So now we have an idea as to how oil rose to over $140 a barrel! And who said "speculation" had nothing to do with it?

I've said it before, and I'll say it again - you can not trust ANYONE on Wall Street.

They are a culture of absolute corruption. Money is their god, and they will sacrifice anyone and anything to appease it.

Looks like we need some kind of World Police in order to track down these crooks and take the money they stole back and jail them.

The government wont do nothing about this cause they would rather collect taxes on $4.00 a gallon than on $1.00 a gallon... Think about it thats alot of tax money

This is B.S., it is just a scam to hide the truth about Hyperinflation started by the F.Reserve, and the Builderberg Group, in order to recoup their investment faster... I'll bet that if you dig , you will find that someone in the Builderberg group, or associate of them, has stakes in that branch over there...

ahh, somebody got in their wallet for a change. too bad they'll squeeze the piss out of ours to get it back.

Check al gore's holding, oil rises, his investments increase.....

Iraq war and Afgani war consumes lots of fuel and is one sure way to speculate the prices of oil will go up supply and demand.

PVM said the trading had been reported to the Financial Services Authority, but the government agency declined to say on Friday whether it was investigating.

No surprise there !

Kwame,

If you check out the major player and problem in the last major price runup it was none other than Morgan Stanley, whose CEO is John Mack, and who overnight became a bank holding company when bailed out by the Taxpayers and granted that status by the bank regulators.

As several of you pointed out it's a scam managed by crooks who are in bed with the government.

Don't expect any changes for the better.

Holy-Cow....the government collects taxes on gas based on GALLONS not the price of gas. The federal government (and my state CA) make no more on 4 dollar gas than they do 2 dollar gas. I'm not sure how other states tax gasoline.

Any way...I don't get why the trading of petroleum is allowed to be done by those who have no intention or even the ability to refine it. Why should a necessity like gasoline (yes I consider it a necessity in this country) be subject to the kind of manipulation that occurs on future markets? I don't care about pork bellies and frozen orange juice but concentrating the wealth derived from oil trading in the hands of so few people and corporations is part of what led to our economic mess.

Good......we don't need another giant scam to drive up prices...

Kevin-D, thank you for bringing this up. I hope more people bother to read your post instead of agreeing with someone who appears to be wrong. Here is more information on how gas is taxed, state by state.

http://www.gaspricewatch.com/usgastaxes.asp

I urge everyone to read their own states data and start to LEARN about the system works instead of just pointing fingers out of ignorance.

"GREED gone wild;" $10 million--'chump change' for the brokerage; they'll make it in a few trades.

feel sorry for them--not really, not at all... the price they pay for not minding the store

@Holycow

"The government wont do nothing about this cause they would rather collect taxes on $4.00 a gallon than on $1.00 a gallon... Think about it thats alot of tax money"

Wrong.

Federal excise taxes on gasoline are very small, and more importantly are implemented on a per gallon basis. As prices rise, usage drops, and consequently less tax dollars are received.

THE REAL QUESTION:

Who was this broker REALLY working for?

No, the real question is why this story hasn't been a headline story for a month! And, our "representatives" in Congress say there is no price manipulation! But, then again, where does most of the money come from to get those jerks reelected.

VOTE EVERYONE OUT OF OFFICE IN THE NEXT ELECTIONS!!!! Doesn't matter what their party is, get rid of them ALL!!!

The crude oil price has an overall effect on the transportation industry. However, the price that we pay at the pump is directly controlled by the major refineries/distributors such as Exon-Mobil.... In other words, if the CEO of Exon wants to make more profit, he can pretty much increase the price because he got the monoply on the distribution. That is why couple of months past, the price of crude oil decreased... but the price at the pump is steadily increase for several weeks straight!

This is a PRIME example of the need to regulate capitalistic practices. Left unchecked, this is the kind of B.S. that can happen. I would never deny capitalism, but given human nature there does need to be controls in place to avoid consistent domineering of the lucky or uber-wealthy. Afterall, there does have to be a top and bottom to all.

In this respect, economy is really consisting of relatively few players, or financial dictators. Not the best example, but one of clarity.... the free market as it is, is controlled by the few and the Fed. Does anyone truly realize how MUCH control is exerted by the 5% verses the 95%?

