Wall Street Pigmen In Talks With Federal Regulators To Settle Enron-Style Energy Market Manipulation
This is a topic I have written of extensively on here. When I first started writing of it, I would get responses that were consistent with the mainstream and political lies. That is, there is no manipulation. (Peak oil is part of this lie manufactured for purposes of control. Just as were the rolling brownouts and appearance of electricity shortages created by Enron traders’ manipulation of the energy markets. We have more excess oil in the world today than when oil was $10 a barrel in 1998 and we are headed into an energy market implosion as capitalism’s overproduction and overconsumption collapses.) Duplicity is so systemic and ingrained in modern corporate capitalist society that it becomes difficult for most people to actually tell what is real anymore. The dystopian reality has been building for decades.
As noted on here before, it was Wall Street that enabled Enron. Wall Street firms were involved in countless secret settlements with the government for their participation in Enron’s energy extortion racket that went so far as to murder Americans whose death was the result of their inability to pay their artificially-inflated electric bills during heat waves. Enron traders minted gazillions off of the back of unsuspecting American citizens. Enron’s massive increase in revenue and profits were driven solely by large increases in paper transactions rather than any underlying delivery of goods or services needed by businesses or consumers. Ahem, just like Wall Street. That worked until the schemes collapsed under their own fraud and Enron was exposed to be a house of cards.
It was Wall Street that pushed for energy deregulation in this nation that ultimately resulted in Enron’s energy market manipulation and now their involvement in the same manipulation. And what has it gotten us? Utilities run by incompetent bureaucrats who have used taxpayer funding to bilk society for investor class returns while creating an unstable energy grid that lacks investment, acquisitions that removed competition, massive increases in energy-related costs because utilities are now laden with debt and the extortion racket of energy price manipulation that levies an untold tax on every American. But today I get dozens of offers clogging up our postal system from countless shell corporations. Their game? They want to be the paper front company that sells me my energy even though they actually don’t make any of it. Useless make-work that is a result of energy market deregulation that benefited no one other than the energy manipulators, Wall Street.
When I was a kid, municipality-owned energy plants and providers were everywhere. They were owned by the community, they invested in the community and they provide power cheaper than the criminal rackets we see today. Yes cheaper. They have all disappeared. They were all bought up by the corporate-owned utilities and financial firms whose primary intent is profit at all cost. Bilking democracy. Enron’s crimes never went away. They just moved to Wall Street courtesy of politicians.
Reuters shows the disclosure of JP Morgan’s electrical utility holdings. It also notes, “JPMorgan officials have refused to talk about the plants they currently have an interest in for competitive reasons. Some of the plants are owned by units of JPMorgan, while others are under "tolling" agreements under which the bank supplies fuel and sells power on behalf of the plant's owner. “
What is going on when Wall Street bank own our public utilities and have sourcing agreements to buy and sell commodities and products on behalf of these same utilities? And how can a corporation refuse to be transparent with the government regulators? It’s really quite simple. As I‘ve noted countless times on here, Wall Street is a predatory, class-based extortion racket. They insert themselves into any and every supply chain they can to extort their cut. Obviously they can only do so with the blessing of politicians who rig the rules for this corporate state graft. They are really no different than the Gambino crime syndicate or the street gang thugs in Detroit who both use terror to insert themselves into the supply chain for prostitution, drugs, gambling and other predatory activities.
JP Morgan pigmen, who lied to public officials under oath, in deal to settle Enron-type energy manipulation racket. What is a bank doing in the energy markets using taxpayer money and taxpayer backing? This while the media is almost nonexistent on this and other serious issues worthy of criminal investigations and possible indictments.
Nothing reflects any type of reality in the corporate state. It’s all a perception based on deceit and lies. Deceit and lies created with willful intent. Asset prices, financial assets, energy, food, propaganda, political wrongdoing, manufactured wars and on and on are manipulated into the biggest graft bubble in the history of the world. And the people of the world are all the marks in this class-based con.
We need a public banking system that serves human development and the needs of democracy and not private profit, private interests over the public interest, greed, politicians, demagogues, megalomaniacs, predators and psychopaths.