Another in a series of posts in which I let You People know I’m always right

Well, maybe not ALWAYS but really quite often. Far more often than any Republican and most Democratic electeds…and here, again, is proof.

Less than a month after President Obama set up a task force to “root out” fraud in the oil market, the Commodity Futures Trading Commission has accused two individuals of manipulating the market — back in 2008.

The WSJ reports: “The CFTC accuses the traders, Nicholas J. Wildgoose and James T. Dyer, who worked for Arcadia Petroleum Ltd., a Swiss commodity-trading firm, and its affiliates, of buying millions of barrels of oil, creating the illusion that supplies were critically low at the nation’s central oil hub, Cushing, Okla.”

The CFTC alleges the two traders also pocketed $50 million in ill-gotten gains from the scheme, which is a pittance compared to the billions of dollar the 2008 price spike costs consumers, and the global economy. Indeed, many market players believe Wildgoose and Dyer are being made scapegoats for the crimes of the big players in the energy pits, which very much includes big banks like Goldman Sachs, JPMorgan and Morgan Stanley — similar to the “mom and pop” mortgage brokers who took the fall for the subprime crisis while the Angelo Mozilos of the world escape (largely) unscathed.

And I’m right again about the current speculative bubble.

This entry was posted in Things we're blaming on You People. Bookmark the permalink.

Comments are closed.