JP Morgan Chase and MISO – abusive practices!
July 7th, 2012
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“MISO” trademark owned by… JPMorgan Chase!
But seriously folks! JPMorgan got caught with its hand in the cookie jar again, CAISO and MISO have filed claims of abusive practices at FERC. Here’s the short version of what they allegedly did (it’s allegedly for now, but just you wait!) — from the second article below:
In the Midwest, the alleged manipulation involved day-ahead margin assurance payments, under which generators are compensated for situations when their real-time dispatch falls below the level set by the day-ahead dispatch schedule. As in California, traders found a flaw where they could force the market to make “inappropriate or excess” payments by placing lowball bids in the day-ahead market – as low as negative $500 per megawatt-hour – and much higher bids in the real-time market, Miso said.
Here’s the Amended CAISO Petition against JPMorgan Chase:
Still looking for the MISO Petition and FERC’s legendary Constellation Order.
In the news:
JPMorgan Chase Manipulation Scandal Raises Specter of Enron