The National  Memo Logo

Smart. Sharp. Funny. Fearless.

Monday, December 09, 2019 {{ new Date().getDay() }}

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

Seth Meyers

Screenshot from Late Night with Seth Meyers

As the investigation of Rep. Matt Gaetz's heinous career continues, more and more of his former allies can't stomach -- or just don't want to be associated-- with the Florida Congressman. The latest indignity: Gaetz has been "snubbed" by the former guy, his "political idol."

Seth Meyers takes "A Closer Look," dishing out too many Trump and Gaetz burns to count.

Keep reading... Show less

Close