Ever hear of the United States Energy Information Administration? Thought not. It was formed by Congress in 1977 to monitor energy information. It provides information to the CFTC so that the CFTC can monitor the markets in regulates. On April 9 the USEIA released a second interim report stating that, based on the information it has, it still cannot blame last year's oil price hike on specualtors. So what information does the USEIA have?
It only has the trades on the New York Mercantile Exchange. IT HAS NO INFORMATION ON THE OVER THE COUNTER UNREGULATED MARKETS SUCH AS ICE. So, all trades that use the Enron loophole, created by former Goldman man Mr. Gensler, escape scrutiny altogether. And now our president wants to put Mr. Gensler in charge of the CFTC. Like I said, you can't make this stuff up.
Monday, May 4, 2009
A Day Early
Guess I spoke a day too soon, since the Wall Street Journal this morning hammered former Goldman director Stephen Friedman, the former chairman of the New York Fed when
Goldman got $10 billion in TARP funds. Friedman had large Goldman stock holdings and was in violation of Fed rules, but of course the rules were waived so that he could keep his shares and still regulate....Goldman, among others.
Wonder why someone nationally cannot put all the outstanding issues on the same page, or at least the same article. Guess they all have to chase their own stories....
Goldman got $10 billion in TARP funds. Friedman had large Goldman stock holdings and was in violation of Fed rules, but of course the rules were waived so that he could keep his shares and still regulate....Goldman, among others.
Wonder why someone nationally cannot put all the outstanding issues on the same page, or at least the same article. Guess they all have to chase their own stories....
Sunday, May 3, 2009
Where is Congress?
Let's see, in the last 3 months we learned 1) Goldman may have caused the oil price spike last summer for its own gain; 2) Goldman has been accused of manipulating the stock of Bear Sterns and Lehman Brothers by spreading negative rumors; 3) Goldman recieves $12.9 billion in Tarp funds from the AIG bailout while admitting to hedging against AIG; 4) Goldman has been accused of advising the feds to let Lehman go, while saving AIG, hell, I could go on ad nauseum.
Yet only Maxine in Congress seems to care. The national press sure as hell doesn't. Guess when you have your people placed all over the Fed annd Treasury Department, you feel a little insulated. Maybe its just the money Goldman spends lobbying our elected officials. Maybe we just have not yelled loud enough. I have to say that Goldman sure has been quiet since it got a little negative press last month and Mr. Blankfien went on the offense and promised to look at the bonuses. Waiting for the thunderstorm to pass through I guess.
Yet only Maxine in Congress seems to care. The national press sure as hell doesn't. Guess when you have your people placed all over the Fed annd Treasury Department, you feel a little insulated. Maybe its just the money Goldman spends lobbying our elected officials. Maybe we just have not yelled loud enough. I have to say that Goldman sure has been quiet since it got a little negative press last month and Mr. Blankfien went on the offense and promised to look at the bonuses. Waiting for the thunderstorm to pass through I guess.
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