That’s “FERC,” as in Federal Energy Regulatory Commission. And they FERC-ing rock!
The ostensibly obscure regulator of electricity transmission lines, natural-gas pipelines, and electricity and power trading just shocked some dirty banks into coming clean about their manipulation of the nation’s electricity markets.
Electricity markets? Who knew?
You may remember that back in the 1990s, the U.S. began deregulating electricity markets. States like California, New York, and Texas reorganized their “markets” to facilitate wholesale buying and selling, in other words, trading of electricity.
Hey, it’s a free market, right?
Well, apparently not.
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4 comments:
LOL, LOL, Silly people. Banks and business's don't pay fines. YOU do. Thru higher Fee's and Services Which a chunk of that going to Government.
How about instead of fines for them doing wrong, How about higher interest rates and lower service charges for punishment.
So they overcharged the people, and government collects the fines.
Sweet!
They are "too big to fail." Anyway, it's "for the children."
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