JP Morgan and Electric Power: 100 years of misconduct

GENERAL ELECTRIC It has recently been reported that the US Federal Energy Regulatory Commission (FERC) may pursue criminal charges against JP Morgan for manipulating electricity prices in California and...


It has recently been reported that the US Federal Energy Regulatory Commission (FERC) may pursue criminal charges against JP Morgan for manipulating electricity prices in California and Michigan in 2010 and 2011 following the NY Times publication of an article based upon a 70 page confidential FERC memo.


The memo in question also accused Blythe Masters, JP Morgan’s head of global commodities, of lying under oath.  FERC investigators found JPMorgan devised “manipulative schemes” that transformed “money-losing power plants into powerful profit centers”  (  Interesting.


What the NY Times, Huffington Post and other publications failed to report is: JP Morgan’s was meddling in electricity markets dates back to 1897 When JP Morgan stole Nicola Tesla’s patents for AC electricity from George Westinghouse, allowing General Electric to dominate the electricity business (


The development of mass produced electricity dates back to the 1890’s when Thomas Edison, backed by JP Morgan, was promoting DC current as the dominant form of electricity distribution while Nicola Tesla backed by George Westinghouse was promoting AC current.  The battle for electricity dominance culminated with the awarding of the contract to build a power station at Niagara Falls. The winner would establish the standard for the nation.


JP Morgan and Rockefeller had merged to form General Electric. GE and then put pressure on Westinghouse’s financing to force a take-over of Westinghouse: Morgan then spread false rumors on Wall Street about the solvency of Westinghouse, resulting in a collapse of Westinghouse stock price.  It was then that Tesla signed over all his patents to Westinghouse to allow the company to obtain additional financing and proceed with Tesla’s invention — AC current.


In 1895 Tesla and Westinghouse won the contract to build the AC generating plant at Niagara Falls. Having failed in his bid to establish DC as the dominant form of electricity and having failed in his effort to take over Westinghouse, JP Morgan threatened to sue Westinghouse over his ownership of Tesla‘s patents.


Westinghouse lacked the funds to engage in a legal battle with Morgan and thus signed over the rights to Tesla’s patents to Morgan. It was then that General Electric then became the dominant provider of electricity throughout the nation.


The problem ensued when Nikola Tesla’s aspired to provide free energy which conflicted with JP Morgan’s goal to dominate the power market.  Morgan subsequently demanded a 51% stake in his Wardencliffe project in exchange for funding other projects; he then cut off funding for all future Tesla projects. Morgan then muscled Tesla straight out of business, and as Morgan controlled many major newspapers, he also suppressed coverage of Tesla‘s work ( (





In the Panic of 1893 there was major economic depression with a run on gold, resulting in a depletion of the US Treasury’s gold reserves. JP Morgan loaned the US Treasury $65 million in gold at the time virtually saving the US economy. Morgan turned a tidy profit with the loan when the economy began a rebound in 1896 (




Bankrolled by JP Morgan, Andrew Carnegie and John Rockefeller, candidate, Republican William McKinley, went on to win the White House in 1896 on a pro-business platform. McKinley’s $15 million campaign was the most expensive in US history (





In the summer of 1907 (nearly 100 years prior to the meltdown of 2008 Westinghouse electric and Knickerbocker trust failed, and a number of major New York banks were on the verge of collapse. JP Morgan and other leading bankers channeled money to weak banks, obtained lines of credit and bought up stock of weak companies to prop up the banking system (




It should come as no surprise that JP Morgan is currently under investigation for manipulating electricity prices in California & Michigan. JP Morgan stole Tesla‘s patents over 100 years ago in an effort to dominate energy markets. He then made sure he put an end to Tesla‘s goal of free energy.


The 2008 banking collapse and ‘too big to fail’ should also come as no surprise either, as this was little more than a repeat of the Panics of 1893 & 1907, featuring the illustrious JP Morgan. The 1900’s were the Age of the Robber Baron, featuring characters such as JP Morgan, John Rockefeller and Andrew Carnegie – all of them then recast themselves as benevolent ‘philanthropists’.


Similarly, Barack Obama’s billion dollar campaign financed by the likes of the corporations, JP Morgan and Goldman Sachs, should come as no surprise either. The financing by the hooligan corporations was little more than a repeat of the funding of William McKinley’s campaign in 1896 (  This is merely an historical duplication of what is now known as the ‘New Gilded Age’.


For those who wonder why the US Congress treats JP Morgan President, Jamie Dimon as royalty, JP Morgan’s $65 million loan to the US Treasury in 1895 probably has something to do with it.

The Daily Censored Op-Ed

Academic professionals and student writers


GCMLP is proudly sponsored by  Project Censored Logo  ACME Logo