BAD BANK

JPMorgan Pays $410 Million Fine

Shocker. JPMorgan Chase got into regulatory trouble again. The bank will pay $410 million to the Federal Energy Regulatory Commission to settle charges that it manipulated electricity markets in California and Michigan. The settlement comes without charges against specific JPMorgan employees (the FERC had previously threatened to charge Blythe Masters, the head of the bank’s commodities business). The FERC has grown more aggressive lately, reaching a settlement with Deutsche Bank in January and currently fighting with Barclays over a $470 million penalty for market manipulation.