J.P. Morgan STEALS From Tens Of Millions and Faces No Criminal Charges
We are all serfs now in America. There is the Nobility and the rest of us. J.P. Morgan gets caught stealing from tens of millions by rigging the electricity markets and not a single employee will face criminal charges. It is hard to imagine a more "in your face" example of how there are some among us that are not bound by the rule of law. The most tragic aspect of allowing these Wall Street titans to continually walk away from criminal charges is that it only promises MORE criminality on Wall Street.
JPMorgan Chase subsidiary to pay $410 million penalty in electricity pricing scheme
On March 14, 2011, Blythe Masters, head of JPMorgan Chase’s global commodities group, asked one of her top deputies why California power officials were making ominous inquiries into the bank’s arcane and lucrative business of selling electricity. Five months earlier, Masters had been given a spreadsheet predicting that this line of business would generate profits of $1.5 billion to $2 billion by 2018.
Francis Dunleavy, the Houston-based executive in charge, replied in an e-mail that he would handle the matter, but added that “it may not be pretty.”
On Tuesday, JPMorgan Chase agreed to a record $410 million settlement of accusations by government regulators of manipulating electricity prices in California and the Midwest.
The Federal Energy Regulatory Commission said the bank’s subsidiary, J.P. Morgan Ventures Energy Corp., had charged electricity grids in those regions as much as 80 times the prevailing power prices at certain hours of the day through “manipulative bidding strategies” between September 2010 and June 2011.
http://www.washingtonpost.com/business/economy/jpmorgan-chase-subsidiary-to-pay-410m-penalty-in-electricity-pricing-scheme/2013/07/30/1c524880-f91d-11e2-afc1-c850c6ee5af8_story.html
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