USA – Big Banks Rigging Electricity (Free!?!) Markets

According to FERC, JPMVEC(JPMorgan Ventures Energy Corporation) used 12 separate trading strategies “designed to create artificial conditions that forced [utilities] to pay JPMVEC outside the market at premium rates.” Markets that are supposed to use competition to drive down prices for consumers were instead being fixed by energy traders working on behalf of one of America’s largest banks.

>readmore> ThinkProgress

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About groundswellbasscoast

This is on behalf of local climate change group. Material is selected by Bernie McComb and does not necessarily represent opinion of whole group.
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