“Sources told the Journal the deal could come in close to a staggering $1 billion, the largest payout in the history of the Federal Energy Regulatory Commission (FERC), which overseas power trading markets. JPM and FERC, the little regulator that could, are reportedly exchanging drafts of an agreement. Sources told the Journal the bank is working quickly to finish the deal so they can gear up for even more regulatory hoopla in the wake of the London Whale debacle. The filings describe how traders rigged their bidding in order to be eligible for ‘make-whole’ payments that would cover trading losses and generate a healthy profit, according to the Journal.”
http://www.businessinsider.com/jpms-1-billion-settlement-2013-7
Related posts:
What's cooking in WHO powwow?
Why Rising Rates Will Be Good for Your Investments
MP3tunes and its founder liable for $63 million in EMI copyright suit
Permissionless Innovation: Do you need government approval to invent?
CIA Director Relabelled “Dissidents” As “Terrorists” To Spy On Them
Kanye West Unleashes Lawyers on ‘Coinye’ Altcoin
Study Confirms Most Psychopaths Live in Washington D.C.
A Recovery Where You’d Least Expect It
SEC Criticizes Corporate Insiders Cashing Out Via Share Buybacks
500Mbps Internet over phone lines might solve fiber’s “last mile” problem
Keiser Report: Let's Encrypt the Internet! featuring Kim Dotcom
Secret flower planter threatened with arrest if he doesn't stop planting flowers
Pressure Mounts for Marijuana Reform in Bermuda
JPMorgan Chase CEO denounces bitcoin as ‘terrible,’ predicts its downfall
The End of Medical Freedom in America - A Doctor's Lament