Actually yes, BP has absolutely been acting like a collusive, insider trading hedge fund if these accusations are proven. The similarities to Enron are uncanny.

Actually yes, BP has absolutely been acting like a collusive, insider trading hedge fund if these accusations are proven. The similarities to Enron are uncanny. As per the article, BP is denying everything, and so the article is very careful in phrasing BP's involvement: "While there’s no evidence that any BP traders were members of the Cartel, Usher participated in at least one chat room with White, according to a person who has examined conversations that included both men. It couldn’t be determined from the messages reviewed by Bloomberg News who sent the information to BP or whether BP employees acted on any of the tips." Except they did: "Traders at BP haven’t been accused of any wrongdoing. Last year, within hours of regulators announcing probes, the chats between BP and the banks were shut down, people with knowledge of the matter said. Soon after, a compliance officer was placed on the desk for the first time, one of them said." Not exactly what one would do if one was "innocent". Interesting tidbit on how the Bank of England may have been involved in all this rigging, FX market manipulation and criminal abuse of other market participants: "[Usher] joined JPMorgan as head of spot foreign exchange in 2010, where he became a member of the now-defunct Bank of England’s Chief Dealers Sub Group, a collection of about a dozen currency traders and central bank officials who met at restaurants and bank offices to discuss industry developments." Which is why the Bank of England itself may have had to scapegoat its own sacrificial lamb to avoid any further connection to this criminal cartel: Chief FX dealer for the Bank of England, Martin Mallett, on November 12 "was dismissed by the Bank of England yesterday for “serious misconduct relating to failure to adhere to the Bank’s internal policies,” according to a statement by the central bank today."