The more I read about this the angrier I get
06-19-2008, 07:50 AM
#1
Gets Weekends Off
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Joined APC: Mar 2006
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The more I read about this the angrier I get
The more I learn about PolyTricks and the players involved the sicker i get
http://blogs.abcnews.com/politicalra...ess-seeks.html
ABC News' Z. Byron Wolf reports: Ken Lay has been dead almost two years and Jeffrey Skilling is several years into his 24 year prison sentence, but one legacy of the Enron era lives on.
It’s the "Enron loophole," which exempts energy speculators who make trades electronically from US regulation. Some argue that the unregulated energy speculation, codified in 2000, can account for $20 to $25 in the jump in oil prices.
But now, 8 years after energy traders were able to push legislation exempting their electronic trades of energy futures from US regulation, a measure in the Farm Bill aims to close the loophole and subject futures trades made electronically inside the United States to US law.
“This bill is really our best bet to deter unscrupulous traders from manipulating energy prices and engaging in excessive speculation. This has been a long, hard road – and this is a major legislative victory," Said California Democrat Sen. Dianne Feinstein after the Senate passed the underlying Farm Bill on a broad, bipartisan basis.
Specifically, according to her office, the bill would "require electronic energy traders to provide an audit trail and record-keeping, monitor for market manipulation, and increase financial penalties for cases of market manipulation and excessive speculation."
http://blogs.abcnews.com/politicalra...ess-seeks.html
ABC News' Z. Byron Wolf reports: Ken Lay has been dead almost two years and Jeffrey Skilling is several years into his 24 year prison sentence, but one legacy of the Enron era lives on.
It’s the "Enron loophole," which exempts energy speculators who make trades electronically from US regulation. Some argue that the unregulated energy speculation, codified in 2000, can account for $20 to $25 in the jump in oil prices.
But now, 8 years after energy traders were able to push legislation exempting their electronic trades of energy futures from US regulation, a measure in the Farm Bill aims to close the loophole and subject futures trades made electronically inside the United States to US law.
“This bill is really our best bet to deter unscrupulous traders from manipulating energy prices and engaging in excessive speculation. This has been a long, hard road – and this is a major legislative victory," Said California Democrat Sen. Dianne Feinstein after the Senate passed the underlying Farm Bill on a broad, bipartisan basis.
Specifically, according to her office, the bill would "require electronic energy traders to provide an audit trail and record-keeping, monitor for market manipulation, and increase financial penalties for cases of market manipulation and excessive speculation."
06-19-2008, 08:56 AM
#2
:-)
Joined APC: Feb 2007
Posts: 7,339
Research senator Gramm, the man responsible for allowing Enron and the current credit crisis. Look what he's doing now.......... http://en.wikipedia.org/wiki/Phil_Gramm
06-19-2008, 09:38 AM
#3
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Research senator Gramm, the man responsible for allowing Enron and the current credit crisis. Look what he's doing now.......... http://en.wikipedia.org/wiki/Phil_Gramm
I wish more people would educate themselves of whats going on...
06-19-2008, 10:09 AM
#4
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Joined APC: Jul 2006
Posts: 146
Research senator Gramm, the man responsible for allowing Enron and the current credit crisis. Look what he's doing now.......... http://en.wikipedia.org/wiki/Phil_Gramm
Yeah, I like the part at the end says that he may be a running mate with McCain in 2008. That's the last thing the country needs, this guy running the show as VP driving the economy further into the ground.
06-19-2008, 12:08 PM
#6
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Joined APC: Sep 2007
Position: CRJ FO
Posts: 362
Anyways, the CEOs of all the legacy carriers and their lobbyists are working overtime in DC to get this loophole closed and put other restriction on oil speculators.
For once, hurray for management!
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