This is the second follow up report on the culprits who have been stealing all your money by way of manipulating oil prices.
Please note the dates of the previous two reports by Mokenman. Finally the mainstream press has gone to work to uncover what Mokenman has been saying for months!
Below is an excerpt from the Washington Post from today. For more details you will find this article @ Washingtonpost.com
By David Cho
Washington Post Staff Writer
Thursday, August 21, 2008; Page A01
Regulators had long classified a private Swiss energy conglomerate called Vitol as a trader that primarily helped industrial firms that needed oil to run their businesses.
But when the Commodity Futures Trading Commission examined Vitol’s books last month, it found that the firm was in fact more of a speculator, holding oil contracts as a profit-making investment rather than a means of lining up the actual delivery of fuel. Even more surprising to the commodities markets was the massive size of Vitol’s portfolio — at one point in July, the firm held 11 percent of all the oil contracts on the regulated New York Mercantile Exchange.
The discovery revealed how an individual financial player had gained enormous sway over the oil market without the knowledge of regulators. Other CFTC data showed that a significant amount of trading activity was concentrated in the hands of just a few speculators.
The CFTC, which learned about the nature of Vitol’s activities only after making an unusual request for data from the firm, now reports that financial firms speculating for their clients or for themselves account for about 81 percent of the oil contracts on NYMEX, a far bigger share than had previously been stated by the agency. That figure may rise in coming weeks as the CFTC checks the status of other big traders. (see the article in its entirety at Washingtonpost.com)
“The Truth Shall Set You Free”
Mokenman
