The CFTC made all the front pages by filing manipulation charges against Parnon Energy, Arcadia Petroleum LTD and Arcadia Energy (Suisse), all affiliates of the trading firm Arcadia (KAD).
Let me say at the outset that I am in favor of addressing manipulation by ex post actions like those filed by the CFTC, and have long made that argument. Let me also say that in 2002, Arcadia was accused of manipulation of Brent crude, and price patterns at the time were symptomatic of a corner, and per public reports, Arcadia?s trading was consistent with an attempt to corner. Thus, I have no objection to the type of action the CFTC has brought, and don?t put it beyond Arcadia or a company like Arcadia to engage in manipulative conduct. Indeed, I wish that the CFTC would rely more on ex post actions and less on things like position limits or ex
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Katharine Towne Malia Jones Jennifer ODell Jenny McCarthy Zooey Deschanel
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