15°c Overcast
21°c Cloudy with showers
Winnipeg Free Press - PRINT EDITION
B0156 BC-US-JPMorgan-Power-Pri 1stWritethru 6086 03-07 0322
JPMorgan electricity sales investigated
JPMorgan Chase has another headache.
Energy regulators are investigating whether the bank manipulated electricity markets in California and the Midwest, resulting in higher prices and possibly millions of dollars in improper payments to JPMorgan generators.
The Federal Energy Regulatory Commission said in court documents this week that bidding practices in JPMorgan's commodities business "may have been designed to manipulate" the markets.
The regulators said they have been investigating JPMorgan since August.
The commission generally does not make investigations public, but on Monday it filed papers in federal court in Washington to try to force the bank to hand over 25 emails regulators want to examine. JPMorgan says the emails are privileged.
Spokeswoman Jennifer Zuccarelli said the bank believes it has "complied in all respects with the law."
"We welcome the court's assistance in resolving this dispute over documents," she said.
JPMorgan is still dealing with a surprise $2-billion trading loss that has damaged its reputation and that of its chief executive, Jamie Dimon. He has apologized before Congress for the loss, which the bank says came in an effort to manage financial risk.
JPMorgan disclosed the power investigation in a regulatory filing two months ago, when it said it was "responding to requests for information in connection with an investigation."
The investigation is part of a broader pledge by the energy regulators to crack down on price gouging. Since December, the commission has disclosed similar investigations against Barclays and Deutsche Bank.
-- The Associated Press
Republished from the Winnipeg Free Press print edition July 4, 2012 B5
More Business
- Back to Top
- Return to Business
More Business
(1 of 50 articles for this week)
Chinese premier warns Europe against anti-dumping action over telecoms, solar equipment
05/25/2013 11:19 PM 0BEIJING, China - Premier Li Keqiang, China's top economic official, has criticized the European Union for pursuing anti-dumping cases against ...
Poll
Most Popular Business
- Demonstrators rally against Monsanto in global anti-GMO protest
- Balancing today with tomorrow
- MTS to sell Allstream to Egyptian investment group, focus on Manitoba market
- Federal government looks to snag corporate sponsors for Ottawa events
- New owner for lumber stores
- Differing dollars
- Netflix eyes subscriber boost
- Latest round in meat war hits the streets
- Value Partners cracks $1-B mark in assets
- Creative industries can fuel a city's economic engine
- New owner for lumber stores
- MTS to sell Allstream to Egyptian investment group, focus on Manitoba market
- 2 men arrested in killing of Las Vegas teen who refused to give up his iPad
- New downtown tower could be 42 storeys tall: developers
- Creative industries can fuel a city's economic engine
- Microsoft reveals Xbox One as all-in-1 entertainment console, last of 3 major systems unveiled
- Value Partners cracks $1-B mark in assets
- Skyline-altering project will happen: developer
- Housing slowdown to worsen, cost 150,000 jobs, says mortgage group
- Changes to CPP rules worth looking into
- Target opens its first Manitoba stores Tuesday
- New structure to be king of downtown?
- Transcona transformation
- Target opens Manitoba stores
- New owner for lumber stores
- Mounties say crooks passing fake polymer bank notes in British Columbia
- MTS to sell Allstream to Egyptian investment group, focus on Manitoba market
- City to get a touch of glass
- Canad Inns property has personal meaning for owner
- Holiday pump jump debated
- New owner for lumber stores
- Thorough record-keeping key to power of attorney
- Japanese investor on board with Manitoba's HyLife
- Career change seeds
- Value Partners cracks $1-B mark in assets
- Changes to CPP rules worth looking into
- MTS to sell Allstream to Egyptian investment group, focus on Manitoba market
- Trust me
- Sideways move may be right way up
- New RBC policy restricts outsourcing
- New owner for lumber stores
- Value Partners cracks $1-B mark in assets
- MTS to sell Allstream to Egyptian investment group, focus on Manitoba market
- Changes to CPP rules worth looking into
- Developers to unveil plans for bold downtown tower
- Ex-'Pegger seeks to grow local businesses
- Skyline-altering project will happen: developer
- Bridging the gap
- There are lots of I's in 'team'
- More than a new boss
- New owner for lumber stores
- Transcona transformation
- New structure to be king of downtown?
- CEO, execs terminated at TCIG
- Target opens its first Manitoba stores Tuesday
- Canad Inns property has personal meaning for owner
- Winnipeg's got the REIT stuff
- Value Partners cracks $1-B mark in assets
- Older and jobless? Resource on hand
- MTS to sell Allstream to Egyptian investment group, focus on Manitoba market
Ads by Google
You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is register and/or login and you can join the conversation and give your feedback.
Have Your Say
New to commenting? Check out our Frequently Asked Questions.
The Winnipeg Free Press does not necessarily endorse any of the views posted. By submitting your comment, you agree to our Terms and Conditions. These terms were revised effective April 16, 2010.