The Difference Between the SEC Handling of Heinz and Washington’s Handing of the Leak of the SPR in Oil is….
the SEC took action. Below is an email sent to a contact in the White House on June 24, 2011 telling the President exactly how to find out which companies might have had inside information. A contact in the White House was working on the jobs council. I had also spoken with him about the run up in gas prices. I realized that, after speaking with him for over 30 minutes, he didn’t understand what I was talking about. It was clear when he asked me how lower gas prices would add to the job market. I asked him to direct me to the correct people, and I never heard back from him:
From: David Greenberg [mailto:dgreenberg@
Sent: Friday, June 24, 2011 4:42 PM
To: John —O@treasury.gov
Subject: Spr front running. Cftc
Please tell the President that if the CFTC wants to see if there was a leak of news of the SPR information, they need to contact the CME get the crude oil globex records and all orders should have a time stamp- account number and clearing house. This is an easy one- —
Also please look at this link from CNBC http://www.greenbergcapital.
As far as ideas for jobs when the administration starts a mandate that all buses and trucks run on natural gas. We could start building a network of natural gas stations and terminals across the country. This would help the energy crisis – put people to work, and help the country stay green.
President Obama had just made the Statement after the massive sell off a moment before the announcement of the SPR release. The President announced he was going to find out who had the information and go after the speculators who are driving up the world’s oil prices.
The CFTC was one of the agencies that was placed in charge of finding out the information.
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