JPMorgan Chase Subsidiary to Pay $410 Million Penalty in Electricity Pricing Scheme

July 30, 2013

On March 14, 2011, Blythe Masters, head of JPMorgan Chase’s global commodities group, asked one of her top deputies why California power officials were making ominous inquiries into the bank’s arcane and lucrative business of selling electricity. Five months earlier, Masters had been given a spreadsheet predicting that this line of business would generate profits of $1.5 billion to $2 billion by 2018.

 

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