{"id":184195,"date":"2012-07-09T10:05:00","date_gmt":"2012-07-09T15:05:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2012\/07\/09\/and-in-the-role-of-enron-jp-morgan-chase\/"},"modified":"2012-07-09T10:05:00","modified_gmt":"2012-07-09T15:05:00","slug":"and-in-the-role-of-enron-jp-morgan-chase","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2012\/07\/09\/and-in-the-role-of-enron-jp-morgan-chase\/","title":{"rendered":"And In the Role of Enron, JP Morgan Chase"},"content":{"rendered":"<p>Remember the California Energy Crisis in 2001?  When Enron was found to be manipulating the energy market.<\/p>\n<p>Well, <a href=\"http:\/\/www.businessweek.com\/news\/2012-07-03\/jpmorgan-probed-over-potential-power-market-manipulation\">now it&#8217;s JP Morgan<\/a>:<\/p>\n<blockquote style=\"color: blue;\"><p>JPMorgan Chase &amp; Co. (JPM)\u2019s refusal to turn over e-mails in a federal probe of potential energy-market manipulation is the latest challenge for Chief Executive Officer Jamie Dimon as the bank faces multiple investigations.<\/p>\n<p>The U.S. Federal Energy Regulatory Commission sued JPMorgan July 2 to release 25 e-mails in an investigation of possible manipulation of power markets in California and the Midwest by J.P. Morgan Ventures Energy Corp., according to court filings by the Washington-based agency. FERC opened the probe in August after complaints from California and Midwest grid operators that JPMorgan\u2019s bidding practices were abusive, the documents show. <\/p><\/blockquote>\n<p>The real lesson here is that these energy markets are rife for abuse, as are most &#8220;market based&#8221; alternatives to regulation.<\/p>\n<p>Market based solutions, in effect if not in intent, are about the elites in government throwing cash to their old school chums in finance.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Remember the California Energy Crisis in 2001? When Enron was found to be manipulating the energy market. Well, now it&#8217;s JP Morgan: JPMorgan Chase &amp; Co. (JPM)\u2019s refusal to turn over e-mails in a federal probe of potential energy-market manipulation is the latest challenge for Chief Executive Officer Jamie Dimon as the bank faces multiple &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1005,970,969,1004,1003],"tags":[],"class_list":["post-184195","post","type-post","status-publish","format-standard","hentry","category-business","category-corruption","category-evil","category-finance","category-philosophy"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/184195"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=184195"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/184195\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=184195"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=184195"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=184195"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}