Feds investigate possible oil market manipulation
Bob Morris @ May 31st 2008 10:14 - Category: Unfiled Tags: oil prices
An investigation of oil trading by the U.S. Commodity Futures Trading Commission will likely target evidence that traders intended to manipulate markets rather than just schemed to make money, former officials of the agency said.
Who woke the CFTC up from their nap? Congress apparently, and the unsettling thought to them that another agency, the FTC, might start investigating and thus invade their turf. Gasp, can’t have that. Let’s make righteous noises that indicate we are On The Job instead.
If options trader Philip Davis can clearly explain how futures traders manipulate the oil markets (and he’s been doing so for months), why has the CFTC just now wiped the sleep from their eyes and decided maybe there’s a problem here?
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