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.

Advertising

Start your day with National Memo Newsletter

Know first.

The opinions that matter. Delivered to your inbox every morning

How Former Aide Molly Michael Became Trump's 'Witness From Hell'

Molly Michael

Donald Trump

After members of Donald Trump’s White House staff gave testimony to the House Select Committee on January 6 in 2021, Yahoo News reported that among the few women remaining on his good side were “former White House press secretary Kayleigh McEnany, Trump’s executive assistant Molly Michael, and his daughter Ivanka.”

Keep reading...Show less
Ted Cruz

Sens. Ted Cruz

Much of the federal government could shut down on October 1, with far-right members of the House Republican majority unable to come to an agreement on federal funding for the upcoming fiscal year. Sens. Ted Cruz (R-TX) and Rick Scott (R-FL) have been cheering those extremists on.

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