As the US accuses JPMorgan of manipulating the California energy markets, some might wonder what else big banks are getting away with.
As previously reported by The Inquisitr, some think big banks like JPMorgan are driving up the costs of commodities traded on Wall Street.
Last month, the US accused JPMorgan of fraud in its credit card debt collection policies. JPMorgan employees produced legal documents without checking bank records and reviewing cases for accuracy. JPMorgan’s fraudulent practices harmed tens of thousands of people.
Now we’re seeing the US accuse JPMorgan of manipulating California’s energy market. JPMorgan’s manipulation of energy prices during 2010 and 2011 is estimated to have cost Americans tens of millions of dollars. The good is that a potential JPMorgan settlement would cost the bank about $500 million before civil penalties. The money would eventually be credited back to the people JPMorgan took the money from.
As the US accuses JPMorgan of fraud and manipulating markets at the expense of Americans, what do you think should be done to JPMorgan and any other big banks who continue such practices?