STOCK MARKET WATCH -- Friday, 6 July 2012

[Demeter]

67. Judge Orders JPMorgan to Explain Withholding Emails

EXPLAIN? EXPLAIN!!!! THROW THEIR ASSES IN JAIL FOR CONTEMPT!

http://www.cnbc.com/id/48091690

A U.S. judge has ordered JPMorgan Chase to explain why the court should not force the bank to turn over 25 internal emails demanded as part of an investigation into whether it manipulated electricity markets in California and the Midwest.

The Federal Energy Regulatory Commission (FERC) filed a petition in federal court in Washington on Monday asking the court to order the bank to show cause as to why it would not comply with a subpoena issued by the commission as part of its investigation into the bank's power trading.

On Thursday, U.S. District Judge Colleen Kollar-Kotelly gave the bank until July 13 to submit an explanation as to why the court should not enforce FERC's subpoenas. JPMorgan has asserted the emails are protected by the attorney-client privilege.

...FERC has recently stepped up its efforts to end manipulation of U.S. power markets, and news of the subpoena followed a series of more advanced probes of other big Wall Street banks and a record $245 million penalty against Constellation Energy.