Kindly read my post Marine Vet and follow the link.............

Wasn't there market controls of some kind that were removed not too long ago that changed who could trade oil? Or am I mistaken.

YES, btco..........read my post and follow the link.

Ken Lay and all the rest of the crooks - The gift that keeps on giving.

Anyone ready to quit blaming bush for the oil crap? That conspiracy theory was just another democratic lie pushed by the left wing obama news media.

american vet, of course this isn't bush's fault today. They (the leftist media) has their own boy in office so now it's time to look for a cause outside of an unpopular government. Had McCain won we'd hear about every 6th cousin, twice removed that he has that owned so much as a gas station. Even if Obama had something to do with this they'd downplay it.

And just look at the number of false claims made here that get voted up by morons who are too lazy to go to google or bing to find out what the truth is.

When you can look up damn near any fact in a matter of seconds and you choose to just take the easy way out it shows that we are lost. People aren't willing to educate themselves. Politics is now a popularity contest among the best dressed men and women. Truth is whatever is easiest to understand even if it goes against all other logic.

This occurred in London. As in London, England. AS in London, England, UK. As in London, England, UK other side of the the Atlantic Ocean, not New London, Connecticut. So explain to me how our elected officials and their policies effected this when this basically took place outside of the United States and the long arm of American Justice? Now we can see your venting again, when in reality the United States nor Wall Street had nothing to do with this fix. Now if you read the article carefully or watched BBC America this morning whom also reported this news item, the problem happened over there not here. So why drag Swiss banking interest into this unless you have evidence that can link this current issue to the Swiss. I personally think your venting. Believe me we are all pretty ticked about this problem, but before you can convicted you must have proof and evidence. Now for me I rely upon more than one source for information such as this, so do most people on this forum. At least I hope they do.

Yes, London, England, London,England, London England. Apparently you didn't watch the video clip from You Tube that I posted. Your government ALLOWED commodities future trades to go through other countries to avoid problems for themselves here. Watch the video, watch the video, watch the video..............

And who's fault is that? My fault? Bud I'll look at your Post, but you need to control your Caffeine intake or stop taking stimulates with your coffee. CHHHHHIIIIIIILLLLLLLLL OUT. CALM YOURSELF SPARKY. GGGGGGGEEEEZZZZZZUUUUUUSSSSS. AAAAAHHHHHHHH, AAAAAHHHHHHHH, AAAAAAAHHHHHHHHH. "YOUTUBE" AAAAAAAAHHHHHH.

Actually I have been trying to stay up with everything that goes on. Our Crooked Government Officials, I don't care what party they're crooks, also work work with other Countries Crooked Officials. WE all lose, greed and them win.

Mike right on the money. Bingo you win.

Last year the number 2 futures trader So of crude oil was George Soros and his hedge fund........ You know who George is, one of the largest campaign detonators to the DEMOCRATIC Party.........

AC - So that makes this a Democratic problem? I do believe it's an issue of greed pure and simple.

i watched it Waldo... what a bunch of peice of sh!t, fuc#%ng crooks.

may as well bend on over... "Thank you sir, may I have another."

greed is all it is. stealing is stealing. doesn't matter if you wear a red coat or a blue coat.

AC - So that makes this a Democratic problem?

No it's a lobbyist problem. They keep buying off both parties to keep themselves safe.

And who's fault is that? My fault? Bud I'll look at your Post, but you need to control your Caffeine intake or stop taking stimulates with your coffee. CHHHHHIIIIIIILLLLLLLLL OUT. CALM YOURSELF SPARKY. GGGGGGGEEEEZZZZZZUUUUUUSSSSS. AAAAAHHHHHHHH, AAAAAHHHHHHHH, AAAAAAAHHHHHHHHH. "YOUTUBE" AAAAAAAAHHHHHH.

Who has the caffeine problem? Now you're resorting to name calling.

My father was 91 years old when he passed away, but he used to tell me stories about working for a couple of years, on Long Island, New York at a State Mental institution, as a janitor, when he was eighteen years old in 1932. He used to call it the "Bug House" and your reaction to my post frighteningly reminds me of how some of the patients used to react to some of the most mundane problems he witnessed and spoke of. He said the guys in the white suits used to wrap the most violent of the Bug House patients in wet sheets and strap them to a chair on one of the porches at the facility. He said it calmed them down quite rapidly, especially in the winter months. I could send you a wet sheet for yourself if you think that might help?.....Asylum Keeper??

