slow learners or maybe we are...

[ProblemAgain]

let's see...now just how long ago was enron and the market manipulation in calif?? maybe the punishments weren't severe enough and weren't widespread enough...

U.S. accuses JPMorgan of manipulating California energy market

The Federal Energy Regulatory Commission says JPMorgan electricity traders manipulated the California energy market, costing ratepayers tens of millions of dollars.

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Pedestrians walk past JPMorgan Chase & Co. headquarters in New York. (Scott Eells, Bloomberg / July 29, 2013)

By Marc Lifsher

July 29, 2013, 7:23 p.m.

Electricity traders at a JPMorgan Chase & Co. subsidiary manipulated the California energy market for 10 months in 2010 and 2011, costing ratepayers tens of millions of dollars, government regulators charged.

The Federal Energy Regulatory Commission late Monday issued a formal "notice of alleged violations" against the Wall Street investment bank.

The notice set the stage for an announcement of an expected settlement between the financial giant and the agency. Such an agreement could come as early as Tuesday, according to people familiar with the federal investigation, who were not authorized to speak on the record.

The settlement could be close to $500 million, including civil penalties to be paid to the U.S. Treasury and disgorged profits that eventually would be credited back to California electric consumers, they said.

FERC spokeswoman Mary O'Driscoll declined to comment on the document or on possible penalties, as did JPMorgan representative Brian Marchiony.

The likely announcement of a settlement would be in line with a recent FERC enforcement action against British bank Barclays and four of its traders to pay $453 million in civil penalties in a separate case of alleged market manipulation in California and other states from 2006 to 2008.

http://www.latimes.com/business/la-fi-ferc-jpmorgan-20130730,0,1774...

[LoveLife&Laughter]

Oh yeah, 2006-2008...  We had so many brown outs the cost of candles went higher than their flame