The regulator of U.S. power markets appears likely to pursue manipulation charges against JPMorgan Chase & Co , analysts said, after a New York Times report on the agency's document that seemed to lay out its case.
The Times said on Friday it reviewed a confidential, 70-page government document that the U.S. Federal Energy Regulatory Commission (FERC) sent to JPMorgan in March, which alleged the bank manipulated the power market in California and Michigan in 2010 and 2011.
FERC investigators found JPMorgan devised "manipulative schemes" that transformed "money-losing power plants into powerful profit centers," the Times reported, citing the document. It said the bank has until mid-May to respond.
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