U.S. investigators say JPMorgan “manipulated” power trading-NYT (Reuters)
U.S. government investigators have found that JPMorgan Chase & Co. (NYSE:JPM) had manipulated trading in the California and Michigan electricity markets, the New York Times reported. The newspaper said it had reviewed a confidential, 70-page government document that was sent to JPMorgan in March and which also took aim at Blythe Masters, the bank’s current head of global commodities and former chief financial officer. The New York Times, citing the document, said investigators from the Federal Energy Regulatory Commission (FERC) had found that JPMorgan Chase & Co. (NYSE:JPM) devised “manipulative schemes” that transformed “money-losing power plants into powerful profit centers”.
Here’s a Job JPMorgan’s Dimon Can Do Without (Bloomberg)
In 2006, during Jamie Dimon’s first year as JPMorgan Chase & Co. (NYSE:JPM)’s chief executive officer, a proposal on the company’s proxy statement called for separating the bank’s CEO and chairman positions. It received 38 percent of the votes. And back then, JPMorgan Chase & Co. (NYSE:JPM) already had someone else as its chairman: William Harrison, Dimon’s predecessor as CEO. Dimon got the chairman’s title later that year. Almost every year since, there has been a nonbinding shareholder proposal calling for the jobs to be held by different people. Last year’s version got 40 percent of the vote. This year’s initiative might get that much support or more at JPMorgan Chase & Co. (NYSE:JPM)’s annual meeting on May 21 in Tampa, Florida.
The Canadian startup that could out-help Yelp (Yahoo)
There was a story earlier this week that prison inmates in the U.S. are using the online recommendation service Yelp Inc (NYSE:YELP) to rate their jail cells. Is this … useful? Funny? Cool? Those three options appear next to every review that appears on Yelp, which are written by everyday people rather than professional critics. Clicking on one of the useful/funny/cool buttons is a way to offer a user-generated review of a user-generated review, which may sound a little meta for those who aren’t well versed in social media. The point is that Yelp Inc (NYSE:YELP) may be the one of the best examples of an organization that thinks globally but truly acts locally, creating a platform whereby people who may never speak to their next-door neighbours consider the opinions about nearby restaurants, dentists or beauty parlours. Investors can’t seem to get enough of it.
Yelp hits record high in wake of results (MarketWatch)
Yelp Inc (NYSE:YELP) shares closed at a record high Thursday, rising more than 27% on upbeat reaction to the company’s earnings results and forecast that was highlighted by improvements in local ad and mobile use of the online consumer review service. …Analysts surveyed by FactSet had forecast Yelp Inc (NYSE:YELP) to lose 6 cents a share on revenue of $44.5 million. Yelp Inc (NYSE:YELP) specializes in consumer reviews and information related to local businesses, and it was local ad sales that were seen as driving the company’s revenue gains in the quarter. Local ads accounted for 85% of the quarter’s sales, and Gene Munster, of Piper Jaffray, said those results “can be attributed to better-than-expected average revenue per user.”