JPMorgan's Latest Guilt-Free Payoff

JPMorgan's settlement with federal regulators over accusations that it manipulated electricity markets gives the public no insight into what it might have done wrong. 

There was that awful phrase again, in JPMorgan Chase & Co.'s settlement with U.S. energy regulators: The company "neither admits nor denies the violations." Once again, the bureaucrats deserve as much scorn as the accused.

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