JPMorgan is under investigation for possibly manipulating the US energy market - refusing to hand over energy manipulation emails to Feds
The supposedly best run bank in the financial industry is in the thick of yet another investigation once again. Besides suggestions that JPMorgan may also be involved in the Libor criminal manipulation that has taken down three top executives at Barclays, JPMorgan is under investigation in the US for possibly manipulating the US energy market.
How many more free rides and bogus settlements that involve agreement that nobody was guilty are we going to have to see before Washington gets serious about white collar crime? The right wing and much of Washington is always in favor of throwing people into jail unless they’re rich white people with high paying jobs. Until this changes we can’t expect to clean up the overflowing sewage dump called Wall Street.
More on the latest Wall Street investigation via Bloomberg:
JPMorgan Chase & Co. (JPM) (JPM)’s refusal to turn over e-mails in a federal probe of potential energy-market manipulation is the latest challenge for Chief Executive Officer Jamie Dimon as the bank faces multiple investigations.
The U.S. Federal Energy Regulatory Commission sued JPMorgan July 2 to release 25 e-mails in an investigation of possible manipulation of power markets in California and the Midwest by J.P. Morgan Ventures Energy Corp., according to court filings by the Washington-based agency. FERC opened the probe in August after complaints from California and Midwest grid operators that JPMorgan’s bidding practices were abusive, the documents show.
Go down towards the bottom of the article to read more about the allegations of extracting above market prices, which would then be passed on to consumers. The banks just keep hammering away at the 99% from every angle and they won’t stop until someone in the political class finds enough backbone to stop them. Will anyone step up?
You’d think Darrell Issa and company would be all over this, I mean, wasn’t not handing over documents a really big deal in the fast and furious case?
Oh wait I forgot! Congress wouldn’t dare bite the hand that feeds it.