Labor Day News Dump: FERC Hands Enbridge Permit for Tar Sands by Rail Facility

By: Monday September 1, 2014 6:30 pm

On the Friday before Labor Day — in the form of an age-old “Friday News Dump“ — the Federal Energy Regulatory Commission (FERC) handed a permit to Enbridge, the tar sands-carrying corporate pipeline giant, to open a tar sands-by-rail facility in Flanagan, Ill. by early-2016.

With the capacity to accept 140,000 barrels of tar sands product per day, the company’s rail facility serves as another step in the direction towards Enbridge’s quiet creation of a “Keystone XL Clone.”

 

JPMorgan Pays $410 Million for Enron-Style Manipulation Of Energy Market

By: Monday August 5, 2013 8:30 am

It’s the same old song. JPMorgan Chase & Co. has been caught once again breaking the rules to snatch profits and will only have to pay a small portion of its loot to make it all go away. No criminal prosecutions and no reforms, just a speeding ticket on the bankster highway.

The No Accountability for Bank Fraud Blues

By: Thursday November 1, 2012 8:37 am

Barclays plans to challenge the fines. But they should be thrilled that their company stands accused of manipulating energy markets without any individuals actually committing the fraud. FERC proposed only fines for the individual traders who manipulated the markets. Similarly, the Justice Department had the opportunity to nail Barclays traders with criminal charges in the Libor case and passed on it. So bank fraud persists without the kind of accountability that puts the perpetrators behind bars.

FERC Set to Announce Fines on Barclay’s Bank for Energy Trading Manipulation Today

By: Wednesday October 31, 2012 12:35 pm

Barclays Bank, the only bank to date to settle in the Libor scandal, could face more regulatory probes down the line on a number of other issues, including an energy trading scandal in the US.

JPMorgan Chase’s Precarious Position Amid Interlocking Scandals and Investigations

By: Monday July 9, 2012 1:30 pm

One of the 16 banks sure to be implicated in the Libor rate-rigging scandal is JPMorgan Chase. Their submissions to Libor consistently fell on the low end of the scale, presumably fitting for what was thought to be a first tier bank, but we don’t know yet what those responsible at the bank for submitting the Libor did in response to requests from traders. But we do know with a fair degree of certainty that JPM won’t be particularly forthcoming about it. Is there a larger pattern?

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