JPMorgan Faces New Energy-Related Probe

@AFP

NEW YORK CITY (AFP) – U.S. authorities are probing whether banking giant JPMorgan Chase manipulated U.S. energy markets, the Wall Street Journal reported.

The newspaper, citing unnamed sources, on Monday said the Justice Department recently decided to take a closer look at the bank’s energy practices as it was wrapping up a $410 million settlement linked to allegations it had manipulated power prices in California and the Midwest.

The Journal said it was unclear whether the investigation is civil or criminal and noted that its sources warned the probe was still in its early stages.

The newspaper quoted a JPMorgan spokesman as saying that “we’re working hard to remediate controls issues, strengthen business practices and address regulatory concerns.”

JPMorgan faces a series of legal woes. Just last week, the U.S. charged a pair of former traders with fraud in connection with the 2012 $6.2 billion “London whale” trading losses.

Start your day with National Memo Newsletter

Know first.

The opinions that matter. Delivered to your inbox every morning

Public parks

Public parks belong to the public, right? A billionaire can't cordon off an acre of Golden Gate Park for his private party. But can a poor person — or anyone who claims they can't afford a home — take over public spaces where children play and families experience nature?

Keep reading...Show less
Robert F. Kennedy Jr.

Robert F. Kennedy Jr.

A series of polls released this week show Robert F. Kennedy Jr.'s quixotic candidacy might attract more Republican-leaning voters in 2024 than Democrats. That may have been what prompted former President Donald Trump to release a three-post screed attacking him.

Keep reading...Show less
{{ post.roar_specific_data.api_data.analytics }}