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NEW YORK, NY--Rocked by trading scandals and questionable accounting, energy company stocks have fallen precipitously and the wholesale energy trading business has been devastated. Shares in energy trading firms collapsed in July amid concerns some companies might not survive without bankruptcy protection.
Banc of America Securities announced that it had lowered its investment ratings on 11 wholesale energy companies, according to a Reuters news story on July 23.
"Although we downgraded the sector at year end, we did not go far enough as we misjudged the snowball effect of Enron," Banc of America said, calling investments in the sector "dead money for the …