Guys... I damn nearly wet myself when this came over the ABC Radio on the drive home tonight. There are a number of reports of this story on the wire all with different 'facts' but basically... The Obama Admisnistration, (now in an election cycle) under pressure to do something about 'high' 'gas prices' is conducting an investigation into oil market manipulators. Didn't take long before the trail led to Arcadia Energy which allegedly made 50 million buying large quantities wet sweet crude oil shipments destined for the US in 2008. They allegedly made profit on the price spike and then again when they shorted the market when they finally flooded the market with their witheld oil. The good news is if found guilty they face a fine penalty of a multiple of 3 times their profit taking...so $50M The bad news is the investigation will carried out by the CFTC (insert pic of 3 deaf, blind & dumb monkeys here) The Brisbane based affliliate wouldn't answer the ABC's telephone call. http://www.brisbanetimes.com.au/bus...er-pinged-in-50m-us-probe-20110525-1f3hd.html http://au.finance.yahoo.com/news/Oil-speculators-made-50-cnnm-3875170137.html?x=0
The Californian based guy involved goes by the name of "Mr WildGoose"... I suspect there's a "chase" missing from that name
I dont understand what went wrong here? A group bought loads of oil, then sold loads of oil at a later time.. and made a profit. All importing business does this, wheres the foul? bunnings drops the prices on electrical tools from there importing activity.
It's a distraction - The Obama government, which lets billions of dollars a day of outright fraud happen in America by "protected species" corporations under it's own nose launches a crusade against an Australian for a piddling amount in order to show America that the real criminals are outside it's borders.
