Mr Bigfoot

Are Speculators Really That Bad for Commodities Markets?

My question is the reverse. "Is speculation really that good." Do we need that many speculating for specialty groups for profit gain only. Should we trust a company with such a bad track record as Vitol to hold 11 percent in the NYMEX Oil commodities market. Remember the Vitol "Oil for food" scandal in 2007 and the "Contaminated oil scandal" in 1993 in which Vitol sold over 280,000 barrels of dirty oil sold to Pakistan? I guess we can call this one the "Vitol Swaps Scandal" How come no one is talking about compensation for the public? That’s right. We all got ripped off at the pumps and we want our money back. Vitol, Goldman Sachs, Morgan Stanley and the rest of the scoundrals have an obligation to make it right again and the CFTC should be disbanded and punishment administered to the ones that covered up this massive mistake.