CSM: Obama calls for tougher penalties for oil market manipulators

[FuzzyLumpkins]

Excerpt from http://www.csmonitor.com/USA/DC-Decoder/2012/0417/Obama-calls-for-tougher-penalties-for-oil-market-manipulators-video


President Obama called Tuesday for stepped-up oversight of oil markets, plus tougher penalties on trading firms caught trying to manipulate energy prices.

He asked Congress to provide more funds for regulators to monitor commodities trading and pursue rogue activities by investors. He also called for a tenfold increase in penalties when violations are found, and for those penalties to be levied for each day that manipulation persists, rather than for each general instance of manipulation.

The president also said Congress should grant new authority to the Commodity Futures Trading Commission (CFTC) to raise margin requirements on traders, in a bid to reduce market volatility and to ensure that investors can make good on their trades.

His appeal comes with US gasoline prices edging toward $4 a gallon, and with many voters citing high gas prices as a top pocketbook concern ahead of November's presidential election. Currently the price of regular gas is $3.90 per gallon, according to AAA's Daily Fuel Gauge Report.

Many factors influence oil prices, from the strength of economic demand to concerns about how instability in oil-producing regions might affect supply. Mr. Obama cast his proposals as just part of an "all of the above" strategy to tame energy prices and to reduce US dependence on imported oil.

"None of these steps by themselves will bring gas prices down overnight," but they will help, he said.

[admiralsnackbar]

Quoth the courageous regulator.

[FuzzyLumpkins]

Quoth the courageous regulator.

He is a reactionary politician to the core no doubt. I really see no difference between Romney and him.

Decision 2012 my ass.

[admiralsnackbar]

Yep.

He's got more charisma, I guess -- or at least a persistent message that suggests identity (or political kabuki). I find Romney's unwillingness to articulate the underpinnings of his ideas a little creepy and/or condescending, though.

Plus, his family is responsible for the Gremlin. S'fuckím.

[CosmicCowboy]

More political posturing and class warfare boogymen. The futures markets will just move offshore to other exchanges and it won't change a fucking thing. That arrogant cocksucker must really thinks he is smarter than we are and we can't see through his bullshit.

[TeyshaBlue]

Yep.

He's got more charisma, I guess -- or at least a persistent message that suggests identity (or political kabuki). I find Romney's unwillingness to articulate the underpinnings of his ideas a little creepy and/or condescending, though.

Plus, his family is responsible for the Gremlin. S'fuckím.

Aint no flies on the Gremliln.

http://allworldcars.com/wordpress/wp-content/uploads/2009/04/13-amc-gremlin.jpg

[boutons_deux]

since civilization is addicted and totally dependent on oil, it's in all countries' interests to make all commodity trading transparent and regulated, while taking all food and oil commodities off the speculative market.

Why should these shitbag Wall St motherfuckers be allowed to extort $100Bs out of the world economy?

[CosmicCowboy]

Technically, Papa Romney was long gone (1962) when they came out with that abomination.

[CosmicCowboy]

since civilization is addicted and totally dependent on oil, it's in all countries interests to make all commodity trading transparent and regulated, while taking all food and oil commodities off the speculative market.

Why should these shitbag Wall St motherfuckers be allowed to extort $100Bs out of the world economy?

hmmm. So Bouton's advocates a world government solution? Do you honestly think a world government would be any less corrupt?

[baseline bum]

He is a reactionary politician to the core no doubt. I really see no difference between Romney and him.

Decision 2012 my ass.

1. Obama gives better speeches
2. Romney would have both houses of congress with a unified party
3. ?

[boutons_deux]

hmmm. So Bouton's advocates a world government solution? Do you honestly think a world government would be any less corrupt?

you said world govt, I didn't.

[CosmicCowboy]

you said world govt, I didn't.

So who is going top make a world wide regulation but a world government?

[Fabbs]

got to agree it's just posturing.
Obama could have done this a month in.
Why wait until now?

Peeps both Pugs and Demons blow the oilcos.
Pugs more but they both still blow.

[boutons_deux]

countries have lots of bilateral conventions covering all sorts of stuff, like child custody, etc. No world govt, which is nothing but a right-wing paranoid fantasy, needed.

There's WTO, etc, etc. Still no world govt.

[CosmicCowboy]

countries lots of bilateral conventions covering all sorts of stuff, like child custody, etc. No world govt, which is nothing a right-wing paranoid fantasy, needed.

There's WTO, etc, etc. Still no world govt.

OK, glad you cleared that up. In other words, you were just fantasizing that we could actually end futures speculation world wide...just More Boo nonsense.

[boutons_deux]

of course it's fantasy. The 1% are NEVER going to give up their power to fuck over 99%.

[FuzzyLumpkins]

More political posturing and class warfare boogymen. The futures markets will just move offshore to other exchanges and it won't change a fucking thing. That arrogant cocksucker must really thinks he is smarter than we are and we can't see through his bullshit.

Sound bite followed by ad hominem. Woohoo!

[spursncowboys]

More political posturing and class warfare boogymen. The futures markets will just move offshore to other exchanges and it won't change a fucking thing. That arrogant cocksucker must really thinks he is smarter than we are and we can't see through his bullshit.

most people don't. As long as we have our guns and religion...

[jack sommerset]

of course it's fantasy. The 1% are NEVER going to give up their power to fuck over 99%.

Bless your heart. God bless.

[Nbadan]

He is a reactionary politician to the core no doubt. I really see no difference between Romney and him.

Decision 2012 my ass.

The big difference between Obama and Romney on this issue is the words being mentioned 'regulated' and 'more oversight' ...I guarantee you if gas was $6 per gallon you would not hear those words muttered from a Romney administration..

[admiralsnackbar]

The big difference between Obama and Romney on this issue is the words being mentioned 'regulated' and 'more oversight' ...I guarantee you if gas was $6 per gallon you would not hear those words muttered from a Romney administration..
Wouldn't hear them from an Obama administration if it wasn't an election year, either, I s'pect.

[Nbadan]

you sure?


U.S. regulators claimed their first victory in a four-year old effort to crack down on oil market manipulation on Thursday, announcing a $14 million settlement with high-frequency trading firm Optiver.

In a ruling that came just two days after U.S. President Barack Obama proposed a renewed campaign against illegal oil trading schemes, the Amsterdam-based company agreed to disgorge $1 million in profits and pay a $13 million civil penalty over allegations it used a rapid-fire tool nicknamed "The Hammer" to influence U.S. oil prices in 2007.

It was the first case brought by the Commodity Futures Trading Commission (CFTC) in its 2008 effort to curb market malfeasance, launched as prices soared toward a record near $150 a barrel in the middle of that year.

The case alleged that traders in Optiver's Chicago office reaped a $1 million profit by engaging in a practice called "banging the close", in which the firm attempted to move U.S. oil prices by executing a large volume of deals during the final moments of trading.

Read more: http://finance.yahoo.com/news/high-frequency-trader-optiver-pays-023628616.html

[Wild Cobra]

hmmm. So Bouton's advocates a world government solution? Do you honestly think a world government would be any less corrupt?
I never understood the mindset that can see government is the problem, but then wants more government to fix the problem.

[boutons_deux]

I never understood the mindset that can see government is the problem, but then wants more government to fix the problem.

there's no other solution. Govt is the only countervailing power against corps and extreme wealth. That's why the astroturfing tea bagger Kock-whores are singing the 1% and UCA/Repug song of "kill govt".

Their bogus cry of "freedom" is really about freedom from regulations and from paying taxes by the 1% and UCA.

[TDMVPDPOY]

opec and big oil companies are just going to roll over and lol