Last night, The Daily Show’s John Oliver took on one of my favorite subjects: How the big banks have a tendency to break the law and suffer very little consequences for doing so.
Kat Stoeffel has excerpts from Seducing the Boys Club, and it’s just as gross as you already imagine it to be.
In case you missed it: The Federal Energy Regulatory Commission, our country’s top energy regulator, accused JPMorgan of Chase of manipulating power markets in California and the Midwest, gaming the market to get consumers to pay more for electricity. JPMorgan is expected to pay a fine of at least $400 million.
According to The Wall Street Journal, investors are looking for a way to juice their returns so bankers in London from J.P. Morgan Chase & Co. and Morgan Stanley are putting together synthetic collateralized debt obligations—you know, those things that helped crashed our economy a few years ago.
For a refresher, see this terrific comic by ProPublica.
The most tragic part of this story is mentioned in the very first sentence.