…completely contrary to the impression in the NYT piece, the vast bulk of my consulting and testifying work has been adverse to Wall Street and commodity trading firms. Virtually none of this work relates to the alleged subject of the NYT story: the impact of speculation on commodity prices. In fact, much of this work relates to market manipulation (which is distinct from speculation) by commodity traders. I have been, and continue to be, on the side of plaintiffs in attempting to hold traders who abuse markets accountable for their conduct.
The failure of David Kocieniewski to point out this salient fact alone betrays his utter unprofessionalism and bias, and is particularly emblematic of the shockingly shoddy excuse for journalism that his piece represents.
Via Huck.
Yeah well, if there wuz no speculators then there would be no futures markets……and eventually no producers nor buyers.
Both producers and buyers need stable markets, to stabilize supply.
Anybody who doesn’t grasp this is a moron, that has never met a payroll, nor had to cover orders. Ya know, the Phils of the world.