The $19 Necktie

I noticed how nicely the blue in the tie matched the shirt, that the young teller at the counter had on. That is very interesting that you were able to match that. Oh, he said, the bank is responsible for the tie. Really, I said, they give you the tie? I presumed as a bonus. They sold it to us, he said. Sold it to you? I was surprised. They did? How much?

It cost $19. That seems like a lot since they require you to wear a tie, I thought. Did you pay for the shirt that says “Chase,” too? They give us an allowance for that.  If you resent hearing that employers not only require employees to wear a tie, but sell it AT RETAIL, read on about these crumbs:

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JPMorgan Chase Manipulation Scandal Raises Specter Of Enron

Mark Gongloff

Chief financial writer, The Huffington Post

Posted: 07/03/2012 12:59 pm

Did Jamie Dimon break a mirror or something? Because his bank, JPMorgan, once less fallible than the Pope, is suddenly having a terrible run of luck.

The bank’s stock price was hit by a series of blows on Tuesday — including a fresh scandal that raised the specter of Enron — even as the rest of the stock market rallied.

The biggest blow was probably a New York Times story that the bank pushed mutual-fund clients into its own brand of mutual funds, which performed poorly and charged high fees. The story might make you think that maybe JPMorgan Chase cares only about money and not its clients! And you’d be right.

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But wait, there was more: The bank is also the subject of a probe by the Federal Energy Regulatory Commission into charges that it manipulated power markets in California and the Midwest, the Financial Times writes:

But wait, there was more: The bank is also the subject of a probe by the Federal Energy Regulatory Commission into charges that it manipulated power markets in California and the Midwest, the Financial Times writes:

The electricity investigation involves whether JPMorgan’s bidding strategies extracted “inflated” or “excessive” payments from two wholesale power markets serving California and several Midwest states. The bank’s commodities business owns or has rights to output from several electric generators.

If charges of power-market manipulation sound familiar to you, then you win the prize for remembering the Enron scandal.

JPMorgan says it is no Enron, that it is working with FERC and that it complied with the law.

As is so often the case, we might not even know about this investigation at all if there were not emails involved. Except, sadly, JPMorgan is refusing to give FERC its emails about the power market, claiming some sort of privilege.

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We’re always looking to improve your banking experience, which is why we’ve been working hard to bring you a simpler, clearer, more streamlined experience on the Payments & Transfers section of Chase Online and Chase Mobile.

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If this story and the crumminess of this bank infuriates you, please check out this.

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