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In an official notice, the Federal Energy Regulatory Commission alleged that the bank had engaged in "eight manipulative bidding strategies" in California and Midwestern markets.
The strategies led to payments to JPMorgan "of tens of millions of dollars at rates far above market prices," according to the notice. JPMorgan is expected to pay a massive fine related to the allegations.
Originally posted by Julie Washington
reply to post by dominicus
Exactly why I closed all my big bank accounts and moved my money to a small local bank.
Why people keep supporting this just maddens me. I've tried without success to get my son to close his BOA account. He doesn't get it. Says it's "too much of a hassle to change banks".