Mercury Rising 鳯女

Politics, life, and other things that matter

“Who? Us?” –JP Morgan

Posted by Charles II on July 3, 2012

Interesting news is pouring out at holiday time.

Katarzyna Klimasinska, Bloomies:

JPMorgan Chase & Co. (JPM) is being investigated over potential power-market manipulation that inflated payments for electricity, according to the U.S. Federal Energy Regulatory Commission.

The FERC, which has pledged to combat manipulation of prices, began its probe after reports last year of bidding practices by JPMorgan that the California and Midwest grid operators deemed to be abusive, according to documents provided by the Washington-based agency.

“Three of the bidding techniques had together resulted in at least $73 million in improper payments,” the agency said in documents filed yesterday, citing estimates by the two system operators.

Morgan response: “Who? Us?”

Also under FERC investigation/scrutiny: Deutsche Bank, Constellation, Barclays.

3 Responses to ““Who? Us?” –JP Morgan”

  1. Mark Gisleson said

    Millions without power all over the U.S. right now and you have to believe that much of that is due to infrastructure failure due to underfunded maintenance which is practically a hallmark of modern American capitalism.

    We are reaping what they sowed, and it is a bitter harvest indeed.

    • Charles II said

      Good point, Mark.

      I would be embarrassed to be an American business leader. These guys are complete losers. Future generations will curse them.

  2. MarkH said

    Energy markets? Is that a banking function? Or a hedge against something? How can JPMC explain it away?

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