Wednesday, July 8, 2009

Goldman, Morgan Stanley Threatened by CFTC Review



"The Commodities Futures Trading Commission will consider greater regulation of oil, gas and other energy markets at hearings this month. It plans to review exemptions to trading limits that since the 1990s allowed Goldman and Morgan to build multibillion-dollar ventures in futures, swaps and over-the- counter markets."

Write your Congressional representative and say that you think it is outrageous that Wall Street firms like Goldman and Morgan Stanley are exempt from position limits when all they do is speculate in the markets. Morgan Stanley is the largest owner of physical heating oil in New England, but it uses this position primarily to conduct financial arbitrage, not deliver fuel to customers. The activities of these Wall Street investment banks, at least when it comes to commodities, adds no real benefit to the economy. Tell your Congressman you want it stopped!

4 comments:

googleheim said...

Gee, it seems like four or five of the Biz Radio show hosts are cherry picking the Mike Norman blog for topics, however they are still somehow twisting things and still creating output like "printing money", "tax payer on the hook", "depositor on the hook", etc.

Their advertisements about the US Dollar going down is equivalent to terrorist deficit hawking and is completely blind. They might as well be rebroadcasting Schiff and Roubini and their morbid druel.

googleheim said...

HEATING OIL IN NEW ENGLAND ?

I REMEMBER THE PRICE WAS SO HIGH 2 OR 3 YEARS AGO THAT HUGO CHAVEZ AND CITGO STEPPED IN TO DONATE TENS OF THOUSANDS OF BARRELS OF HEATING OIL TO LOW INCOME FOLKS WHO OTHERWISE WHO HAVE FROZE THEIR ASSES OFF !!

REMINDS ME OF ENRON AND THE BLACK OUTS IN CALIFORNIA !!!

HOW MANY HOSPITALS AND RESPIRATORS WENT OFF LINE IN CALIFORNIA WHEN ENRON FALSELY RAISED PRICES AND CAUSED FALSE BLACK OUTS ???

WHAT A WASTE OF AMERICANA.

mike norman said...

Yes, what a disgrace that America cannot take care of its neediest citizens. It took Chavez to do that. What a disgrace. Moreover, had Congress curtailed speculation, most of those needy citizens would have been able to afford their own heating oil!

googleheim said...

I would like to add, that baseless Republican't deregulation coupled with mindless Democrat shadow boxing led to the "hole shot" opportunity for Chavez to deliver the needed oil. Now that said, Chavez is an opportunist of the ill sort ... however b-cause the Republican'ts and Demos he had that ploy opened to him via Citgo.