Secrets of Alleged Oil Price Manipulation Exposed

Secrets of Alleged Oil Price Manipulation Exposed

www.cnbc.com

Its superfast, supersecret oil trading software was called the Hammer.

And if the Commodity Futures Trading Commission is right, the name fit well with an intricate scheme that allowed commodity traders in Chicago working for Optiver, a little-known company based in Amsterdam, to put their orders first in line and subtly manipulate the price of oil to the company’s advantage.

Transcripts and taped conversations of actions that took place in 2007, included in the commission’s case, reveal

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This is why a free market economy is so important
this is EXACTLY why

We The People is so passe
Now it's We The Corporations, that's what's in

time to get with the times.

The Securities and Exchange Commission has opened up an investigation into high-speed-trading practices, in particular the ability of some of the most powerful computers to jump to the head of the trading queue and — in a fraction of a millisecond — capture the evanescent trading spread before the rest of the market does.

High speed trading eh?

I know some may say "but hey, this IS free market"
well if it truly was then there would be competition with lower prices and customers would go elsewhere.

And if you think, well this is why regulation is necessary.
Ya? Well look how well that worked.

www.cnbc.com
(visit the link for the full news article)

[edit on 4-9-2009 by ModernAcademia]