Dutch firm accused of plotting to 'bully' oil and gas markets
An alleged scheme to manipulate gas and oil prices was successful at driving prices both higher and lower, said Stephen Obie of the CFTC.

An alleged scheme to manipulate gas and oil prices was successful at driving prices both higher and lower, said Stephen Obie of the CFTC. (Jay Mallin/Bloomberg News)


WASHINGTON - The Commodity Futures Trading Commission, under pressure from Congress to regulate markets in the wake of record oil prices, accused Dutch trading company Optiver Holding BV of manipulating US energy markets.

The commission alleged the Amsterdam-based firm earned more than $1 million manipulating New York Mercantile Exchange crude oil, gasoline, and heating oil markets in March 2007. Optiver said late yesterday that it's reviewing the CFTC's complaint.

"We take the commission's action very seriously, and are treating it with utmost attention and care," the company said.

The news comes as the Senate prepares to vote as early as today on legislation to curb speculation in energy markets and expand the commission's authority and staffing. This is the first enforcement action to arise from a CFTC probe launched in May.

Bastiaan van Kempen, chief executive of Optiver, is one of three Optiver employees named in the complaint, filed yesterday by the commission in federal court in New York. The commission alleges van Kempen concealed the manipulation and made false statements to Nymex.

The other employees, who were in charge of trading at Optiver, were recorded on a phone call "acknowledging that their manipulative scheme was 'a fun game' and contemplating whether or not they could expand it to other markets, including 'soft' commodities such as sugar, wheat, or corn," the commission said.

The complaint alleges the trading firm tried to "bully the market" by buying and selling large volumes of futures contracts in the closing minutes of a trading day. The alleged scheme resulted in a $1 million profit for the defendants, the commission said.


http://www.boston.com/business/markets/articles/2008/07/25/dutch_firm_accused_of_plotting_to_bully_oil_and_gas_markets/


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Companies/individuals like this certainly don't help any.

I still think its price gouging, but we'll never get an independent investigation to bring something like that to light. You can trust the gubbamint though. More cheese, please!

If there is blame to be laid then it must be Bush's fault.

The fox is guarding the hen house.

Politicians who are personally invested in oil, who are lobbied by big oil, who's reelection campaigns are funded by big oil are policing the industry....HA HA HA

People in the United States need to open their eyes. The growing middle classes globally are where the money is at and most of the people, in both parties, in Washington don't give a rats ass about this country as long as they have a seat at the top of the growing ****pile.

Unless something major changes future generations in the United States will continue to live with lower and lower incomes.

Yeah. Because he makes a convenient scapegoat. Nevermind the hundreds of other "elected" officials who were bought off years ago. I'm sure they have nothing to do with it.

central bankers and the biggest richest bankers fault

1. it is no one's fault. oil is a limited resource.
2. it is everyone's fault for chugging oil like crazed drunkards.
3. everything else is exacerbation.

or, in another way of looking...

1. greed
2. fear
3. lack of defiance - wimpiness

I blame the trillions of dollars spent on two futile wars in Iraq and Afghanistan .
As far as the economy is concerned , the worst is still to come . Good luck folks .