Jack Walker

The Global Oil Scam: 50 Times Bigger than Madoff

Phil,

Did you sent a copy of this article to the CFTC and the Congressional Oversight Committees?

Jack

CFTC: The Key to Market Manipulation

Avery,

This is an enlightening expose of market manipulation for the benefit of a few at the cost of society as a whole, well done. It seems as if Goldman’s quarterly profits are being paid, in part, by everybody else through higher commodity prices. This is a financial scandal of epic proportions.

The second part of the problem is to rid the commodities markets from long-term pension fund participation, which seems entirely inappropriate with their fiduciary responsibility of investing for long-term capital growth and income. The commodity markets are not long-term capital markets, they are price discovery markets intended for a completely different role. The large long-term capital participation of pension funds and trusts is another example of increasing commodity costs of society as a whole for the benefit of the brokers, dealers and Commodity Trading Advisers who have convinced pension fund trustees that commodities are just another asset class to be considered for long -term investing. This is a second scandal of epic proportions.

Jack