Waldo, the video is indeed accurate. But, now that we have our savior as POTUS and he has control of both houses of Congress, why hasn't this (and other consumer gouging) loophole closed? Now that Obama is in charge, we should be pressing him very hard. The problem is that he is being controlled by the same lobbyists as the rest of them. If he had any interest in helping the average American, he'd be finding ways to help us rather than screw us with higher costs of making everything and giving us socialized medicine.

They are all crooks, including Obama. We should never allow any politician to serve more than 2 terms. If you want to do something for yourselves, start voting against the incumbent in every election for the next 20 years.

I hear what you're saying Merrill and I believe what you're saying. The pressure, indeed, needs to stay focused on ALL of them. He's been in there about four months, let's see what happens with the economy by this fall and early winter.

The Lobbyists are certainly an entrenched lot (17,000 of them by last count) and they have taken the power away from the American People. There needs to be controls placed on the Lobbyists and ANY CONTACT with our representatives should be PUBLICALLY reported IMMEDIATELY. That contact should include any spoken or written correspondence and it should be revealed in a timely manner also.

Yep - Glad I have a car that sips gas, but still I drive 100 miles a day for freaking work. I'd like to assist these traders in setting up hunting trips with Cheney.

I wonder how food gets to the stores in your car LOL or how do drugs get to hospitals your car? Maybe you shouldn't be so self centered and think beyond you.

I'm more up for them to go clam digging in a mine field. Dead Eye Dick just might plug you and I as well. Besides Saturday is the Forth of July. I'm up for a fireworks display.

Boom, Boom, Boom. There goes another Broker.

sandy - Please keep your comments contained to things you understand. Like playing Candyland.

Go ahead Mr. Brain explain it to me how will important deliveries be made in your low gas world? I'm waiting!

I know maybe the jet setting idiots in the white house who use more energy in a month them most people use in a life time can air drop the food and medicine LOL!

BTW how is pinky today?

Sandy - Hows the Jack Daniels this AM? This is the headline - what don't you get?

Oil brokerage loses $10 million on rogue trades

Using hot air contained in a small containment area. Sandy shoving your head into this containment area, but first pumping you full of the stimulants from Wheres Waldo's medicine cabinet. That way Waldo runs out of stimulants and calms down, we don't hear you stupify yourself anymore, because you will be flapping your gums 240 in this very small containment area, which might I add will fit your head very comfortably and we can still operate a very green mode of transportation for virtual pennies per mile.

Ah I see when the truth is told and the Prof is out the rats attack and try to clam the messenger is nuts.

Asylum btco , go find a new garbage can to rattle , most understand what is going on in wall-Street and in ICE.

Where's Waldo may be a little high strung, but watch the link he has posted. it will leave you feeling sick.

anytime I watch olberfoul I get a little nauseous.

it wasn't just him, this time.

Where's Waldo may be a little high strung, but watch the link he has posted. it will leave you feeling sick.

Thank you Jeremy ! The video does clearly point out the facts. It also lays blame to both parties. It is the greed and manipulation within our own government that is directly at fault for most of the problems we are experiencing today. We need to get past the name calling and see the facts for what they are. I don't care if you like Keith Olberman or not. He presents the facts, in this case, and does substantiate it with video clips. If any of you think he's off on his facts, I would love to hear the counter argument presented and supported by fact. Some of you people are focused on one party to the apparent detriment of your God given common sense. It is our duty as the constituents of these "representatives" to hold any and ALL of them accountable for what they do or don't do.

Maybe Obama can coup against it like the banks, Auto dealerships, energy and take it over too like the insurance companies. More people who pay taxes and don't need jobs.

Don't worry we can print more useless money our grandchildren who will have no needs can be the slaves to this administration and eat dirt.

On wallstreet you win or you loose that's just the way the cookie crumbles.

Sandy - As much as you try, this is not Obama's mess. Now run along and play.

LOL wow one thing isn't I truly am amazed now. I am sure if he tries hard enough he can blow this up into a major problem for our future generations. Go on Obama drop a trillion on it. PRINT FASTER!

