"JPMorgan Chase, the Wall Street giant whose reputation in Washington has eroded in a matter of months, is now moving to avert a showdown over accusations that it manipulated energy prices."
"The nation’s largest bank, which has previously clashed with its regulators, is seeking to settle with the federal agency that oversees the energy markets, according to people briefed on the matter. The regulator, the Federal Energy Regulatory Commission, found that JPMorgan devised 'manipulative schemes' that transformed 'money-losing power plants into powerful profit centers,' a commission document said.
The potential deal, the people said, is expected to cost the bank about $500 million, a record for the commission, which has adopted a harder line with Wall Street over the last year. For JPMorgan, which reported a record $6.5 billion quarterly profit last week, the fine will hardly dent the bottom line."
Ben Protess and Jessica Silver-Greenberg report for the New York Times' DealBook blog July 17, 2013.
SEE ALSO:
"Barclays Pledges To Fight U.S. Energy Fine" (USA TODAY)
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