CNN Money wrote:Some suggested closing the "Enron loophole" as a possible solution to the speculation problem. The loophole, which was codified in the Commodity Futures Modernization Act of 2000, allows oil futures to be traded electronically in unregulated markets outside of the jurisdiction of the Commodities Futures Trading Commission.
"Americans may be surprised to learn that the oil futures markets were substantially deregulated by the CFTC staff decisions that were made behind closed doors," said Sen. Maria Cantwell, D-Wash. "Now this London and Dubai loophole is keeping important U.S. energy trading in the dark and without proper light ... it can give manipulators free rein in energy markets."
I just want to make sure I understand this correctly:
There is a loophole so big and easy to manipulate that it is named after the greatest fraud ever committed by an American company, and it is still legal??? Is there a "Khmer Rouge Maneuver" out there that I've never heard of? Maybe that's still legal,too. I can't possibly understand how that wasn't closed when all the of SOx stuff went into place.
Although, I do chuckle when I read, "Some suggested closing the 'Enron loophole'..."
Nooo... You don't think... Maybe?