On May 6 oil analysts again predicted more records for the oil prices and in response the market again set a new record reaching over $122 per barrel before settling at $121.84 a barrel. The analysts predicted prices could reach $150 and then $200 per barrel. Sure enough the market responded with a new record.
A team of analysts from Goldman Sachs made the prediction in the media and triggered the price increase and NBC News then had their own oil specialist, John Kilduf of Fimat USA confirm the numbers. So what do you think?
Well, Goldman Sachs is an investor and the lead broker for the IntercontinentalExchange, Inc., owner of the London Futures Exchange one of the two leading oil futures markets in the world. In the old days such action by Goldman might be construed as a conflict of interest and an effort to manipulate the price of oil.
Then there is the NBC news report. It seems their independent analyst works for Fimat whose name has been changed to NewEdge who just happens to be a wholly owned subsidiary of a wholly owned subsidiary of Societe Generale (SG), one of the largest banks in the world from Paris.
Surprise, Societe Generale was a founding partner of the IntercontinentalExchange (ICE) and benefits significantly every time the price of oil increases. So now both Goldman Sachs and NBC have offered experts whose companies directly benefit from the oil chaos and neither Goldman, NBC or Societe Generale disclosed the insider position they have in ICE and the oil prices.
Now where is Congress, the Justice Department, the Bush Administration, the presidential candidates, or even the news media in exposing this farce? How long do the American citizens and citizens of the world have to be victimized by such tactics before someone says “Stop” and investigates? Before you vote for any congressman or candidate for president ask them why they are not stopping these market manipulations.
If they continue to ignore them or you then vote them out of office. This is still the country of the people, by the people and for the people, we just have too many politicians who forgot.
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