JP Morgan Caught Rigging Energy Prices

[Indy]

[Professor]

Indy, I'm not sure what you do for a living, but you should do this. You'd do pretty well at a DC think tank. I don't always agree with your positions or conclusions. But, you always back up your OPs, and your conclusions (though perhaps not the ones I might reach) are almost always logical and follow the facts.

Of course, that would mean you'd have to sell your soul and join the machine that you rail against. But, a soul is a paltry thing. Mine was worth a few million, and I'm still collecting payments from the sale. Very happy, too!

[Indy]

I don't think I have enough of a soul left to sell, but thanks anyway.

I'm really interested to see if anybody sees a RICO case here. It sure sounds like one, doesn't it? How can you argue this is NOT a criminal enterprise?

Alas, I'm not a lawyer. Wait, somebody here is though--who is it?

[eynon81]

[lnrw]

Rich ceos do not go to jail, there is never even a mention of them going to jail. They simply agree to pay the bribe and blame it on the corporate person. Nice and clean.

There are clearly two sets of laws or maybe three or four.

One for corps, to avoid punishing any of the monied gentry. or to avoid punishing at all. One for people that can afford lawyers. One for poor people, meaning jail is very likely. And another for returning vets.

[Indy]

[eynon81]

[Mr.Bill]

I wonder if they have JP employees and traders on tape laughing about 'stealing money from Grandma' and 'making her pay $250 a megawatt' for electricity' like they had on tape from Enron traders..

Greed at its finest.

[Charai]

Eh, I don't see why you are irate again. $1B is a pretty large fine. Crime and Punishment. If the SEC thought they could win in court they would go for it, but they probably can't and so they settle. If you don't like the outcome thenpay more taxes so the SEC can afford to litigate these cases. But I know you don't want lawyers making any more money.

16B in litigation fees though? Who is their counsel? If they are going to settle I can't see why you wouldn't do that sort of stuff in-house. If anything sounds like JP is the victim of overcharging, bill padding lawyers. Perhaps the goverment should be looking into this as well.

[exploited]