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Traders Accused Of Illegal Oil-Play Which Reaped $50m In Profits

Unhappy Trader

The Wall Street Journal reports that the Commodity Futures Trading Commission has charged two traders and their firms of manipulating oil prices in 2008, and reaping some $50m in illegal profits. As the exchange is also seeking triple damages, the traders face a $200m penalty should they be found guilty of wrongdoing.

Wall Street Legends No 2 - Nathaniel Mayer Rothschild

Nathan Rothschild

Nathan Mayer Rothschild (16 September 1777 – 28 July 1836) was a London financier and one of the founders of the international Rothschild family banking dynasty. He was born in Frankfurt am Main, the fourth child of Mayer Amschel Rothschild (1744–1812) and Gutle Schnapper (1753–1849).

A 9/11-Style Crisis In The US Economy On The Way ?

Voltage Sign

David Stockman, budget director under President Reagan, appeared on Bloomberg Television to discuss the latest developments in the deficit / debt debate. Stockman said there is sovereign risk on the debt of the United States and that both political parties in the U.S. are advocating 'de facto default' by pointing fingers at each other.