Life can be unfair and it often feels unfair even when it is not. Both JPMorgan Chase and UK energy companies such as Centrica know this feeling.
Governments are tightening the rules for regulated industries that rely on state backing, urged on by their resentful citizens. The results of altering the cosy arrangements of the past are unpredictable and may well cause pain in the future. But companies must adapt.
As ever, Warren Buffett, the investor, expressed it nicely in an interview with Bloomberg Television: “You’ve got to be like a wolf that bares its throat when it gets to the end . . . you cannot win.” He referred to JPMorgan’s likely $13bn settlement with federal and state regulators, but it applies equally to UK energy companies.
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