California Democrat Wants JP Morgan Investigated For Wrong Doing In Energy Markets

From The Hill

• Rep. Maxine Waters (D-Calif.), called Thursday for a "thorough investigation"

• Federal Energy Regulatory Commission was prepared to recommend action against the bank over its activities in California and Michigan energy markets

• JPMorgan traders improperly manipulated California energy markets, as market participants collected more than $52 million in excess profits

From Reuters

• Michigan Congressman Dan Kildee, a Democrat who sits on the Committee on Financial Services, said in a letter to the DoJ that it should pursue its own investigation into JPMorgan

• JPMorgan spokeswoman Jennifer Zuccarelli declined on Wednesday to comment on Kildee's letter

• The alleged scheme saw authorities in California and Michigan make "excessive" payments of around $83 million to JPMorgan

• FERC Chairman Jon Wellinghoff, who has stepped up enforcement of rules and investigations into Wall Street banks' trading practices during his time at the regulator, on Tuesday submitted his resignation to President Barack Obama.