JPMorgan Accused of Gaming Energy Bids as FERC Deal Looms - Bloomberg

JPMorgan Accused of Gaming Energy Bids as FERC Deal Looms - Bloomberg
"A JPMorgan trading unit gamed wholesale electricity markets from September 2010 to June 2011, leading to overpayment of “tens of millions of dollars at rates far above market prices” in California alone, FERC staff said in a Notice of Alleged Violations yesterday."
“These schemes are very complex, and it seems that the banks and the manipulators are always 10 steps ahead of the regulators,” Slocum said. “We need to have a review to determine whether or not these markets are working as advertised.”