View Poll Results: Should this be ILLEGAL?

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  • YES

    7 50.00%
  • NO

    6 42.86%
  • OTHER, please explain.

    1 7.14%
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Thread: Should this be illegal?

  1. #31
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    Re: Should this be illegal?

    I don't think it matters much who owns the commodity. It's a bank, or an oil company or an investment firm or a wealthy Saudi family. So what?
    "A democracy cannot exist as a permanent form of government. It can only exist until the majority discovers it can vote itself largess out of the public treasury." Attributed to Alexander Tytler

  2. #32
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    Re: Should this be illegal?

    Quote Originally Posted by Lord of Planar View Post
    But didn't this happen with Obama et. al?

    Anyone see what bills deregulated this, or is this speculation?
    It doesn't matter who signed what. The corps call it "vertical integration"; otherwise known as pyramiding or monopolies. Control goes to the one with all the control and that's what you get when you allow the deregulatd free market to run things.
    “The people do no want virtue; but they are the dupes of pretended patriots” : Elbridge Gerry of Mass; Constitutional Convention 1787

  3. #33
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    Re: Should this be illegal?

    Quote Originally Posted by jet57 View Post
    It doesn't matter who signed what. The corps call it "vertical integration"; otherwise known as pyramiding or monopolies. Control goes to the one with all the control and that's what you get when you allow the deregulatd free market to run things.
    I was making a counterpoint to your blame game.

  4. #34
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    Re: Should this be illegal?

    Anti-trust laws already outlaw collective price fixing in the USA.

    What is totally unethnical and illegal in the USA is what the Russian government is doing in regards to energy. Seizing private companies, supply manipulation and collective price fixing.

  5. #35
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    Re: Should this be illegal?

    Quote Originally Posted by DaveFagan View Post
    [SHOULD THIS BE LEGAL?[/COLOR][/SIZE]
    [/SIZE][/SIZE][/SIZE]
    Banks are one of the most corrupt institutions on the planet...
    Quote Originally Posted by Bucky View Post
    I have pooped in public, even in public neighborhoods.
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    Usually a gag for wise mouthed insulting little girls. Then some good nylon rope so I can tie them up, toss them in the trunk of my car and forget about them.

  6. #36
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    Re: Should this be illegal?

    Quote Originally Posted by Lord of Planar View Post
    I was making a counterpoint to your blame game.
    (chuckle)

    No blame game as you all it, just fact.
    “The people do no want virtue; but they are the dupes of pretended patriots” : Elbridge Gerry of Mass; Constitutional Convention 1787

  7. #37
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    Re: Should this be illegal?

    Quote Originally Posted by DaveFagan View Post
    Here is the Senate report.

    Senate Report: Scale of Wall Street Holdings Are

    "Last Thursday, the U.S. Senate’s Permanent Subcommittee on Investigations, chaired by Senator Carl Levin, released an alarming 396-page report that details how Wall Street’s too-big-to-fail banks have quietly, and often stealthily through shell companies, gained ownership of a stunning amount of the nation’s critical industrial commodities like oil, aluminum, copper, natural gas, and even uranium. The report said the scale of these bank holdings “appears to be unprecedented in U.S. history.”
    snip
    "Morgan Stanley held “operating leases on over 100 oil storage tank field[s] with 58 million barrels of storage capacity globally and 18 natural gas storage facilities in US and Europe.” Morgan Stanley also had “over 100 ships under time charters or voyages for movement of oil product, and was ranked 9th globally in shipping oil distillates in 2009.” The company also owned 6 domestic and international power plants.

    JPMorgan had a “significant global oil storage portfolio (25 [million barrel] capacity) … along with 19 Natural Gas storage facilities on lease.” It also reported that JPMorgan had acquired “Henry [B]ath metals warehouse (LME certified base metals warehousing/storage worldwide),” and that JPMorgan’s “total base metal inventory was as high as $8 [billion]” during the first quarter of 2012.

    Bank of America had “23 oil storage facilities and 54 natural gas facilities…leased for storage.”

    Goldman Sachs had four tolling agreements and a wholly-owned subsidiary, Cogentrix, with ownership interests in over 30 power plants; owned “Metro Warehouse which controls 84 metal warehouse/storage facilities globally” and qualified as a London Metals Exchange storage provider; had acquired a Colombian coal mine valued at $204 million, which had also included associated rail transportation for the coal. The report also found that Goldman Sachs had conducted “a uranium trading business that engages in the trading of the underlying commodity.”
    The part you did not quote...

    Go with... "issuing a single, comprehensive limit on bank holding companies’ exposure to physical commodities”; “narrowing the scope of the Gramm-Leach-Bliley authorities that allowed the explosion of Wall Street involvement in these activities to begin with”; and “instituting new safeguards to prevent Wall Street banks from using commercially valuable, nonpublic information obtained from their physical commodity activities to manipulate markets or gain unfair trading advantages."

    The results will not be what you think they will, just as the results of other regulation end up with consequence. And no where in the report best I can tell is the statement "The banks are already manipulating commodity price" or "Our findings constitute legal action against or new criminal investigation of banks."
    "Every time something really bad happens, people cry out for safety, and the government answers by taking rights away from good people." - Penn Jillette.

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