COMMENTARY | September 29, 2011
Faced with some hot data on oil speculation, the media squawked when it should have jumped.
By Dan Froomkin
After firebrand Vermont Senator Bernie Sanders leaked confidential data from the Commodity Futures Trading Commission to the Wall Street Journal last month -- data that dramatically illustrated how speculators were dominating the oil futures market during the 2008 spike in oil prices -- other news outlets jumped on the story.
In the worst possible way.
The data, which exposed precisely
how much Goldman Sachs, Morgan Stanley, and other Wall Street
speculators dominated the crude oil futures market, was a big new lead
reporters could have used to further explore the dynamics behind the
staggering gas price increase that resulted in a huge transfer of wealth from ordinary Americans to the very rich.
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