Enron Redux Has JPMorgan Probed For Abusive Energy Trading
While the CIO was clearly not populated by the smartest guys in the room, it appears the bank that just can't get a break has hit another snag as the Federal Energy Regulatory Commission is probing them over 'bidding practices' and abusive trading in California and Midwest energy markets. Via Bloomberg:
*FERC PROBES POTENTIAL POWER-MARKET MANIPULATION BY JPMORGAN
*FERC ASKS U.S. COURT TO ORDER JPMORGAN TO PRODUCE DOCUMENTS
*FERC SAYS PROBE COVERS JPMORGAN'S `BIDDING PRACTICES' :JPM US
*FERC SAYS CALIFORNIA, MIDWEST OPERATORS CITED ABUSIVE TRADING
Is there a wondrous capital structure here for Bethany Mclean to investigate? We can only assume that JEDI Morgan is 'not the Chewco FERC is looking for'.
I'm sure if they find wrong doing they will severely punish them...
It just goes on and on....every fricking week one of these banks is being sued or fined for fraud or manipulation or whatever....it's so frequent nobody pays attention anymore.
Granted they are just being looked at at the moment for this one but I think we all know it's likely happened/happening.