posted on Jul, 30 2013 @ 09:17 AM
I need some help wrapping my layman brain around this ATS~
The bank's energy unit, JP Morgan Venture Energy Corporation, was accused of raising electricity rates in these markets between September 2010 and
November 2012 through "manipulative bidding strategies," according to the Federal Energy Regulatory Commission.
"Manipulative bidding strategies"
I don't believe it....
JPMorgan (JPM, Fortune 500) will pay $124 million to California residents who overpaid for electricity. Customers in the Midwest will receive $1
million. The rest of the fine will be paid to the U.S. Treasury.
Now this is where I'm
So~ $124 million to Cali Residents who overpaid and only $1 million to the midwest??? The rest will be paid to the U.S.
Treasury??? $275Million to the U.S treasury???
Who is really profiting off of these lies??? This is like a magic trick~ In one hand and
::Oooohpah~:: in the opposite pocket.... Am I reading this right? Please advise, if I am not seeing straight~
The bank neither admitted nor denied the violations, but said it would work with outside counsel to review its policies and practices in the power
I can see the fat hogs laughing up a storm... Review it's policies... Slap on the wrist? Anyone?
The strategies allegedly worked like this: In California, for example, the bank would bid to deliver electricity to a utility the next day at a low
price of $30 per megawatt hour. When the next day came, JPMorgan would change its offer to a much higher price of $999 per megawatt hour, assuring the
power did not get bought, according to the notice.
That's amazing... That's not price gouging... That's blatent padding the power industry to rape the little's in the economy.
This is not a long article and I only took out what I felt was relevant. I know this is nothing "new" for the banksters... But isn't this part of
the problem? THIS IS NOTHING NEW!~ Yet they keep playing these sleight of hand tactics and nobody get's punished, put away et cetera.... I know,
corporations are it's own entity..... I don't have to speak another language to call bull s$it... But this is getting a little ridiculous~
I'm just FED UP!