ENRON 2.0-Financial Criminality: Wall Street Manipulates Energy Prices, Gold and Every Other Market
By Washington's Blog, May 03, 2014
Energy Prices Manipulated
The U.S. Federal Energy Regulatory Commission says that JP Morgan has massively manipulated energy markets in California and the Midwest, obtaining tens of millions of dollars in overpayments from grid operators between September 2010 and June 2011.
Pulitzer prize-winning reporter David Cay Johnston notes today that Wall Street is trying to launch Enron 2.0:
The price of electricity would soar under the latest scheme by Wall Street financial engineers to game the electricity markets.
If regulators side with Wall Street — and indications are that they will — expect the cost of electricity to rise from Maine to California as others duplicate this scheme to manipulate the markets, as Enron did on the West Coast 14 years ago, before the electricity-trading company collapsed under allegations of accounting fraud and corruption.
SNIP...
The real answer is simple: Under the rules of the electricity markets, the best way to earn huge profits is by reducing the supply of power. That creates a shortage during peak demand periods, such as hot summer evenings and cold winter days, causing prices to rise. Under the rules of the electricity markets, even a tiny shortfall between the available supply of electricity and the demand from customers results in enormous price spikes.
CONTINUED w/LINKS...
http://www.washingtonsblog.com/2014/05/enron-2-0-wall-street-wants-manipulate-state-energy-markets-just-like-manipulates-every-market.html
Shame to snip anything. Every word is worth reading. Every name is worth knowing. Whether called a scam or a legal enterprise, it's worth preventing.
= new reply since forum marked as read
Many bankers become chronically greedy. Unfortunately, it comes with the job. 
If you haven't read his excellent book "The Fine Print" then I cannot recommend it enough! It's my favorite read of 2013 and probably the most dog-eared book I've ever read 
And now, on to read the article. Thanks for posting!!!!!
What chance does a Working Class American have?
ZERO.
They loot and pillage at will,
and are protected by the politicians of both dominant political parties.
There IS hope.
Many Latin American Countries have taken their governments from the hands of their Oligarchs
through near bloodless Ballot Box Revolutions.
They have given us the Blue Print for REAL change.
All we lack is the will.
When America's Working Class and Poor realize that WE have more in common with each other
than we have in common with our 1% Oligarchs and their Mouth Pieces in Washington,
THEN....we can have change too.
We outnumber them 10000 to 1.
Spread the WORD.
It IS All About the Money and who gets it.
All the rest is Marketing BS and Kabuki Theater.
("We never had 60 votes." 
)
VIVA Democracy!
I pray we get some here soon.
