Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Enron II? Of course they admit no wrong and that 400 million is a pittance compared to the amount of money the fed has poured into their coffers via QE I,II,III,IV........X before it's all over. I bet there is a wrist or two hurting somewhere though.
"The Federal Energy Regulatory Commission (FERC) today approved a stipulation and consent agreement under which JP Morgan Ventures Energy Corporation (JPMVEC) will pay $410 million in penalties and disgorgement to ratepayers for allegations of market manipulation stemming from the company’s bidding activities in electricity markets in California and the Midwest from September 2010 through November 2012.
Under the agreement, JPMVEC will pay a civil penalty of $285 million to the U.S. Treasury and disgorge $125 million in unjust profits. The first $124 million of the disgorged profits will go to ratepayers in the California Independent System Operator (California ISO), which operates the California electricity market. The other $1 million will go to ratepayers in the Midcontinent Independent System Operator (MISO).
JPMVEC admits the facts set forth in the agreement, but neither admits nor denies the violations. The company did, however, agree to waive claims for additional payments from the California ISO relating to two of the strategies under investigation. JPMVEC also will conduct a comprehensive assessment by outside counsel of its policies and practices in the power business.
The case stems from multiple referrals to FERC from the California ISO and MISO market monitors in 2011 and 2012 regarding JPMVEC’s bidding practices. These practices were the subject of four emergency tariff filings by the California ISO and MISO, each of which was approved by the Commission.
FERC investigators determined that JPMVEC engaged in 12 manipulative bidding strategies designed to make profits from power plants that were usually out of the money in the marketplace. In each of them, the company made bids designed to create artificial conditions that forced the ISOs to pay JPMVEC outside the market at premium rates. "
JPM gets to keep their billions in profits and the government gets a kickback of a couple hundred million.
Win/win for big business and government. You wash my back and I'll toss you some crumbs.
I wonder why the same folks who screamed bloody murder about Enron and how they were all W''s buddies seem to be silent about what JP Morgan has done? I guess Obama being bestest buddies with their CEO could have something to do with it all. Oh wait never mind Obama just spewing more lies and tossing folks under the bus like usual.
"JPMorgan Chase CEO and Chairman Jamie Dimon and President Obama were once friends, but the three major networks were quick to forget this once JPMorgan Chase lost more than $2 billion. Earlier this year, Dimon was one of only three CEOs who had special access to the White House and Treasury Secretary Geithner, according to Associated Press.
Now the Obama Administration and the media have made Dimon into a poster child for why a lack of government control in the banking sector is a bad thing, while at the same time they have distanced Obama from the controversy surrounding his former friend. Dimon used to be regarded, as Politico so aptly put it, as a “blunder-free Master of the Universe.” He was also referred to as the president’s “favorite banker” three separate times by The New York Times. Dimon will be testifying before the Senate Banking Committee regarding the JPMorgan Chase debacle on June 13."
Americans apparently don't care where there money is going.
Corrupt politicians. Prison Industrial Complex. Corrupt banking practices. City budget due to oppressive laws and regulations. Etc, etc, etc.
I honestly feel like some of these posters need to starve so they can learn the value of a dollar. Most posters who are apathetic didn't even create their own job and do nothing to help the Economy but yet feel entitled to criticize those who are trying to do something.
Thank GOD a growing number of the younger generation stopped listening to their parents.
JPM gets to keep their billions in profits and the government gets a kickback of a couple hundred million.
Win/win for big business and government. You wash my back and I'll toss you some crumbs.
While the suckers, I mean ratepayers receive a 10¢ discounted bill for a couple of months. If the law was broken, who's going to jail? No one, To Big to "go to jail".
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
