Millions of dollars in penalties slapped on some of the world’s biggest banks, including JPMorgan Chase & Co., by U.S. regulators are the result of policing powers established after the 2001 collapse of Enron Corp.
JPMorgan Chase & Co. manipulated power markets in California and the Midwest, the U.S. Federal Energy Regulatory Commission claimed in a proceeding that sets up a settlement to be announced as early as today.
The U.S. Federal Energy Regulatory Commission’s probe of JPMorgan Chase & Co. demonstrates a renewed focus on market manipulation as the agency beefs up its oversight of the multibillion dollar energy-trading business.
The top U.S. derivatives regulator will consider a reworked proposal to limit speculation blamed for price surges in energy, wheat and other commodities after Wall Street groups successfully challenged an earlier version.
JPMorgan Chase & Co. manipulated power markets in California and the Midwest from September 2010 to June 2011, obtaining tens of millions of dollars in overpayments from grid operators, the U.S. Federal Energy Regulatory Commission alleged today.