Electricity trading probed

[brentspeak]

Source: Sacramento Bee

It's been a decade since companies like Enron Corp. manipulated California's electricity market to generate billions in excess profits.

Enron went out of business long ago, and California's energy market has been a place of relative calm. Now, however, another big power trader is being investigated for allegedly gaming the state's electricity system.

State officials believe a subsidiary of JPMorgan Chase & Co., the New York investment bank, pulled down an extra $73 million by exploiting a small wrinkle in California's electricity market over several months in 2010 and 2011.

Officials said they've recovered $20 million from the company so far.




Read more: http://www.sacbee.com/2012/07/30/4672960/electricity-trading-probed.html#storylink

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The following Sac Bee editorial adds more information: http://www.sacbee.com/2012/07/30/4672483/is-a-sequel-of-enron-scandal-scamming.html

[frylock]

1. restitution isn't enough to deter these shitbirds..

someone needs to spend a long time in prison.

[DCKit]

3. + Penalties in excess of the clawed-back profits.

It's only money they understand, so it's the only way to hurt them.

[Ash_F]

5. I'm pretty sure prison hurts more

... for those used to a life of privilege and excess. Take the money back of course, and then some, but people need to also start demanding prison terms for these individuals from their legislators and district attorneys.

[cstanleytech]

6. And the majority of it if not all of it should have to come out of their own pockets to. nt

[xtraxritical]

4. How about investment bankers too?

[MADem]

2. Basstids....beat them senseless, I say!!

Legally speaking, for the overly literal!!

[diane in sf]

7. Good--they're working to get it back, unlike when Arnie dropped the $9B case against Enron