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New Details on JPMorgan's Electricity Manipulation Prompt Renewed Call for Key Executive's Termination


Business  (tags: lies, law, money, society, usa, corruption, corporate, abuse, business, americans, consumers, cover-up, dishonesty, ethics, finance, government, crime, dishonesty, government )

JL
- 589 days ago - citizenvox.org
staff at the Federal Energy Regulatory Commission (FERC) claim that Ms. Masters was aware of the company's manipulation strategies, helped to conceal the schemes and lied to state & federal officials when confronted about the company's manipulation stra



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JL A. (276)
Thursday May 16, 2013, 11:17 am
May3
New details on JPMorgan’s electricity manipulation prompt renewed call for key executive’s termination

By: Tyson Slocum

In July 2012, Public Citizen stated that Blythe Masters, head of JPMorgan’s Global Commodities group, should be fired if allegations about her involvement in electricity market manipulation schemes proved true. Today, The New York Times reports, based on its review of a non-public investigative document, that staff at the Federal Energy Regulatory Commission (FERC) claim that Ms. Masters was aware of the company’s manipulation strategies, helped to conceal the schemes and lied to state and federal officials when confronted about the company’s manipulation strategies. If FERC’s reported findings prove true, JPMorgan should terminate Ms. Masters and rescind all bonuses and any other compensation it can claw back under her contract from the time the alleged manipulation and lying occurred.

In addition, if the allegations described in The New York Times article prove to be true, Ms. Masters should face criminal charges for lying under oath, and FERC should permanently revoke the company’s market-based rate authority.

In November 2012, FERC revoked JPMorgan’s market-based rate authority for six months beginning April 1, 2013, because the company provided false information in connection with the investigation into manipulation of the California electricity market. If lying is grounds for a temporary market-based rate revocation, then a finding of guilt on the underlying manipulation scheme should be grounds to permanently ban the company.
 

Nancy M. (202)
Thursday May 16, 2013, 11:59 am
An executive? Terminated? How will his porr family live without all that income. Don't you feel sorry for them.

Sorry about the sarcasm, just couldn't help myself.
 

JL A. (276)
Thursday May 16, 2013, 12:04 pm
You cannot currently send a star to Nancy because you have done so within the last day.
 

Terry V. (30)
Thursday May 16, 2013, 1:20 pm
Criminal charges sound EXCELLENT for a start
 

JL A. (276)
Thursday May 16, 2013, 1:22 pm
You cannot currently send a star to Terry because you have done so within the last day.
 

Angelika R. (144)
Thursday May 16, 2013, 2:34 pm
just tired and sick of reading that name JP Morgan.. bring this to an end . Thx JL
 

Lynn D. (0)
Thursday May 16, 2013, 3:19 pm
................hope this means it's over! Thanks for info!
 

JL A. (276)
Thursday May 16, 2013, 3:40 pm
You are welcome Angelika and Lynn. Who knows whether we've only seen the tip of the iceberg so far or not...
You cannot currently send a star to Lynn because you have done so within the last day.
 

Hartson Doak (33)
Thursday May 16, 2013, 8:13 pm
Criminal acts deserve jail time.
 

Gloria picchetti (300)
Friday May 17, 2013, 4:42 am
I hope there is some justice for a change.
 

Jaime A. (35)
Friday May 17, 2013, 7:10 am
Thanks.!!
 

Theodore Shayne (56)
Friday May 17, 2013, 8:34 am
They are all loathsome crooks who should be prosecuted but the majority are so insulated they will never see the light of day let alone a day in a cushy prison cell. That's okay though. They will be dealt with at a later point in time.
 

JL A. (276)
Friday May 17, 2013, 11:43 am
You are welcome Jaime.
You cannot currently send a star to Gloria because you have done so within the last day.
You cannot currently send a star to Theodore because you have done so within the last day.
 

Michael Kirkby (86)
Saturday May 18, 2013, 7:08 am
Noted & posted
 

Jo S. (532)
Sunday May 19, 2013, 12:42 pm
Every time I hear that name, I cringe. J.P. Morgan should be closed down! All the greedy SOB's due is lie,steal and ruin our economy. I hope Ms. Masters is prosecuted to the full extent of the law and should pay for all her lies. So should anyone else in the company that was involved. They should not recieve one penny for their GREED. No "Golden Parachutes" for them! I hope we are kept up to date on this story.
Thank you JL
Noted signed & shared,
 

JL A. (276)
Sunday May 19, 2013, 1:07 pm
You are welcome Joanne. You cannot currently send a star to Joanne because you have done so within the last day.
 
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