On Jul 24, 8:53=A0am, "Feces bomb Throwing Democrap Protester" <Feces
eating & throwing Democrap @[EMAIL PROTECTED]
democrap.org> wrote:
http://www.bloomberg.com/apps/news?pid=3D20601087&sid=3DaMxTAAtEhssE&refer=
=3Dhome
Optiver Holding Allegedly Manipulated Energy Market, CFTC Says
By Tina Seeley
July 24 (Bloomberg) -- Optiver Holding BV allegedly manipulated and
attempted to manipulate energy markets on the New York Mercantile
Exchange, the U.S. Commodity Futures Trading Commission said.
``Although this alleged energy trading scheme lasted only several days
in March 2007, even short-term distortions of prices will not be
tolerated by the commission,'' Walter Lukken, acting CFTC chairman,
said today in Wa****ngton.
The commission took what it called the ``extraordinary step'' earlier
this year of publicly stating it had begun a nationwide investigation
last December into trading, trans****tation, storage and purchase of
crude oil.
The commission has come under pressure from lawmakers to police
markets in the wake of record energy prices. The Senate is currently
considering legislation to curb speculation in energy markets and
expand the commission's authority and staffing.
Crude oil futures reached $147.27 a barrel on July 11 on the New York
Mercantile Exchange. Prices have fallen 15 percent since that high,
dropping to $124.44 a barrel yesterday, the lowest close since June 4.
The commission alleged Optiver, based in the Netherlands, along with
two of its subsidiaries and three employees, tried on 19 separate
instances to manipulate energy futures markets, specifically New York
Mercantile Exchange light sweet crude oil, New York Harbor heating oil
and New York Harbor gasoline markets.
At least five of those attempts were successful, ``causing artificial
prices,'' the commission said. The schemes forced prices both higher
and lower, Stephen Obie, acting director of enforcement for the
commission, said at a press conference today.
The alleged scheme resulted in a $1 million profit to the defendants,
the commission said.
Since December 2002, the commission has filed 41 enforcement actions
charging a total of 66 defendants with energy market violations. Civil
penalties to settle the actions have totaled almost $500 million, the
CFTC said earlier in a statement.
BP Plc last October agreed to pay $303 million, the agency's largest-
ever settlement, to resolve the commission's claims it manipulated the
U.S. propane market.
To contact the re****ter on this story: Tina Seeley in Wa****ngton at
tseeley@[EMAIL PROTECTED]
Updated: July 24, 2008 11:16 EDT
|
