Geithner set to defend actions on Libor, Wall Street reform before Congress - The Hill's On The Money GEITHNER - BUSH-OBAMA'S SLUT BOY FOR WALL ST BANKSTER CRIMINALS!

Geithner set to defend actions on Libor, Wall Street reform before Congress - The Hill's On The Money

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.

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JPMorgan Chase investigated for manipulating California energy market

By Oliver Richards 
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.”