In an earlier posting Speculators May Face Prison 6/5/08 I stated "
While the Department of Justice will make no comment it leaves you to wonder if they are in fact investigating Optiver Holdings and its two subsidiaries for fraud. The CFTC has accused Optiver Holdings of illegal price manipulation in the oil futures commodity market and asked for a heavy fine. The main headquarters for Optiver Holdings is listed as being based in Amsterdam, but three of the main people involved are Chicago residents with firms in Chicago and Amsterdam. According to the article in the Chicago Tribune they are
During the time Optiver was allegedly manipulating the price of oil, the Securities and Exchange Commission was considering an amendment to control price manipulation. Along with a long list of other investors Chief Executive Bastiaan van Kempen sent a letter to the Commission objecting to the amendment.
Now it is clear why Mr. van Kempenn objected to the amendment. One wonders if this is only the tip of the iceberg.
At one point today the price of oil hit a low of $121 per barrel, even at a time when CNN is constantly airing the "disastrous oil spill in the Mississippi ", its really diesel and will be cleaned up shortly but CNN has their own agenda. Just imagine how far the price would fall if Pelosi and Reid would allow a vote on the Republican Bill to do everything mentioned in the Bill including, Domestic Drilling, Alternative Energy Investing, Research For New Technology and yes more Commodity Market Transparency.