Too big to jail.JPMorgan settles US accusations of power price manipulation for $410 million

[Ichingcarpenter]

WASHINGTON — U.S. energy regulators are hitting JPMorgan Chase & Co. with $410 million in penalties after accusing it of manipulating electricity prices in California and the Midwest.

The Federal Energy Regulatory Commission says the bank used improper bidding strategies to squeeze excessive payments from the agencies that run the power grids in California and the Midwest.

The agency says JPMorgan has agreed to the penalty, although it disputes the violations. The penalty includes $285 million for the federal government, and $125 million for ratepayers.

FERC’s enforcement staff said its investigation had found improper trading practices were used at JPMorgan Ventures Energy Corp.

http://www.washingtonpost.com/politics/federal_government/us-agency-accuses-jpmorgan-of-manipulating-electricity-prices/2013/07/29/a061e9aa-f8af-11e2-a954-358d90d5d72d_story.html


Gee remember Enron?

[Egalitarian Thug]

1. I remember. K&R

I lived in LA when the energy gang stole the $10B surplus the state had accumulated. Had Grey listened to his advisers that didn't already have their executive jobs lined up, he wouldn't have been recalled.

[reformist2]

2. But someone steals a Big Mac worth $4.10? Jailtime and 100 hours community service!

[KoKo]

3. So..."Too Big to Fail...Too Big to Prosecute" continues... Disgusting...n/t

[Safetykitten]

4. Thank God It Passed!

[Ichingcarpenter]

5. OPERATIONMINDCRIME's..... most famous quote

LOL