Morgan Stanley unit agrees to pay $2.3 million to Fla. for gas-price gouging during hurricane

[seafan]

Source: TCPalm (Florida)

TALLAHASSEE — Florida will receive a record $2.3 million settlement from a Morgan Stanley subsidiary that state officials say unconscionably increased gas prices during Hurricane Ike last year, state officials announced.

It's at least the second time the company, TransMontaigne, has been involved in a price gouging settlement with the state. The company paid $5,000 for its role in alleged price gouging in Fort Lauderdale and Pensacola in the aftermath of the Sept. 11 terrorist attacks.
After Ike, in September 2008, the company increased the cost of its gas by $1.60 per gallon during the storm, bringing prices to over $5 per gallon. One retailer in Boca Raton, NexStore, shut down its pumps rather increase its pump prices to $5.20 per gallon.

The deal marks the first time the state has gone after a gas supplier instead of a retailer and the amount far exceeds any price gouging settlement the state has won in recent years. Nationally, the amount is topped by a pair of billion-dollar price gouging settlements California received, including a $1.5 billion deal Enron in 2005.

.....

Morgan Stanley was featured in a Jan. 11 60 Minutes report that examined the role of Wall Street speculation in the historic spike in oil prices last year. Despite miserable economic conditions, the company reported a $1.6 billion annual profit in December.

Read more: http://www.tcpalm.com/news/2009/jul/14/morgan-stanley-unit-agrees-pay-23-million-fla-gas-/?partner=RSS

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And the robbery of citizens continues.

[babylonsister]

1. They deserve much more punishment than this imo. That's

peanuts for them, price-gouging during a disaster.

[madmom]

2. But didn't the repugs do an "investigation" and say there was NO price gouging?

[Dappleganger]

4. Yep

They said, "Capitalism going on here, move along!"

[florida08]

3. Good

Should be doing this more often..didn't these guys receive TARP money?

[dmosh42]

5. Now for some anti-trust actions? Never happen! n/t

[BumRushDaShow]

6. "...unconscionably increased gas prices"

No, "purposely increased gas prices". They never do anything without accounting for the next quarterly report.