“Wall Street finds itself in a bare-knuckle brawl with a government agency.
Yet the fight is not with the Federal Reserve or another banking regulator, but a less-known agency more accustomed to patrolling the nation’s energy pipeline than a trading floor.
The Federal Energy Regulatory Commission, the government watchdog overseeing the oil, natural gas and electricity business, has lately taken aim at three major banks suspected of manipulating energy prices. After taking action against JPMorgan Chase and Deutsche Bank, the agency on Wednesday threatened to impose its largest fine ever against Barclays.”
Read Ben Protess and Michael J. de la Merced’s full New York Times article here