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Enron Redux Has JPMorgan Probed For Abusive Energy Trading
While the CIO was clearly not populated by the smartest guys in the room, it appears the bank that just can't get a break has hit another snag as the Federal Energy Regulatory Commission is probing them over 'bidding practices' and abusive trading in California and Midwest energy markets. Via Bloomberg:
- *FERC PROBES POTENTIAL POWER-MARKET MANIPULATION BY JPMORGAN
- *FERC ASKS U.S. COURT TO ORDER JPMORGAN TO PRODUCE DOCUMENTS
- *FERC SAYS PROBE COVERS JPMORGAN'S `BIDDING PRACTICES' :JPM US
- *FERC SAYS CALIFORNIA, MIDWEST OPERATORS CITED ABUSIVE TRADING
Is there a wondrous capital structure here for Bethany Mclean to investigate? We can only assume that JEDI Morgan is 'not the Chewco FERC is looking for'.
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"the bank that just can't get a break "
Their hands were in nearly every cookie jar ...
Glad to be short JPM, but just waiting for them to get pardoned by Geithner or Bernanke or their minion....Obama. They will crush me somehow. Always do...
Without fraud there is no Wall St, Washington, Banking, London or America.
I'm shocked! Shocked!!
Alas, Dimon is one of "their own;" mere headline created on a slow summer's day before the 'Fourth. Few are watching; those who are, do not care.
Absolutely nothing will come of it.
Is there a market NOT manipulated by JPM? Wouldnt that be a shorter list?
Energy trading should be made a felony and stopped.
You mean without PROSECUTION of fraud, etc...,etc... "there isn't any of" all that crap you mentioned.
Start taking some profits ... don't wait for the extra few cents ...
short now if you believe central bank accommodation is not going to ease, beginning thursday.
The expected cut in ECB rates + BoE QE is getting priced in. Im chicken as I'm not convinced it will happen but am not going to bet against market.
Some Tylers on ZH keeps saying, no big monetary policy steps until market drops significantly, other saying it could happen....
right now increasing risk asset correlation, skew to the buy side, EPS downard revisions, maco data falling off a cliff etc suggesting a BIG drop when/if it comes...
Is there anything that JP Morgan does that isn't dependent on manipulation, fraud or government subsidy or patronage?.....................mmmm i thought so.
As I said in the other thread - JP Morgan is the Jerry Sandusky of the financial markets. Endless abuse and financial rape with countless victims.
Fuck you Jamie.
This is getting exhausting.
This is the stuff recoveries are made of.
JPM was trying to manipulate prices through abusive trading and bidding practices? What do they think this is, the stock market?
Enron.... Enron.... nope doesn't ring a bell.
It's the grift that keeps on grifting.
Barclay's, HSBC, JPM..
I see where this is going.
Holy shit..
Hey, I've got an idea. Put them all on TV and shoot them in the fucking head.
I know, I know...I'm brilliant.
How about probing them for their precious metals manipulation? No......? I didn't think so.
Why arrest someone for murder when you can catch them spitting on the sidewalk?
Why not? How many people at Enron went to jail? As I recall the only ones who served time did so because they were involved in accounting fraud (screwing wall street), not corporate fraud. Screwing the people illegally was OK then, and apparently JPM thinks it's OK now. Why shouldn't they? Fraud against the people has been given the green light by government to be implemented as a business model.
Is there going to be an investigation into Crude flying 15% higher in less than two full days of trading during the lowest volume in recent history?
The excuses are there to use, but the reason for this increase is not apparent.
Headlines say, "Crude rises on hopes more bank stimulus will increase demand for commodities."
Demand for actual commodities, or just demand from speculators for the contracts?
adr,
Don't complain, man. Higher prices will coax more Texas tea out of the ground.
crude rising since Iran parliament passing a law that authorizes govt to block straights of hormuz.
is that an authorization for war?
I have a question. Actually two-part. 1) is there a sudden (last few days) surge of banks being under big time scrutiny, or is it pretty much par for the course? 2) and if it is a sudden surge, is it in some way politically driven, i.e., it benefits some other entity via the govt. tightening the screws, or is this surge more related to enough 'normal people' complaining about banks bad behavior. Or maybe is it a dog and pony show to make the common man think the Government had no knowledge of these shady bank dealings so that when the shtf (maybe sooner than later) the govt. will appear to be the good guys all along? Thanks.
