Now, if only they were on the Real Housewives of New Jersey, they might go to jail:
U.S. energy regulators announceda $410 million fine against JP Morgan Chase for rigging electricity markets on Tuesday. It is the second such penalty the Federal Energy Regulatory Commission (FERC) has levied in two weeks.
Barclay’s is fighting that previous FERC penalty, but JP Morgan has agreed to pay a civil penalty of $285 million and return $125 million in wrongful profits without either admitting or denying its guilt.
What could possibly go wrong with letting investment banks corner commodities markets?
When you deregulate the banking system and allow banks to become investment bankers this is always what happens in any Capitalist system. (Thanks Mr. Clinton.) Money always chases profits. The average worker doesn’t.
We didn’t re-regulate after Enron and here we are again. Twice fooled, and the third and fourth will surely follow!