Wednesday, 4 July 2012

Another day, another banking scandal

This time it is JP Morgan. From today's Financial Times:

The US electricity regulator has subpoenaed JPMorgan Chase twice in the past three months as it investigates whether the bank manipulated power markets in California and the Midwest region, court filings showed.

The Federal Energy Regulatory Commission revealed the probe in court papers filed on Monday that said the bank’s bidding practices may have inflated electricity costs by at least $73m.

What? Only $73 million? For JP Morgan, it is hardly worth getting out of bed.

1 comment:

It doesn't add up... said...

Did they hire some ex Enron people?

Time to "Get Shorty"* on JPM, perhaps...

* One of several strategies employed by Enron's power traders in the California market