JPMorgan’s investment
arm, which includes its energy group, collects $14 billion annually; in
comparison, six months’ worth of fines would amount to a paltry $180 million.
http://mexicanoccupation.blogspot.com/2012/07/obama-and-j-p-morgan-partners-in-crime_23.html
THERE IS A REASON WHY THE BANKSTERS INVESTED HEAVILY IN OBAMA’S CORRUPT ADMINISTRATION!
Records show that four out of Obama's
top five contributors are employees of financial industry giants - Goldman
Sachs ($571,330), UBS AG ($364,806), JPMorgan Chase ($362,207) and Citigroup
($358,054).
Obama: JPMorgan Is 'One of the Best-Managed
Banks'
By Mary Bruce | ABC
OTUS News – 2 hrs 31 mins ago
Obama:
JPMorgan Is 'One of the …
Lou
Rocco / ABC News
Just
hours after a top JPMorgan Chase executive retired in the wake of a
stunning $2 billion trading loss, President Obama
told the hosts of ABC's "The View" that the bank's risky bets
exemplified the need for Wall Street reform.
*
JPMorgan Chase
investigated for manipulating California energy market
By Oliver Richards
23 July 2012
23 July 2012
The California
Independent Systems Operator (CalISO), the nonprofit organization that
coordinates the state’s electricity market, has alleged that JPMorgan Chase
& Co. manipulated the state’s energy market, resulting in at least $73
million in improper payments—costs passed along to the state’s energy
consumers.
The accusation
emerged on July 2 in court filings by the Federal Energy Regulatory Commission
(FERC), which oversees CalISO, as part of its investigation into the bank.
Normally, ongoing FERC investigations are not disclosed to the public. The case
was only revealed after the agency subpoenaed e-mails from JPMorgan relating to
the inquiry.
The bank claimed that
the e-mails were confidential on the basis of attorney-client privilege.
However, under pressure, it released some of the e-mails in non-redacted form
to the agency that belied their argument. The bank responded to the petition by
arguing that FERC was engaged in an “abusive litigation tactic.”
FERC was granted
expanded powers in 2005 in the aftermath of the manipulation of California’s
energy market by Enron, which resulted in energy warnings and rolling blackouts
throughout the state. The regulatory overhaul gave the agency the ability to
fine companies as much as $1 million a day per violation. These fines, however,
in no way discourage companies from gaming the system. JPMorgan’s investment arm, which includes its energy group, collects
$14 billion annually; in comparison, six months’ worth of fines would amount to
a paltry $180 million.
“The incentive
remains for outfits like JPMorgan,” notes a July 18 article in the Los Angeles Times, “to stretch the rules to the breaking
point—if they get caught, the cost is tolerable; if not, the returns are
fabulous.”
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