JPMorgan punished for California power-trade violation

[Newsjock]

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

[bluedigger]

1. Who woke up FERC? n/t

[Grins]

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.

[Myrina]

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 ....

[hunter]

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.