Jul 22, 2013
The Federal Energy Regulatory Commission (FERC) recently reported that JPMorgan Chase bank was behind “manipulative schemes” to fleece consumers in Michigan and California.
Morgan had investments in 60-year-old power plants. Instead of putting money into upgrading the plants, Morgan traders invented slick deals that were “calculated to falsely appear attractive,” and sold these deals to officials in California and Michigan.
FERC calculated that consumers were fleeced at least 83 million dollars.
Will anyone put those responsible in jail? Refund the consumers’ money? Cancel Morgan’s licenses and permits to do business? Of course not! We don’t have that kind of government!
JPMorgan Chase was fined only 500 million dollars – lunch money for a corporation that just reported a profit of 6.5 BILLION dollars amassed in only three months, April, May and June.
That’s “consequences?” Only in this world, where government itself is a wholly-owned subsidiary of the biggest capitalists.
It works for them.