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Thu Nov 15, 2012, 02:58 PM

JPMorgan punished for California power-trade violation

Source: Sacramento Bee

In a stunning move, a Wall Street investment bank was suspended from trading electricity for profit in California on Wednesday for submitting false information to federal investigators.

JPMorgan Chase & Co.'s energy-trading division was suspended from California's wholesale market for six months starting April 1. The suspension was imposed by the Federal Energy Regulatory Commission.

The decision could cost JPMorgan millions of dollars. The suspension includes other wholesale electricity markets around the country.

It was a move almost without precedent.


Read more: http://www.sacbee.com/2012/11/15/4987327/jpmorgan-punished-for-california.html

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Reply JPMorgan punished for California power-trade violation (Original post)
Newsjock Nov 2012 OP
bluedigger Nov 2012 #1
Grins Nov 2012 #2
Myrina Nov 2012 #3
hunter Nov 2012 #4

Response to Newsjock (Original post)

Thu Nov 15, 2012, 03:02 PM

1. Who woke up FERC? n/t

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Response to bluedigger (Reply #1)

Thu Nov 15, 2012, 03:23 PM

2. The real question...

The real question is why didn't California learn from the Enron debacle and monitor these rats? They should have prosecuted those bastards back then but they didn't. Thanks, Arnold. You maid-phucking rat.

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Response to Newsjock (Original post)

Thu Nov 15, 2012, 03:25 PM

3. JPMChase must have pissed off someone ...

... there's no way in the course of 'how the ol boys system runs' that this would have happened otherwise ....

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Response to Newsjock (Original post)

Thu Nov 15, 2012, 03:40 PM

4. A real punishment would be fining them 10X what they stole...

... and throwing some people in prison for a long, long time.

If after examining their books these sorts of scams are discovered to be a consistent pattern of behavior, then their corporate charters should be revoked and their scummy banks nationalized.

Otherwise these small fines and suspensions are just a cost of doing business, and the crooks walk away with the money they stole from the people of California.

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