genco

A Modest Proposal for Rising Oil Prices

You got it right. If this was a stock the guys from the SEC, who wear leather soled shoes, would be asking for an appointment with these guys. I can't believe that speculators can get away with hyping their position. GA

On Jun 06 06:22 PM you_can_call ll_me_Al wrote:

> Jason,
> I see in Michael Greenberger's testimony to Congress that the "One
> of the fundamental purposes of futures contracts is to provide price
> discovery in the 'cash' or 'spot' markets. Those selling or buying
> commodities in the 'spot' markets rely on futures prices to judge
> amounts to charge or pay for the delivery of a commodity."
>
> Oh my God.
>
> How can this be? It goes against every standard of the free markets.
> Worse, it simply BEGS the Wall Street bastards to steal money from
> the public. This is worse than when they made Joe Kennedy the first
> chief of the SEC (lol, talk about letting the fox guard the henhouse).
>
>
> So, let me make sure I get this. GS owns a huge minority (27%?) of
> the futures contracts in oil. The prices in these contracts are used
> to "discover" how much oil should cost (insert sound of hand hitting
> head while vomiting here). These contracts are legally traded on
> UNREGULATED EXCHANGES(!!!!). GS puts out terrifying press releases
> about $200 oil, and the price jumps ten bucks in one day.
>
> Oh my f***ing God.
>
> Man, if this kind of thing is allowed to fly, then we (the public)
> are completely screwed. God help us all.
>
> Ass-rape-in-progress,
> Al
>