Triumphrat

Sal Paradise

In addition, Phil Gram (McCains campaign chair) and our wonderful representatives deregulated this market in the early 2000's. Previously there were laws to prevent manipulation. Some would have us believe that its coincidence that they took off the laws to prevent manipulation and suddenly the price went up. I would like to sell those guys a bridge.

vexicon

And in other news today:

http://seattletimes.nwsource.com/htm...ilprice24.html


In e-mails and phone conversations released by CFTC, Optiver's heads of U.S.
and global trading talk about how they are able to "bully the market" and
use similar references like "whack" or "push" or "move" the futures market.

"Today's action lets the marketplace know that the (CFTC's) Division of
Enforcement has a zero-tolerance policy when it comes to gamesmanship,"
Stephen Obie, the agency's new acting head of enforcement, said at a news
conference announcing the market manipulation charges.

Tbirdnz

Looks like a situation of ducking for cover by the CFTC and a foreign company has been made a scapegoat, half of Wall St and most of the banks will be involved.

Smacks of politics here and could well be similar to the Senates bill in that the democrats can be seen as trying to do something by putting forward a restraining bill and if it doesn't go thru, which it might not, they then can put the blame on the Republicans and score a few political points. Meantime the speculators continue business as normal.

We'll wait and see what happens, problem is, everyone that touches oil has no interest in lowering its price inc most governments.


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Ride on !