Saturday, May 04, 2013

Slap on the wrist, pending...

It's what we have to settle for apparently.

The regulator of U.S. power markets appears likely to pursue manipulation charges against JPMorgan Chase & Co , analysts said, after a New York Times report on the agency's document that seemed to lay out its case.

The Times said on Friday it reviewed a confidential, 70-page government document that the U.S. Federal Energy Regulatory Commission (FERC) sent to JPMorgan in March, which alleged the bank manipulated the power market in California and Michigan in 2010 and 2011.

FERC investigators found JPMorgan devised "manipulative schemes" that transformed "money-losing power plants into powerful profit centers," the Times reported, citing the document. It said the bank has until mid-May to respond.


grouchomarxist said...

I imagine JPM's response was immediate:


Worst case: they pay a miserable pittance of the money they made off this latest scam. Moral hazard is for little people.

pansypoo said...

greed is gonna kill crapitalism.

Montag said...

I'm sure Obama will give Jamie Dimon a stern talking-to the next time they play golf together.

Anonymous said...

gonna be a run on cardboard boxes when we're all livin in shantytown.

doubt any of the washington type are going to notice.