McCain's Co-Chair & Wife And The "Enron Loophole"

Who created the "Enron loophole" which was the Trojan Horse for the subsequent oil futures manipulation? John McCain's "national co-chair" former Texas Senator Phil Gramm says in a June 13, 2008 letter issued by McCain headquarters that it wasn't him. The Commodity Futures Modernization Act of 2000 is the bill that he sponsored. The bill contained the "Enron loophole" but Gramm says that idea came from another politician.

Hey Phil , what about the original "Enron loophole" that your wife Wendy L. Gramm granted when she was the Chairwoman of the Commodity Futures Trading Commision in 1991? Her "executive order" exempted Enron from "postion limits" and the rest is history.

Were you talking to your wife at that time?

Oil Profiteers: Goldman Sachs Or Exxon Mobil ?

The debate rages over $140 oil. Is it supply/demand and an oil industry windfall or Wall Street manipulation--- or both ? At least motorists can get a tank of gas from Exxon. What do motorists get from suspected oil futures manipulators like Goldman Sachs?

In the past 12 months Exxon Mobil had gross profit of $172 billion. It's net was $42 billion. The average wage of its 82,000 employees was $12,000 per year. By comparison in the past 12 months Goldman Sachs had gross profit of $88 billion. It's net after salaries and bonuses was $10 billion. The average wage of it's 26,000 employees was a staggering $622,000 per year.

Since 2000, Goldman Sachs and other Wall Street brokers have successfuly lobbied for a liberalization of oil futures regulation . Goldman has consistently wrote investment advisories predicting dramatically higher oil prices while simultaneously building large proprietary long postions. At the same time Goldman and others created large pools of pension funds and investors to buy oil futures for their respective portfolios and thus take advantage of the liberating new regulations on oil futures. The net result is higher oil prices without a shortage as the reason. And a large part of the revenue from increase in prices going to the criminals at Goldman and their investment pool accomplices.

Interestingly present Secretary of Treasury and former Goldman Sachs CEO Henry Paulson, said," The rise in oil futures is strictly [because] supply/demand." He is also against re-regulating the certain parts of oil futures trading that he had lobbied to change some years back while at Goldman!

Causes Of High Oil Prices: Politics & Market Manipulation.

When is an "oil shortage" not an oil shortage? When there is no rationing and oil is available . Why do we have high-priced oil if there is no oil shortage? We have high-priced oil because market speculators, hedge funds and commodity funds have poured billions into the oil futures market . This has driven up the price of oil and effectively distorted the relationship between actual supply and demand.

The enabling legislation that allows market manipulation was passed in December 2000. It was called the Commodities Futures Modernization Act. It provided for no oversight or regulation for the newly introduced financial derivatives called "swaps". That allowed organizations like Enron to speculate in the futures and energy markets with little or no margin and with "off books" entities. That Enron tailored legislation has been subsequently tailored for mainline investors like CALPERS (California's giant pension fund). The rest is history.

Former Texas Senator Phil Gramm was the lead Senator in introducing the legislation. He is a close advisor to Presidential hopeful John McCain. Look out! Also Wendy Gramm, who just happened to be the head of the Commodity Furures Trading Commission and Phil's wife, some 8 years earlier through an executive ruling exempted Enron from CFTC positions limits and regulations. And the rest is history.

Goldman Sachs is suspected of playing a prominent role in the oil futures price manipulation. Our last two Secretarys of the Treasury were former Goldman Sachs CEOs-Robert Rubin and Henry Paulson. Do you think that Goldman has gotten too big for the country's good?