SubscribeTDI Podcast 63: OIL-OIL-Enron Loophole-OIL-OIL
June 29, 2008
Guests: Prof. Michael Greenberger and John C. Dvorak discuss the Enron Loophole, the London Loophole and the skyrocketing price of oil. We also find out how closing the loophole could bring the per barrel price of oil down 25%!
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Since July 2001, Michael Greenberger has been a professor at the University of Maryland School of Law, where he teaches a course entitled “Futures, Options and Derivatives.”
Professor Greenberger was a partner for more than 20 years in the Washington, D.C. law firm of Shea & Gardner, where he served as lead litigation counsel before courts of law nationwide, including the United States Supreme Court.
In 1997, Professor Greenberger left private practice to become the Director of the Division of Trading and Markets at the Commodity Futures Trading Commission (CFTC).
Professor Greenberger has frequently been asked to testify before Congressional committees on issues pertaining to dysfunctions within United States financial markets caused by complex and unregulated financial derivatives. He has also appeared both in the media and at academic gatherings to discuss this subject, including appearances on CNN, ABC’s “World News Tonight,” the CBS Evening News, NBC Evening News, CNBC, MSNBC, The Jim Lehrer News Hour, NPR’s “Fresh Air,” and C-SPAN, where he also commented on financial dislocations arising out of the Enron collapse, the subprime meltdown, and the manipulation of crude oil and natural gas prices by unregulated energy traders.
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Additional Reading and Info related to this discussion:
MSN Article – House Passes Bill to Reverse oil price increases
Write You Senator, Copngressman or President with your concerns about oil
HUGE Listing (with emails) of your elected officials
* * Fill-in Form on Site and will Auto-Send to your Officials (COOL!) **
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ZachZone Stocks: Central European Distribution (CEDC), Energy Recovery, Inc. (ERII), Galiot Capital Corp. (GTC)
Stocks to look at from this episode: ProShares UltraShort Oil & Gas (DUG), ProShares Ultra Oil & Gas (DIG)
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5 Responses to “TDI Podcast 63: OIL-OIL-Enron Loophole-OIL-OIL”
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[...] prices is due largely to structural factors enabling manipulative speculation. In this episode of The Disciplined Investor podcast, he explains his position. Video of Greenberger’s testimony before the Senate [...]
[...] TDI Podcast 63: OIL-OIL-Enron Loophole-OIL-OIL | The Disciplined Investor Guests: Prof. Michael Greenberger and John C. Dvorak discuss the Enron Loophole, the London Loophole and the skyrocketing price of oil. We also find out how closing the loophole could bring the per barrel price of oil down 25%! [...]
I enjoyed hearing Dr. Greenberg’s discussion of oil futures. One thing I have noticed over the years is that many people will be right on the money, that is until fundamental truths reveal them to be dead wrong. The price of oil may be manipulated to some degree by speculators, but the truth is oil is a finite resource which has reached it’s peak of development. Which is why the Saudis have trouble meeting their own production quotas, and new major oil finds are fewer and farther between, to name just two things off the top of my head. This means that it’s all downhill from here. Oil prices will never come down, and will only increase from here out.
This is probably the best thing that could happen considering how destructive the use of oil is on the global environment (sorry, another fundamental truth). The fact that the US economy uses oil as it’s life blood is a testament to the short-sighted nature of our leadership, and the greed that drives our business environment. You will see the light at some point whether you like it or not. Sooner would probably be better than later for your own sake.
While I thing that the subject of manipulative speculation is legitimate, what bothered me most was that the speakers all spoke about demand in terms of the US only, as if our demand was all that matters. This kind of “America is the center of the Universe” thought pattern is extremely dangerous. There continue to be increasing demands for oil outside the US. I agree that this doesn’t explain all of the rise in oil prices, but the speakers talking only about US demand leaves a hole in their argument large enough to drive a (evil gas-guzzling) Hummer through.
Bruce:
You are correct .. demand is of course a global issue. Frankly, more global problem than US
A