Tuesday, July 30, 2013

U.S. vs JP Morgan Chase

Well, just a few days ago I mentioned who's next?  Here you have it, The Whale of all scandals is JP Morgan Chase, accused once again of cheating and stealing.  JP Morgan is more than willing to pay the fine, can't win this one and you still bank with them?  The U.S. Federal Energy Regulatory Commission (FERC) staff has found "eight manipulative bidding strategies" used by a JPM affiliate in 2010 and 2011, the regulator said. A civil penalty of $285 million and return $125 million in ill-gotten profits to electricity ratepayers In one scheme, JP Morgan traders made low end-of-day bids to attract large orders from buyers to provide power the next day, the FERC said. In the first two hours the next day, the bank demanded higher rates for making the power available, a maneuver that led the grid operator to pay it millions of dollars for a period in which demand is typically low.  Another ENRON, cooking the books and associated with manipulation of commodities!

“JP Morgan picked the pockets of California households and businesses, and their manipulation increased the electric bills that people pay,” Tyson Slocum, director of the energy program at Public Citizen, a Washington-based consumer advocacy group, said in an interview yesterday.  

Ya know something, want to see this practice go away, flush the toilet on this stock JPM.  Just maybe the public will start to practice what these Jack Wagons shove up everybody's ass!  Say the public buys up JBM, run up the price and on a single given day dump the stock.  Well, one would say this is insider trading of stock manipulation, no this is outsider trading, a new breed in the market and no one understands the complexity of market trade, it's what you taught us.  Sounds like fair game to me, don't do business with practices who steal from you and us.  Hey,  JP Morgan along with their golden boys are doing it to themselves, "notice the purple ties out there", read it and weep.  

Funny how we find humor in tragedy, like Dimon tied on a whale in the photo above.  This image represents Capt. Ahab on the back of Moby Dick.  In the movie,  Moby Dick crushes the launch boats along with the crew and Capt. Ahab on the back of Moby tangled in ropes, dead by drowning.  Mody now slams the ship and creates a whirlpool by swimming around the ship and sinks. 

I watched Moby Dick the 1956 movie again last night a Novel by Herman Melville published in 1851, Gregory Peck is Ahab.  JP Morgan can be proud of that but what if Moby Dick was the PUBLIC?  Is that spelled in all capital letters?   Aye        
Moby Dick

Wall Street Journal

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