Par for course. If Congress wasn't out on a 2 month vacation, they would drag someone in to say sorry and that they won't do it again. Will need to wait until the Fall for that though.
Not quite. During the savings and loan scandal (which was in many ways the same leveraging make-belive assets values etc.) many people went to fucking jail. The only difference now is that the CONgress is wholly owned and the regulatory capture is 100%. They got rid of any real banking laws in the 90's. Nothing short of a revolution and guillotines will change things now. Welcome to another robber-baron era in human history.
I tried explaining that on another site the other day and got junked to oblivion by the sheep there.
People still don't get it. LOL...
They siphon billions in profits and pay a few million in fines... nothing new. They'll get away with it like they always do.
You know...it's starting to seem like the banks just aren't playing by the rules.
Rules,like taxes, are for little people. Leona Helmsley told me so.
These bankers better get their house in order, and by house in order I mean their books properly fixed, otherwise they are going to get a stern talking to like the Honorable Jon Corzine. A very stern talking to.
+1
you mean this jon corzine?
yes, yes. the banksters are dreading the severe repercussions of the stern talking to they are gonna get.
http://dancirucci.blogspot.com/2009/11/life-on-corzine-beach.html
Nice. If you google "corrupt banker impunity," this should be the site that comes up. But maybe Jon deserves a little vacation after all the strain he's been under. Still, taking the Gulfstream V to St. Barths with the current main squeeze does seem like an unusual way to express deep contrition.
How many GD frauds is JPM involved in???
K -1
They're all going to be exposed at the same time, and i am sick of popcorn.
Blood, i want to see blood..
Blood? Why, you're soaking in it! That is what America is best at. Liberating blood from people's bodies. Happy In Dependence Day!
I understand that government regulators are now hiring Catholic nuns with yardsticks to dole out punishment to the execs at the various banks and corporations that are running roughshod over what few laws Congress have left in place.
When Sister Mary Catherine is set loose -- be afraid, Jamie...very afraid!
After careful and rigorous examination I have come to the conclusion that the "meh" girl is definitely not sporting a camel toe. Which can mean only one conclusion......that lady is a man baby!
http://www.youtube.com/watch?v=WgOIEGz7o_s
I work in that industry, and can tell you that JPM isn't the only one rigging things, GS has been pulling shady crap.
You work for Satan... I'd quit asap.
If that's how you think of the Power Industry, then yes.
http://www.theglobeandmail.com/report-on-business/barclays-canadian-coo-del-missier-resigns/article4385606/
Barclay's Canadian COO just resigned lol
JPM = crooks.
Hang out all that filthy laundry.
Never Retreat! Never Surrender!
http://shutupnsing.wordpress.com/2012/07/03/the-spirit-of-the-300-lives-on-independence-day/
What about RBC (Royal Bank Canada)?
The Dimon whorehouse back in the news for more sleazy illegal fraud. Amazing!
Guess who made all the money last year in ERCOT.
silver market, anyone?
Dirty little secrets. Dirty little lies. We got our dirty little fingers in everybody's pie... [/dirty laundry]
You mean there is abusive speculation in the energy mkt. Well, you all know I am just fucking shocked.
No wonder Blythe was all yippity skippity on that CNBC interview a few months back talking about the energy trading systems and training JPM is subsidizing in Colorado. You can’t run a successful scam without muppets to take the other side of your trades. Come on in everyone, we’ve got just the right investment for your 401k plan.
It’s such a relief when you get to see behind the curtain and all the pieces of the crime fit together so nicely.
Jamie Dimon: "Don't make me shut off your food stamps."
JPM must not have answered Obama's campaign cash call.
Rally Warning Confirmed...
As mentioned earlier, further equity strength and USDX weakness expected this year according to my analysis.
http://www.zerohedge.com/news/2012-12-24/market-analysis
Tax raids, http://www.synonym.com/synonyms/banana%20republic/
aka, election smoke