I have the blueprints for the containment area drawn up. Jump right in. Waldo pills please.

I'm up for hanging. Let them gag on themselves, as they made us gag on the effects of their greed.

shoot them. the ropes re-usable. kill enough, and enforce the "buy american" provision to restock the .38 cal bullets, and president obama can claim a job saved at remington.

Hey, shooting them would be nice, but first you have to find them. Find the jerks who traded electricity contracts for Enron in the 1990s and deliberately shut off power at a whim -- remember those rolling blackouts in California? Tt wasn't that long ago, was it now?

And ithese are the same kind of people. Rogue oil trader, my fat Aunt Harriet! That's a sneaky way of saying "we know who it is but we won't tell you guys".

There are likely going to be plenty more "surprises" like this in the next 2 years. Buckle your seat belts, folks, it's gonna be a bumpy ride.

Lester You have said a mouth-full. I agree, wait until this hits. We won't be able to move.

Why don't you gain a brain how many people do you think are going to be buying new cars in this depression the democrats are causing wait I know they can live in their new cars LOL

WOW! everytime you talk I here buffaloes stampeding over cliffs LOL

Sandy, please go back to sleep. you make more sense sleeping it off dreaming under the influence of whiskey and and downers than while your awake and mouthing off. Now behave or I'll get the straight jacket and contain you. In a padded cell.

Do not feed the trolls please ignore them!

You will find that anytime Sandy posts, no matter the subject, it is to either bash the democrats or Obama. Never has anything constructive to say, just bash.

This is why none of these greedy scum get caught. The Federal Agents are too busy being editors instead of doing their jobs....catching bad guys.

Sandy is an azz, it doesn't matter how its speelldd,.?!

If you are looking for criminals just look in the democratic Party I am sure you will find your perp there.

This is most likely a plan by the democratic party to take over the market.

Sandy, in the cell you go. SLAM!

Mike E...We have to be careful about the lobbist, some of them do work for us the problem with the Corporate lobbist is that they have more money to push their agendas ahead of the American People.

sandyshores....Who was that Senator from Alaska that was thrown out for corruption? Just making a point that this corruption is not connected to one Party.

Oh please, politicizing at every chance is so non-constructive. No one side has a monopoly on letting down the peoples interests.

Not a Republican,

The Alaska Senator was was found not guilty of any charges. He lost his seat because of the false accusations.

Attend a tea party on July 4th.

God Bless America

enough: He was not found not guilty. He was found guilty, and then the charges were dropped because of the justice dept. under handed tactics. And they decided to not retry. But he was not found not guilty.

In most cases the regulation is there, it is the oversight out of DC that fails the people. Madoff is a good example of this along with Freddie and Fannie. More and more legislation is not a good thing. Think of our borders and immigration, the laws are on the books, but nothing is done. Gun laws are another good example of tying the hands of law abiding citizens while criminals get caught with a gun and are let back out on the street. All most all of the issues this country faces are the direct result of the 535 people in DC who are there to protect this country and it's citizens. They have been failing for decades and the American people need to clean house in DC soon, or our kids and grand-kids will be living in a country that looks nothing like what our founding fathers established.

Attend a tea party on July 4th.

God Bless America

If you want to live in a nation that looks like the 1700's, then dump your computer, phone, and tv. Let's understand a few things:

Republicans fight regulation, then cut the budgets for the enforcement of existing regulation. They have been doing this for at least one hundred years. Then they turn around and say regulation doesn't work! Well, of course, moron, it won't work when you keep pulling the plug!

And don't get me started on guns! Are you kidding? Let's understand that the 2nd Amendment specifically uses the term,"well regulated" to describe a "militia". I don't recall anything about individual citizens being allowed to arm themselves to the teeth because,"them darkies might try to take my stuff"! If guns were well regulated, then criminals would not have them, period. But everyone forgets that part, and it is the Republicans who fan that flame. They use paranoia and racism to do it too. How sad! I also recall from the history books that at the time it was written, very few people owned any kind of gun. Even in the "wild west", few owned guns. And those who did used them to hunt for food, or were law enforcement. The remaining ones were criminals. And the guns made it possible to be such a criminal. And there were no guns that could fire 15 to 20 rounds in a second. The FF's could not foresee those things.

