U.S. accuses JPMorgan of manipulating electricity market

[think]

Source: RawStory.com

By Reuters
Monday, July 29, 2013 21:27 EDT

WASHINGTON (Reuters) – The U.S. power regulator outlined its case of market manipulation against JPMorgan Chase & Co on Monday as industry sources said a final settlement on the issue should come on Tuesday.

Traders used improper bidding tactics in California and the Midwest to boost profits, officials said in a statement that brought to light some details of an extensive investigation.

Reports of that probe have circulated for months and a deal with the regulator could put an end to a distraction for JPMorgan Chief Executive Jamie Dimon.

The U.S. Federal Energy Regulatory Commission (FERC) staff has found “eight manipulative bidding strategies” used by a JPM affiliate in 2010 and 2011, the regulator said.

~Snip~

Two industry sources said a settlement over the trades could come as early as mid-morning on Tuesday. The bank is expected to pay around $400 million to end the investigation and the settlement could include other payments, according to reports and an industry source....

Read more: http://www.rawstory.com/rs/2013/07/29/u-s-accuses-jpmorgan-of-manipulating-electricity-market/

[DJ13]

1. Jail?

Sadly

[think]

2. Everything is just FINE with JP Morgan ...

[Heywood J]

9. No. Let everyone who was overcharged

because of this get one free punch at the CEO's nuts. That would guarantee it never happened again.

[cstanleytech]

3. Let me guess they made far more than 400 million from those illegal actions? Am I right?

[Marie Marie]

4. Just this:

[Left Coast2020]

5. $400 freakin million? Are you kidding?

Dimon is off by $7.5 billion in their settlement. I remember hearing that residents of this state(I wasen't here at the time) lost about 8-billion for the inflated power prices. Throw in another $8 billion for Calif, plus another $5 billion for being an a-hole scumbag con-artist and we'll call it even. Sucks that Gray Davis put his job on the line to go after these crooks which is why they started the recall. Then we got the Boobengrabber.

[Salviati]

6. IMO corporate fines should be at least 10x times the money made

a piddling little fine like this is just the cost of doing business.

[wordpix]

7. "$6.2 billion “London Whale” loss on derivatives trades last year." Look in Dimon's pockets

If JPM "lost" the money, others "found" it. I'd start looking at anyone with access to do an inside job.

[L0oniX]

8. Hey ...if Enron can do it ...and now with chicken shit Holder it's a free for all. n/t