11-20-2017  12:55 pm      •     
MLK Breakfast
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NEWS BRIEFS

SEI, Sunshine Division Offer Thanksgiving Meals to Families in Need

Turkeys are being provided to fill 200 Thanksgiving food boxes for SEI families ...

NAACP Portland Monthly Meeting Nov. 18

Monthly general membership meeting takes place on Saturday, 12 - 2 p.m. ...

Multnomah County Animal Services Waives Adoption Fees Nov. 17

Special runs from 12 p.m. to 7 p.m. Friday ...

Fitzpatrick Presents 'Pathway 1000' Plan Before City Council

Plan would restore involuntary displacement by building 80 homes per year ...

Sisters Network to Hold Monthly Meeting Nov. 11

Meeting to take place Saturday morning at June Key Delta Center ...

U.S. & WORLD NEWS

OPINION

Local Author Visits North Portland Library

Renee Watson teaches students and educators about the power of writing ...

Is the FBI’s New Focus on “Black Identity Extremists” the New COINTELPRO?

Rep. Cedric L. Richmond (D-La.) talks about the FBI’s misguided report on “Black Identity Extremism” and negative Facebook ads. ...

ACA Enrollment Surging, Even Though It Ends Dec. 15

NNPA contributing writer Cash Michaels writes about enrollment efforts ...

Blacks Often Pay Higher Fees for Car Purchases than Whites

Charlene Crowell explains why Black consumers often pay higher fees than White consumers, because of “add-on” products. ...

AFRICAN AMERICANS IN THE NEWS

ENTERTAINMENT

Maureen Farrell CNN Money

NEW YORK (CNNMoney) -- JPMorgan Chase will pay $410 million to settle charges it manipulated electricity markets in California and the Midwest.

The bank's energy unit, JP Morgan Venture Energy Corporation, was accused of raising electricity rates in these markets between September 2010 and November 2012 through "manipulative bidding strategies," according to the Federal Energy Regulatory Commission.

JPMorgan will pay $124 million to California residents who overpaid for electricity. Ratepayers in the Midwest will receive $1 million. The rest of the fine will be paid to the U.S. Treasury.

JPMorgan said it was pleased to have settled the matter.

The bank neither admitted nor denied the violations, but said it would work with outside counsel to review its policies and practices in the power business.

The FERC alleged that the bank's bidding strategies in the power markets led to JPMorgan getting "tens of millions of dollars at rates far above market prices."

The strategies allegedly worked like this: In California, for example, the bank would bid to deliver electricity to a utility the next day at a low price of $30 per megawatt hour. When the next day came, JPMorgan would change its offer to a much higher price of $999 per megawatt hour, assuring the power did not get bought, according to the notice.

California ISO, the state's power-grid operator, would then have to compensate the bank for the cost of making the bid, under California's "make whole provision," which requires ratepayers to cover certain costs incurred by energy sellers.

JPMorgan allegedly employed a similar strategy in the Midwest.

FERC also recently fined British bank Barclays and Deutsche Bank for other improprieties involving the sale of power.

-- CNNMoney's Melanie Hicken contributed to this report.

 

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