I really don't care what our founding fathers' lifestyle was. I don't think we should go back to slavery, either. The FF's knew they could/should not create a static government that must be so rigid that it cannot remake itself for the needs of it's people. That is why they created the Bill of Rights, and a way to add amendments.

I sure don't because I have never felt the world owes me a living. I must not be a liberal loon then. I do think if these people would actually go out and do some real work they wouldn't be wanting to stress out the everyday worker with their goofy nation destroying taxes.

No Sandy, your just a plain old fashion Lunatic, A great American Psychopath, A person whom is need Electra shock therapy and a prolonged stay in the padded cell.

Horus - we are dealing with a whole new mindset in the past 35 years. Conscience and morals have been thrown out with the bathwater. People no longer put in an honest day's work (I'm not referring to the average working Joe, of course). They go to Ivy League business and law schools where they learn to legally steal other people's money (these schools no longer teach morals or truth in business). They are very effective at changing the laws so that they can continue to steal other people's money without being admonished for their actions. Then they pocket that money and see what dastardly scheme they can come up with next. Why would anyone who can make hundreds of thousands, yeah, even millions and billions by humping off the backs of everyone else want to put in an honest day's work? Won't happen. We have been bombarded with Wall Street schemers and crooks since the 1970s (not to say there weren't any before that - there just weren't as many of them). They used to get a tap on the wrist. 10 years in a white-collar Federal prison, maybe. So what. After their 10 years were up, they picked up their millions and retired on a sunny island somewhere. No incentive to be honest anymore. Too many opportunites to bilk other people.

sndyshore....I to don't believe the Country owes me a living but since im out of a job im glad that there is some sort of help out there thanks to the Tax Payers. Temporary as it is i am not standing around looking for handouts. I am taking advantage of the re-education that my state is offering so that i can be reemployed and pay my Taxes.

you don't have to be liberal or a loon to know the difference between a crook, crooked dealings and bad bussiness practices. however, you do have to have some morality and ethics to do the right thing. you can defend you conceptual notion of the good old american way or you can face the reality that we are tunring into a country of quick returns, selfishness and me, me, me.

If it were not so we would not be in this mess. To those who want to continue to defend the ethics that got us here without the moral responsability to accept the massive injustices that have been committed accross the board by our leading financiers, politicians (both republican and democratic representatives) and regular people who abused the system i say " more to be pitied than scorned" But surely not a voice to be lsitened to. I sincerely hope that in 6 to 8 yrs time you can remember your current sentiments because it is going to take that long to get back to where we were fully. The longer the extreme opinionated political party mouthpieces continue to retain their unyielding perspective and partisan opinions we can count day for day how long it will take to get through this. I hope sometime soon the common sence will prevail so the rest of us can get on with their lives. So hurry up and get over climbing all over each other so the rest of us can get on with our lives. There is nothing rightous that has happenned in this economy, there is only your justification for it.

Steve, how truthful can one be?

Steve.... I agree with you, but we do need to put the regulation back into the market. It made it to easy for these smart guys to take the money and run.

Steve their is one thing your are missing , a lot of thee people do not bite on wall-street.

Its a broker that's working the market not the person that has the 4.0.1.K

Its the firm that Handel the money and it is thy who are risking this money and those peoples retirements.

Your have post as if all thee accounts are individual on wall-street pulling the one arm bandit slot-machine, Its Not

{Fake Fed Agent} if you don't want to read my post then don't. Their is a way to fix it. See the ! at the bottom of my post, Push it and look for Ignore this Author then push that.

Now your eyes well not fallout from my bad spelling.

actually, though the gov't. may force cap and trade on us (the current administration is just as much, if not more so, greedy as the wall streeters), it can be stopped in the marketplace.

power production and power distribution are normally done by seperate entities. if we can get the power producers to refuse to purchase any carbon credits, and just turn off the switch when they reach the legal limit of their pollution, then we'll see the law changed quickly( i'll give it about 3 days of no power).

Pretty good rant Joe: Not much said, but a good rant indeed.

I think joe is all whipped up into a lather by talk radio....joe. step away from the radio. go the beach. breathe. Life is good and too short to waste getting pumped up on right-wing fantasies.