JPMorgan Accused Of Power Rigging Charge

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Mani
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JPMorgan

FERC, the U.S. power regulator, charged JPMorgan Chase & Co. (NYSE:JPM) with gaming electricity prices through eight manipulative bidding strategies. The U.S. Federal Energy Regulatory Commission found JPMorgan’s affiliate using manipulative trading schemes between 2008 and 2011. JPMorgan Chase’s final settlement by Tuesday After extensive investigation, the power regulator found JPMorgan Chase & Co. (NYSE:JPM)’s traders used improper bidding tactics in California and the Midwest to enhance profits. According to Reuters report, the final settlement on the issue could be reached by Tuesday. The “notice of alleged violations,” outlining the bidding tactics is an intermediate step by the FERC, bringing…

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Mani is a Senior Financial Consultant. He has worked in Senior Management role in large banking, financial and information technology organizations. He has provided solutions for major banking and securities firms across the globe in the area of retail, corporate and investment banking. He holds MBA (Finance) and Professional Management Accounting Qualifications. His hobbies are tracking global financial developments and watching sports