Los Angeles Times
By Michael Hiltzik
July 18, 2012
The California Independent System Operator estimates that JPMorgan Chase & Co. may have gamed the state's power market for $57 million in improper payments over six months in 2010 and 2011.
(AFP/Getty Images / July 17, 2012)
The next time your electricity bill prompts you to curse your local utility, here's another target where you should direct your anger: JPMorgan Chase & Co., which has manipulated the California energy market for its own profit and at a cost to residents and businesses in the state that could be $100 million, $200 million or much more.
That's the accusation leveled by the California Independent System Operator, which has jurisdiction over 80% of the state's electrical transmission. The ISO, a nonprofit corporation controlled by the state government, estimates that JPMorgan may have gamed the state's power market for $57 million in improper payments over six months in 2010 and 2011.
But that could be just the tip of the iceberg: The bank continued its activities past that time frame, according to the ISO. It also says JPMorgan's alleged manipulation could have helped throw the entire energy market out of whack, imposing what could be incalculable costs on ratepayers.
The Federal Energy Regulatory Commission, the regulator of the ISO and its trading markets, has started a formal investigation into Morgan's allegedly manipulative energy deals in California and with the Midwest ISO, which covers 11 states from Michigan to Montana.
Forget JPMorgan's well-publicized multibillion-dollar trading loss in derivatives; this trade turned a handsome profit, and it came directly out of electric customers' hides. The toll may not have amounted to much for each of the 37 million men, women and children in California. But collectively it's a massive, illegitimate tax on the entire state.
What's worse, it shows that we haven't learned anything from Enron's bogus energy trading, the disclosure of which helped destroy that firm in 2001 and land several of its executives in jail. To the extent it was designed to exploit loopholes in energy trading rules, experts say, the scheme allegedly perpetrated by JPMorgan Ventures Energy Corp. is cut from the same cloth as Enron's infamous "fat boy" swindle, which cost the state's ratepayers an estimated $1.4 billion in 2000.
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Comments
Please excuse my
Please excuse my ignorance, but can someone please help me understand a little more about all these so called “legal” wins we are having against the banks.
So across the world banks are being taken to court for a very small percentage of the heinous and criminal activities against humanity that they have been creating every day for the last 100 or so years, right.
So they go to court, and whereas any single individual or non-banking corporation would get various life sentences or even death for those involved and immediate closure of ANY business…they come out with a slap on the wrist and a monetary fine…that like that’s going to “get them where it HURTS”, right???
The banks PRINT money, so how the HELL does this impact them in ANY way whatsoever, no matter how large the fine, they will just create more fiat money to pay this…it makes absolutely NO sense at all???
And once these major fines are paid, where does most of the money go…to the people who suffered as a result (the general population)…hmm NO, and it most likely just transfers from one bank to another…of which they OWN BOTH anyway !!??
We must stop playing their game and see this for what it is, nothing other than the “appearance” of justice to placate the masses…oh yes, those evil banks, they got caught and hit with a massive fine, “that will teach them!”…uh, wont it?
Afraid not, never has and never will!
Just think, if you had an unlimited amount of access to money and also control through most of the financial, legal and government system in place on the planet…you are GOD, you do WHAT you WANT, WHEN you WANT and you don’t give a DAMN what anyone else thinks…well there you have our current financial system described in a few brief words without the need for several years at university studying global economics, financial systems and all the other b’s they invented around what they do to make it seem legitimate.
We all now know a lot more of the puzzle as the curtain is slowly being raised, so the same banking families globally control the majority of “everything” on the planet, including governments, courts and the judges that reside in them…so do you really think they have ANY FEAR of being caught or stopping…think again.
Until these institutions are shut down and their people trailed and jailed for crimes against humanity, then there is NO JUSTICE, now we are AWAKE, the next thing we must do is to TAKE ACTION!
Demand JUSTICE and SHUT DOWN these banks, stop fining the guys who print money, it’s ludicrous and in NO WAY stops the continuation of the crimes…why do we think this is the case…there is absolutely NO EVIDENCE and its just not logical…try to do what they do on a daily basis and get away with it…they are just people, like YOU and I, they should live by the same universal laws as YOU and I…they do not, so LETS FIX IT!
We should all Demand NESARA, Demand JUSTICE for the planet and her people…but lets take action…before its too late.
I am all for LOVE and PEACE across the planet and elsewhere, but I know that just meditating loving thoughts is NOT going to stop these murderers from breaking into your house whenever they want and attacking you and your family…they do this every day now with their system of charges, fines, fees, taxes etc
We have KNOWN deep down that something is VERY wrong with our world for many years, we are now SEEING what that is…and it ALL points to these global banking cartels controlling almost EVERY part of our lives, we are slaves and we need to be FREE!
Peace & Love to all
Excuse my frustrations but am i the only one that see's we are ALL still playing the game and believing the lies??
The reason
John, there are (usually) two reasons I put articles like this on The Press.
1. To share The Truth. Some people still don't grasp the extent of the manipulation and control and criminal activity that has gripped our planet over the years.
2. To show that The Truth is coming to Light. Every time a secret or incident of criminal activity comes to Light it is a victory for The Light. It shows that things of a lower vibration cannot stay hidden or continue to exist any longer. It shows that our efforst to increase the vibration of this planet is working! Anything of a lower vibration that can't exist in the Fifth Dimension will be exposed and cease to exist.
I AM not trying to give you a hard time and I AM glad that you are engaging in a dialogue but you are still thinking in 3D, My Friend! It's not about getting upset or reacting to criminal activity anymore - that accomplishes nothing! When you get frustrated or angry about these types of activities, it doesn't help you and it doesn't change anything.
ALL of these criminal type activities will end. They cannot continue to exist. WHY? BECAUSE WE ARE rasing the vibration! That is what you should focus on. Be positive and not negative and these things will end sooner. Mother Earth is moving on up in December and all these things will end before that. Turn your frustration to LOVE and LIGHT and keep the FAITH.
namaste