INQUIRER.net: JPMorgan accused of US energy market manipulation

INQUIRER.net Philippine News for Filipinos

JPMorgan accused of US energy market manipulation Jul 30th 2013, 01:49 NEW YORK CITY—The top federal US energy regulator has accused banking giant JP Morgan Chase of manipulating energy prices, according to a "preliminary" document published Monday. However, according to a source close to the negotiations, the document's publication is "a formality" and a $400 million settlement should be announced in the coming days, ending the proceedings. The Federal Energy Regulatory Commission (FERC) investigation found that between September 2010 and June 2011 the bank's Ventures Energy Corporation "engaged in five manipulative bidding strategies designed to improperly obtain payments at above-market rates" from California's independent power grid operator... Keep on reading: JPMorgan accused of US energy market manipulation Media files: JPMorgan-Loss-1024x667.jpg (image/jpeg)

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