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Traders Manipulated Oil Prices-U.S.
Topic started on 24-7-2008 @ 05:48 PM by DimensionalDetective


Traders Manipulated Oil Prices-U.S.


money.cnn.com

NEW YORK (CNNMoney.com) -- The government charged an oil trading firm Thursday with manipulating oil prices in the first complaint to be announced since the regulators began a new investigation into wrongdoings in the energy markets.

The Commodity Futures Trading Commission accused Optiver Holding, two of its subsidiaries and three employees with manipulation and attempted manipulation of crude oil, heating oil and gasoline futures on the New York Mercantile Exchange.

(visit the link for the full news article)



[edit on 24-7-2008 by DimensionalDetective]



reply to this post:   copyright & usage 


reply posted on 24-7-2008 @ 05:48 PM by DimensionalDetective


Hmmm...Interesting.

I wonder if this will be an "isolated" incidence of this, or if we will see other instances of this with many of the trading firms.

This whole oil debacle seems like a giant cess pool of endless greed at so many levels. Hopefully we can get a grip on it soon, or at least find some sort of affordable option to this fuel altogether.


"Optiver traders amassed large trading positions, then conducted trades in such a way to bully and hammer the markets," CFTC Acting Chairman Walt Lukken said at a press conference. "These charges go to the heart of the CFTC's core mission of detecting and rooting out illegal manipulation of the markets."


money.cnn.com
(visit the link for the full news article)

[edit on 24-7-2008 by DimensionalDetective]



reply to this post:   copyright & usage 


reply posted on 24-7-2008 @ 05:53 PM by ThichHeaded


So like everything else the government touches nothing will be done.

Thats how I see this.. We will continue to get raped and plundered while these idiots get rich.



reply to this post:   copyright & usage 


reply posted on 24-7-2008 @ 05:56 PM by DimensionalDetective


reply to post by ThichHeaded


LOL! You're probably right.

Either that, or a couple of "small" trader companies will get scapegoated and made examples of, and the huge corps will skate off, clean as a whistle.

Personally, I just wish that SOMETHING would get done to stop this trainwreck, as this is giving a good portion of this struggling nation a beatdown IMO.



reply to this post:   copyright & usage 


reply posted on 24-7-2008 @ 05:58 PM by Bunch


I just think that the CFTC is under such a big amount of pressure by Congress to find a culprit in this oil price manipulation mess that someone had to be punish, and this annoucement comes as the CFTC publish a report that completely shutsdown the idea that there is price manipulation going on in the oil market!!!

Here is an agency talking with both sides of its mouth...

CFTC says no evidence of oil manipulation, hoarding


[edit on 24-7-2008 by Bunch]



reply to this post:   copyright & usage 


reply posted on 24-7-2008 @ 06:02 PM by Dubyakadubla


Why call them Traders when in fact they are simply Parasites. They give honest traders a bad name and further.

Will their assets be confiscated and will they be charged for treason and will they confess who financed them and which politicians benefited from their illicit loot. These are real issues to be tackled in a high profile case like this, but then....who is there to bring them to book, when the whole administration is rotten to the core.



reply to this post:   copyright & usage 


reply posted on 24-7-2008 @ 06:35 PM by Maxmars


reply to post by Dubyakadubla


I really - sincerely mean no disrespect - however, the practice of making money from the manipulation of money, however socially justified, can be quite adequately compared to a form of parasitism.

But I expect impending slammage headed my way for saying so.

Apologies in advance if the implication offends.



reply to this post:   copyright & usage 


reply posted on 25-7-2008 @ 05:46 PM by Grafilthy





CFTC Matter
25 July 2008


We have learned recently that the United States Commodity Futures Trading Commission filed a civil lawsuit against Optiver. We have received a copy of the complaint and are reviewing it. Optiver takes the Commission's action very seriously, and is treating it with utmost attention and care.

We take tremendous pride in our longstanding reputation for integrity. We believe that we have run our business by doing not only what is best for the bottom line, but what is right, and we will continue to do so.

Obviously, we cannot comment further nor answer any news media questions concerning the complaint until we and our legal counsel, Schiff Hardin, have had the opportunity to review the charges fully.




Just thought you all might want to see this... the official press release from the Optiver website.

ANY companies caught doing the same should be banned from ANY futures trading.

Keep an eye on this.....I smell small time patsy.



reply to this post:   copyright & usage 










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