JPMorgan Chase in California ‘Enron’ Crime Spree
24 July (LPAC) JPMorgan Chase is estimated to have cost California electricity rate-payers about $160 million dollars in fraudulent costs in 2012, and Michigan rate-payers another $83 million, through its electricity market “merchant bank investments” which were prohibited when the Glass-Steagall Act was in force. The megabank is reportedly about to agree to a fine of $500 million for the electricity price-rigging — a fine not by a banking regulator — what, us? do banking? — but by the Federal Electricity Reliability Council (FERC). FERC has also just levied a $470 million fine for the same activity on Barclays Bank, which is refusing to pay, insisting it did nothing not merely British in character.
At the Senate Banking subcommittee hearing on this subject, Glass-Steagall sponsor Sen. Elizabeth Warren charged, “Banks may have adopted the model for trading both physical commodities and derivatives used by Enron Corp., adding more and…
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