Investment bank and hedge fund representatives tell the Commodity Futures Trading Commission the oil market doesn't need more oversightUnder mounting scrutiny from an election-addled Congress, the Commodity Futures Trading Commission (CFTC) held a public meeting of its Energy Markets Advisory Committee on June 10 to discuss why oil prices have doubled since last June.
For the first time in a public forum, representatives from investment banks Goldman Sachs (GS), Morgan Stanley (MS), and JPMorgan (JPM) explained their banks' involvement in the oil futures market. Elected officials and consumer groups have questioned whether banks' investment of pension and other institutional investors' funds could be bidding up oil prices (BusinessWeek.com, 5/21/08), even as the research arms of those same banks issue predictions that prices will surge.
Agency About-Face
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