinds of manipulation in the energy market, such as those used by Enron, as it worked its way yesterday through a broad energy bill that would repeal the major law regulating the power industry. By a vote of 50-48, the Senate rejected an amendment by Sen. Maria Cantwell, a Washington Democrat, that would have added protections for electricity consumers to the bill, which would roll back the existing rules and restructure the power market.
BUSINESS
By BLOOMBERG NEWS | November 30, 2004
HOUSTON - Five former employees of Dynegy Inc., El Paso Corp. and Reliant Energy Inc. have been indicted on federal charges of reporting bogus trades of natural gas. Charges against the five include conspiracy and wire fraud, U.S. Attorney Michael Shelby said. All five pleaded not guilty and were released on bond. Federal prosecutors and regulators have been investigating false price reports for about three years. Fraudulent reporting about commodities is illegal because it can lead to market manipulation.
NEWS
By DAN RODRICKS | March 23, 2006
A friend who works for BGE -- a man in a van who responds to gas leaks and downed electrical lines -- says, "The customers are not happy." He and his house-calling co-workers, the real frontline guys for BGE, have been catching flak about the large, looming electric bill increases, though they had nothing to do with it. Apparently, the flak has been heavy in spots. We got an e-mail from inside Constellation Energy, BGE's holding company, asking for relief for the guys in the field. (The plea came from a Constellation employee who works in personnel services but asked not to be identified by name.
BUSINESS
By NEW YORK TIMES NEW SERVICE | June 29, 2006
Federal regulators charged yesterday that a subsidiary of BP PLC manipulated the price of propane two years ago by cornering the market, pushing up heating costs for millions of households at the peak of winter demand. The Commodity Futures Trading Commission charges that at least six current and former employees at a unit of BP North America squeezed the propane market in February 2004, according to a civil complaint filed in federal court in Chicago. They sought to make at least $20 million in profits, it said.
NEWS
May 9, 2002
THE LATEST revelations about alleged frauds by Enron traders profiteering on last year's California energy crisis have an all too familiar ring, given the greedy scams that have characterized the emerging saga of the bankrupt energy behemoth. About the only shocker may be that these schemes were made public by Enron's current leaders - though they were blowing the whistle on former officers of a former subsidiary. But release of the Enron memos also may prove to be a turning point in the investigations into the costly dislocations of the West's electricity market in 2000-2001.
BUSINESS
By ASSOCIATD PRESS | November 16, 1990
NEW YORK (AP) -- Government regu lators for the first time have laid much of the blame for the savings and loan industry collapse on the junk bond dealings of Drexel Burnham Lambert Inc.In a 60-page legal claim, federal thrift regulators accuse the failed investment firm of bribery, fraud, market manipulation and other serious crimes they allege hastened the demise of 48 savings and loan institutions, including Baltimore Federal Financial F.S.A. In the case of Baltimore Federal, the Federal Deposit Insurance Corp.
NEWS
By DAN RODRICKS | March 23, 2006
A friend who works for BGE -- a man in a van who responds to gas leaks and downed electrical lines -- says, "The customers are not happy." He and his house-calling co-workers, the real frontline guys for BGE, have been catching flak about the large, looming electric bill increases, though they had nothing to do with it. Apparently, the flak has been heavy in spots. We got an e-mail from inside Constellation Energy, BGE's holding company, asking for relief for the guys in the field. (The plea came from a Constellation employee who works in personnel services but asked not to be identified by name.
BUSINESS
By BLOOMBERG NEWS | November 30, 2004
HOUSTON - Five former employees of Dynegy Inc., El Paso Corp. and Reliant Energy Inc. have been indicted on federal charges of reporting bogus trades of natural gas. Charges against the five include conspiracy and wire fraud, U.S. Attorney Michael Shelby said. All five pleaded not guilty and were released on bond. Federal prosecutors and regulators have been investigating false price reports for about three years. Fraudulent reporting about commodities is illegal because it can lead to market manipulation.
NEWS
By Julie Hirschfeld Davis and Julie Hirschfeld Davis,SUN NATIONAL STAFF | July 31, 2003
WASHINGTON - The Senate narrowly turned back an attempt by Democrats to outlaw certain kinds of manipulation in the energy market, such as those used by Enron, as it worked its way yesterday through a broad energy bill that would repeal the major law regulating the power industry. By a vote of 50-48, the Senate rejected an amendment by Sen. Maria Cantwell, a Washington Democrat, that would have added protections for electricity consumers to the bill, which would roll back the existing rules and restructure the power market.
NEWS
May 9, 2002
THE LATEST revelations about alleged frauds by Enron traders profiteering on last year's California energy crisis have an all too familiar ring, given the greedy scams that have characterized the emerging saga of the bankrupt energy behemoth. About the only shocker may be that these schemes were made public by Enron's current leaders - though they were blowing the whistle on former officers of a former subsidiary. But release of the Enron memos also may prove to be a turning point in the investigations into the costly dislocations of the West's electricity market in 2000-2001.
BUSINESS
By New York Times News Service | January 23, 1992
WASHINGTON -- The Treasury will intervene in the government securities market whenever prices are distorted by a shortage of securities, whether as a result of market forces or market manipulation, the three agencies that regulate the market said yesterday.The new policy for the $2.2 trillion market, in which the government borrows the money for its operations, is the most drastic item in a package of new rules, procedures and legislative changes put together by the Treasury Department, the Securities and Exchange Commission and the Federal Reserve in the wake of the illegal bidding scandal involving Salomon Brothers that was disclosed in August.
BUSINESS
By JULIUS WESTHEIMER | June 1, 2001
"Energy stocks have appeal these days," says the S&P Outlook. "The industry's highly favorable fundamentals provide good buying opportunity. The current boom should last another three to five years, thanks to oil and natural gas demand rising at an expected rate of more than 2 percent annually, with limited oil and gas production capacity." The article suggests these stocks: BJ Services Co., Exxon Mobil Corp., Nabors Industries Inc., Rowan Cos. Inc. and Santa Fe International Corp. GOOD ADVICE: Here are "Lifetime Investment Rules" from Nightly Business Report (PBS)
BUSINESS
November 5, 2005
Indicators Monday -- September consumer credit Wednesday -- September wholesale inventories Thursday -- September trade balance, weekly jobless claims Events Tuesday CEO Club of Baltimore -- luncheon meeting, 11 a.m., Harbor Court, 550 Light St. Former Securities and Exchange Commission associate director Bruce Hiler will speak about insider trading, fraud and market manipulation. Nonmember cost is $98. For reservations, call Douglas Strouse at 410-339-5787. Thursday Association for Corporate Growth -- breakfast meeting and private equity roundtable, 7:30 a.m., Center Club, Legg Mason Tower, 100 Light St. Nonmember cost is $55. Reservation and payment deadline is Monday.
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