Michael Giberson If you’re looking for another point of view on gasoline prices, Ralph Nader has an article in Counterpunch, “The Gas Gougers.” In the article Nader blames speculators, a lazy media, and a business-friendly government for the recent 50-cent run up in gasoline prices. There was a time when even a few cents increase … More Ralph Nader on Gasoline Prices
Michael Giberson At Constructive Economics, Abe Othman discusses a purported manipulation attempt in Intrade’s Health Care Reform bill market. The nut of the story is that early on March 17th a trader apparently poured a bit of money into the market, briefly driving the price from around 60 down to 35. After a few hours … More When Will Manipulation of Public Prediction Markets Begin to Work?
Michael Giberson The Wall Street Journal reports on research analyzing quarterly reports (nearly 1/2 a million of them from over a 27-year period) which discovered strong circumstantial evidence that companies tweak their results to improve reported earnings. The evidence? The number 4 occurs less frequently than chance would dictate in the tenths of a cent … More How to Fake Sincerity in Reporting Quarterly Results
Michael Giberson Today the FERC approved public release of the results of an internal staff investigation into allegations of “loop flow”-based market manipulations in the New York ISO market (see links below): In this order, we authorize the public disclosure of the attached Office of Enforcement Staff Report (OE Report) addressing its non-public investigation of … More FERC Directs New York Power System Operator to Fix “Loop Flow” Scheduling Problem
Michael Giberson From Platts Power Line blog, a discussion of the 1958 law banning of futures trading in onions and suggestions that Congress should contemplate the lessons from that experience before it gets too exciting about clamping down on speculation in energy commodities. The ban on onion futures trading, introduced by freshman congressman Gerald Ford … More Onions, Oil, Speculators, Congress