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Politics : Liberalism: Do You Agree We've Had Enough of It? -- Ignore unavailable to you. Want to Upgrade?

To: Ann Corrigan who wrote (36241)	7/24/2008 11:34:05 AM
From: TideGlider	Read Replies (1) \| Respond to of 224705

Government uncovers oil price manipulation Trading firm attempted to 'bang the close' by amassing large positions just before markets closed. EMAIL \| PRINT \| SHARE \| RSS Yahoo! Buzz NEW YORK (CNNMoney.com) -- The government charged an oil trading firm Thursday with manipulating oil prices, the first indictment to come down since the regulators began a new investigation into wrongdoings in the energy markets. The Commodity Futures Trading Commission charged Optiver Holding, two of its subsidiaries, and three employees, with manipulation and attempted manipulation of crude oil, heating oil and gasoline futures on the New York Mercantile Exchange. The CFTC said the firm attempted to 'bang the close' by amassing large positions just before markets closed, forcing prices up, then selling them quickly, driving down prices and pocketing the difference. The complaint names defendants Christopher Dowson (head trader of Optiver), Randal Meijer (head of trading and supervisor of Optiver and Optiver VOF) and Bastiaan van Kempen (Chief Executive Officer of Optiver).