JP Morgan to pay $410m in penalties for manipulating electricity prices
Regulators said the bank used improper strategies to squeeze payments from agencies which run midwestern power grids
"...The Federal Energy Regulatory Commission said the bank used improper bidding strategies to squeeze excessive payments from the agencies that run the power grids in California and the Midwest.
The agency said JP Morgan has agreed to the penalty, although the company disputes the violations. The penalty includes $285m for the federal government, and $125m for ratepayers.
The agency recently levied a $453m penalty on Barclays, Britain's second-largest bank, for manipulating electricity prices in California and other western states. Barclays is disputing the allegations.
FERC's enforcement staff said its investigation had found improper trading practices were used at the company's Houston-based subsidiary, JPMorgan Ventures Energy Corp..."
http://www.theguardian.com/business/2013/jul/30/jpmorgan-ferc-penalty-energy-prices