Another Scandal About To Break?

Annie

Annie

Not So Junior Member
As if the D o J investigation isn't enough, are scandals going to be breaking all over this administration going into the elections?

http://www.cnbc.com/id/43658507

Tapping the Strategic Petroleum Reserve was supposed to lower oil prices but instead has only raised questions about market manipulation.

The price of US crude actually is higher now than when the Department of Energy and International Energy Agency made the controversial move on June 23 to hit up the SPR in an effort to ease the gasoline burden on consumers and goose the economy.

At the time, critics blasted the move because oil prices already had fallen considerably – more than 16 percent in just two weeks’ time, in fact.

In retrospect, the price move is starting to look fishy to some traders.

Dennis Gartman, a hedge fund manager and author of the widely followed “Gartman Letter,” constructs a timeline of how the oil release came to be and the trading action surrounding it.

He notes the most recent peak of oil on May 2, discussions with Gulf oil ministers on May 5 as the price started to decline, and the ultimate announcement seven weeks later, when oil was around its near-term bottom. ...
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Serious money seems to have been made...
 
there seems to have been a recommendation to the administration to release some of the reserves. The question would then be, who recommended it and who made money off of it. If there's any tie in or relationship to that, then there's a definite scandal about market manipulation.
 
SmarterThanYou said:
there seems to have been a recommendation to the administration to release some of the reserves. The question would then be, who recommended it and who made money off of it. If there's any tie in or relationship to that, then there's a definite scandal about market manipulation.
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Especially if the 'big winners' channel $$$ into elections.
 
if people who had access to the information the US would release oil from the strategic reserve and used that information to profit from the price changes, it would obviously be insider trading......isn't that what Martha Stewart spent time in jail for?......
 
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