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.