Federal Reserve Allows Market Manipulation

The Federal Reserve (not a government agency - a private company that sets interest rates and regulates banks) allowed a bank to trade in the electricity markets.  This trading OK allowed JPMorgan Chase to manipulate the markets and cheat to make money at the expense of electricity consumers.

Off Limits, but Blessed by the Fed

The nation’s biggest bank, JPMorgan Chase, had won the right to expand its reach in a lucrative business that has nothing to do with banking: electricity. Areas like electricity are generally off limits to banks because of the risks involved. But with its June 2010 letter, the Fed let JPMorgan take an even bigger role selling electricity in California and the Midwest ...
Three months later, JPMorgan traders began a scheme to manipulate electricity prices, ultimately forcing consumers in those regions to pay more every time they flicked on a light switch or an air-conditioner, the Federal Energy Regulatory Commission subsequently contended.


The private cartel Federal Reserve is in business to protect and prop up the banks.  It is time to end the Federal Reserve and return banking regulation to Congress.