why should we ever trust corporation -- BP Named in Inquiry on Pricing - New York Times

[David Farber <dave () farber net>]

http://www.nytimes.com/2006/06/29/business/29propane.html? 
hp&ex=1151640000&en=8ed0d0dffad1dad2&ei=5094&partner=homepage

BP Named in Inquiry on Pricing

By JAD MOUAWAD
Federal regulators charged yesterday that BP manipulated the price of  
propane two years ago by cornering the market through its dominant  
position, 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. They sought to make at least $20 million in  
profits, it said.

Also, the Justice Department said yesterday that one trader named in  
the lawsuit pleaded guilty to a conspiracy charge in a parallel  
criminal case. The plea is part of a continuing investigation by the  
F.B.I.

"BP cornered the market on physical propane," said Gregory G. Mocek,  
the director of the enforcement division of the trading commission, a  
federal regulator that oversees commodity markets. "They used their  
financial power to drive up prices."

,snip.

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