And In the Role of Enron, JP Morgan Chase

Remember the California Energy Crisis in 2001? When Enron was found to be manipulating the energy market.

Well, now it's JP Morgan:

JPMorgan Chase & Co. (JPM)’s refusal to turn over e-mails in a federal probe of potential energy-market manipulation is the latest challenge for Chief Executive Officer Jamie Dimon as the bank faces multiple investigations.

The U.S. Federal Energy Regulatory Commission sued JPMorgan July 2 to release 25 e-mails in an investigation of possible manipulation of power markets in California and the Midwest by J.P. Morgan Ventures Energy Corp., according to court filings by the Washington-based agency. FERC opened the probe in August after complaints from California and Midwest grid operators that JPMorgan’s bidding practices were abusive, the documents show.

The real lesson here is that these energy markets are rife for abuse, as are most "market based" alternatives to regulation.

Market based solutions, in effect if not in intent, are about the elites in government throwing cash to their old school chums in finance.