California has recovered $20 million of $73 million in profits that JPMorgan made by exploiting loopholes in the California energy market and seeks to recover the remaining $53 million. The Federal Energy Rregulatory Commission (FERC) is now investigating for the state. JPMorgan said they did nothing wrong. The current system is supposed to provide free and open competition for energy purchases and sales. Yet it clearly can be manipulated and gamed. But that’s not supposed to happen with transparent and open marketplaces.
This is a perfect and classic example of how supposed investment banks like JPMorgan are essentially just parasites, taking much, giving nothing in return