JP Morgan Refuses to Respond to Official Subpoena Regarding Electricity Manipulation

July 19, 2012 By 2 Comments

AP

Jamie Dimon’s choice of cufflinks at his recent Congressional hearings was not a coincidence- they were a statement of who Dimon thinks is in charge in the US.
JP Morgan’s refusal to respond to an official subpoena for emails regarding The Morgue’s alleged manipulation of the electricity market demonstrate how far above the law Dimon and Co. believe they are.

US authorities investigating claims JPMorgan manipulated the electricity market have challenged the bank’s refusal to hand over subpoenaed emails.

The Federal Energy Regulatory Commission (Ferc) is looking into complaints from grid operators in California and 11 Midwestern states.

The bank is accused of profiting from loopholes in the bidding process to drive up prices by some $73m (£47m).

JPMorgan cites attorney-client privilege in withholding the emails.  (Next time one of SD’s readers is audited by the IRS, see how well citing attorney-client privilege for withholding your tax documents from the IRS works out for the Average Joe)

In court filings, Ferc lawyers argued that JPMorgan has previously released emails that were deemed privileged.
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Comments

  1. Avatar of PatFields PatFields says:
    July 19, 2012 at 5:06 PM

    “When
    plunder becomes a way of life for a group of men living together in society,
    they     create for themselves in the
    course of time a legal system that authorizes it and a moral code that
    glorifies it.” –Frederic Bastiat

  2. Avatar of SilverHawk SilverHawk says:
    July 19, 2012 at 5:24 PM

    This guy probably has a private jet waiting  for him 24/7, a mansion in a foreign country and all his assetts not here in the US.  This is where Bernie and sons went wrong.  No getaway plan.  If your gonna rob the country, you at least have to play out a getaway.  It’s always in the movies, so it should be an obligation to the victims.

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