Collarspace Discussion Forums


Home  Login  Search 

Eric Holder To Fraud Squad: Oil Price Plunge Should Benefit Consumers


View related threads: (in this forum | in all forums)

Logged in as: Guest
 
All Forums >> [Community Discussions] >> Dungeon of Political and Religious Discussion >> Eric Holder To Fraud Squad: Oil Price Plunge Should Benefit Consumers Page: [1]
Login
Message << Older Topic   Newer Topic >>
Eric Holder To Fraud Squad: Oil Price Plunge Should Ben... - 5/6/2011 7:26:56 PM   
Brain


Posts: 3792
Joined: 2/14/2007
Status: offline 		I don't think there's any reason to speculate on oil anyway so they should get rid of it. I would like them to get rid of the speculation on oil for a year and see what happens to the price. If the price decline is significant they should stop speculating permanently because the high price is sucking the life out of the economy.


Eric Holder To Fraud Squad: Oil Price Plunge Should Benefit Consumers

"As you are all aware, toward the end of this week oil prices dropped significantly," the attorney general wrote. "Of course, there are lawful market forces that lead to price fluctuations and to differences between wholesale and retail price trends in these markets. This working group was created to identify whether fraud or manipulation played any role in the wholesale and retail markets as prices increased. If wholesale prices continue to decrease, fraud or manipulation must not be allowed to prevent price decreases from being passed on to consumers at the pump."

Some economists and analysts have suggested that, while increased scrutiny may be justified given heavy commodities trading, fraud cases are unlikely to significantly affect the price of gas. That's because, as Holder noted in his memo to the working group, most speculation in oil and gas markets is perfectly legal.

Sen. Bernie Sanders (I-Vt.) wants to change that. He sent a letter to Obama last week demanding that the CFTC impose new rules to crack down on excessive oil speculation by Wall Street traders.

http://www.huffingtonpost.com/2011/05/06/holder-oil-price-plunge-obama-fraud_n_858749.html


commodity trading floor




Attachment (1)
Profile   Post #: 1
RE: Eric Holder To Fraud Squad: Oil Price Plunge Should... - 5/6/2011 7:53:22 PM   
EternalHoH


Posts: 791
Joined: 5/30/2010
Status: offline 		It has never been an issue of fraud.  Its been about legalized parasitic activity unrelated to production involving particular commodities, a practice that used to be kept in check by state gaming laws.  Something is no longer fraud when it has been made legal.

And some speculation is needed in the markets.  It is essential.  It is what allows companies who make goods requiring certain raw material commodities to lock in future prices that help keep prices paid by the consumer more stable.  But  the latest regulatory changes have divorced the speculation from production of goods.  The newest breed of speculation is investment based, and is the kind of activity that used to not happen when speculation was accountable to state gambling laws.

The people who ran Wall Street's insurance ponzi scheme have not gone to jail because their ponzi scheme was legalized as the result of intense lobbying by the financial sector.  That is bad news for Madoff, as his type of ponzi scheme had not been made legal.

Wall Street is a criminal enterprise that controls government. Just like the mob.



(in reply to Brain)
Profile   Post #: 2
Page:   [1]
All Forums >> [Community Discussions] >> Dungeon of Political and Religious Discussion >> Eric Holder To Fraud Squad: Oil Price Plunge Should Benefit Consumers Page: [1]
Jump to:





New Messages No New Messages
Hot Topic w/ New Messages Hot Topic w/o New Messages
Locked w/ New Messages Locked w/o New Messages
 Post New Thread
 Reply to Message
 Post New Poll
 Submit Vote
 Delete My Own Post
 Delete My Own Thread
 Rate Posts




Collarchat.com © 2025
Terms of Service Privacy Policy Spam Policy

0.047