Regulators Are Probing Possible Power Market Manipulation By JPMorgan
Puts them right in the same category as corrupt, venal Enron.
THIS is "free market" capitalism at work??
It's been posted here recently the "great" and successful JP Morgan Chase gets massive corporate welfare, to the tune of $14 Billion of our tax dollars.
JPMorgan receives a government subsidy worth about $14 billion a year, according to research published by the International Monetary Fundand our own analysis of bank balance sheets. The money helps the bank pay big salaries and bonuses. More important, it distorts markets, fueling crises such as the recent subprime-lending disaster and the sovereign-debt debacle that is now threatening to destroy the euro and sink the global economy.
In other words, U.S. taxpayers helped foot the bill for the multibillion-dollar trading loss that is the focus of today’s hearing.Sweeeeeeet, eh?
And now, adding further grave insult to injury, JP Morgan is being investigated by FERC:
The Federal Energy Regulatory Commission (FERC) is probing possible power market manipulation in California and other Midwest states by JPMorgan Chase, the Financial Times reports citing court documents.
The bank has been subpoenaed by FERC twice in the last three months, the report said.
According to the FT, the energy regulator is probing JPMorgan's power market bidding practices.
FERC says JPMorgan's practices may have inflated electricity costs by $73 million, the FT reports.
As part of the probe, FERC filed a petition in federal court requesting that JPMorgan produce 25 emails. The bank maintains that those emails are privileged, the report said.
may have inflated electricity costs by $73 million.
How is this not just as bad as Enron? Hellooooooo? Congress? Oh yeah-- on summer vacation.