Hey, Feds, your right hand should introduce itself to your left hand.
Meanwhile, the Federal Energy Regulatory Commission has fined the other Gates twin $30M for alleged "market manipulation" for exposing a loophole in PJM's poorly designed energy markets.
So, if Rich Gates takes in $15M from the SEC, could he use that money to pay off part of the FERC's $30M fine (assuming FERC can make it stick in court)? I'd say that's some pretty smart money management!
Next up... will Disney be making a good twin vs. bad twin flick starring Rich and Kevin Gates? This story has been done many times over, but I think some government employees might relish the chance to prance across the big screen as cartoon characters set to an inspiring theme song and cymbal-crashing, energizing score.
Rich can play the "good" twin, who developed tests of buying and selling the same security in numerous dark pools or exchanges to see if anyone was getting in front of client’s trades, as chronicled in Michael Lewis's book, Flash Boys.
Kevin can play the "bad" twin, who performed a similar test of PJM's MLSA payment market and ended up making money that would have gone to certain gigantic utility holding companies if not for his participation in the market and exposure of PJM's poor market design.
But, wait, which twin is good, and which twin is bad? They sort of look the same to me. Like maybe identical? Both twins demonstrated that they were much smarter than the regulators who are supposed to be monitoring both markets. Maybe it depends on where in the federal government you're standing when you blow your whistle. By offering a reward for whistleblowing, the SEC demonstrates that it could actually be helped by those who expose things the agency wasn't smart enough to catch. On the other hand, FERC punishes those who expose things they weren't smart enough to catch. I don't think FERC offers any rewards for exposing utility scams. In fact, it punishes those who expose incumbent utilities, dumb market design, and lazy regulation.
But now it can all end well, like it did in Disney's The Parent Trap, when the twins switch places and the SEC reward pays FERC's penalty... and they all live happily ever after.