Dimon Faces Image ‘Nightmare’ With JPMorgan Energy Probe

Dimon Faces Image ‘Nightmare’ With JPMorgan Energy Probe

JPMorgan Chase & Co. (JPM)’s refusal to turn over e-mails in a federal probe of potential energy-market manipulation is the latest challenge for Chief Executive Officer Jamie Dimon as the bank faces multiple investigations.

The U.S. Federal Energy Regulatory Commission sued JPMorgan July 2 to release 25 e-mails in an investigation of possible manipulation of power markets in California and the Midwest by J.P. Morgan Ventures Energy Corp., according to court filings by the Washington-based agency. FERC opened the probe in August after complaints from California and Midwest grid operators that JPMorgan’s bidding practices were abusive, the documents show.

“He’s got a PR nightmare in front of him,” said Paul Miller, a former examiner for the Federal Reserve Bank of Philadelphia and analyst at FBR Capital Markets in Arlington, Virginia. “It’s another headline risk, which means more regulators, which means over-regulation, which will eventually hit their bottom line.”

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Comments
3 Responses to “Dimon Faces Image ‘Nightmare’ With JPMorgan Energy Probe”
  1. There are only a few ways to end the swindling and Ponzi Schemes by the Banksters, Bring back The Glass-Steagall Act, and regulate them to their teeth

  2. Barbra Orr says:

    I would love to see Dimon get a real probe–like with ROOTO -ROOTER. I want to vomit everytime I see his face. He is such a WORM.

  3. Hell NO! No More Bankster Bailouts! says:

    Over-regulation? Paul Miller, the former Federal Reserve regulator cited in the story said this would bring ‘over regulation’ down on JP Morgan. Oh my aching butt!

    If you click thru to the full article, you will see that JP Morgan is not only artificially inflating the price of electricity, but both they and BofA along with Barclays were inflating the LIBOR rate in England. I do not know if the rest of our readers realize that the LIBOR rate is one of the choices on adjustable rate mortgages, not only for home-owners, but also for mufti-family housing. So, Dimon and his gang were trying to take money out of our pockets on the electric rates and also increase the amount of our mortgage payments or the rent asked by the landlord once we are all renters.

    OVER REGULATION? The fact that the TWO new ‘cans of worms’ have sprung up in time to hit the same news article underscores the fact that the BANKSTAs have felt invincible.

    The LACK of oversight , lack of regulation and LACK of enforcement of EXISTING REGULATIONS is the bottom line when you have one behemoth company now embroiled in THREE new investigations on top of all the foreclosuregate attention. Yeah, they have been able to get a ‘pass’ on the foreclosuregate, but the three new ones are going to be harder on Dimon’s teflon coat.

    I hope BofA gets plenty of it’s deserved attention on the LIBOR-rigging. We don’t want Dimon to get all the media attention, limited as it is.

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