The New York Post wrote an article about community leaders from Queens who are complaining that a $4.8 million fine issued to Morgan Stanley for a price-fixing scheme is not enough. Senator Gianaris feels that such an insignificant fine would continue to permit the bank to reap the benefits of its illicit profits.
Two local lawmakers have asked a judge to pull the plug on a deal that leaves victims of a huge electricity price-fixing scheme out in the cold.
State Sen. Michael Gianaris and City Councilman Peter Vallone Jr., both Queens Democrats, wrote Manhattan federal Judge William Pauley asking him to order Morgan Stanley to refund millions of dollars to Con Ed customers.
“The idea that a major bank like Morgan Stanley will get off with a slap on the wrist and still have millions and millions in profits at the expense of ratepayers is crazy,” Gianaris said.
Vallone and Gianaris estimated that the price-fixing scheme ripped off Con Ed customers to the tune of “nearly $300 million.’’
Read the full article here.