Now JP Morgan Chase is under investigation for possibly manipulating energy markets.
It has allegedly refused to hand over emails to the Federal Energy Regulatory Commission. Click here to read more on that accusation.
I wonder if these emails will sound like the audio recordings regulators got a hold of at Enron when the fraudulent energy giant was causing rolling blackouts in California to turn a quick buck. Traders have a pretty salty way of talking about the havoc they wreak on the world. They are far more cynical about what they do than their critics on the outside. Click here for a 2007 report from CBS on that story and you will see what I mean.
A JP Morgan spokeswoman said the company belives it has complied with the laws.
An energy manipulation probe from FERC is the last thing JP Morgan needs after losing, perhaps as much as $9 billion, in crazy derivatives trades, and all the investigations that have ensued from that.
July 4, 2012
OK, maybe some good can come of this. Clearly, the investors had little knowledge of what kind of place Antigua is. This is a “Black” country who transshipped arms to the South African Apartheid government when virtually the entire world was observing an embargo. They allowed Gerald Bull to use their coast for a prototype of a ballistic cannon for Saddam Hussein capable of reaching Israel (the Mossad apparently took care of that by slipping a bullet into his cranium). They allowed John Allen Mohammad to sell genuine Antiguan passports to Allah only knows who while he was recruiting and training Lee Malvo for the DC sniper attacks. They were one of the pioneers of illegal internet gambling.
I’m loath to quote Dick Cheney, but if no adult supervision is imposed on this rogue state, “the next warning may be a mushroom cloud.”
They’re poor, desperate, corrupt and have a seat in the UN. Am I the only person who sees that we may someday look back at the Stanford International Bank fiasco and think “US$ 7 billion, is that all?” I know as someone who stood on his roof eleven years ago and watched almost three thousand people die before my eyes, and lived several years in Antigua, I would have to say, “yea, I saw that coming a decade away”.