Sunday, March 08, 2009

"U.S. Oil Fund Finds itself at the Mercy of Traders"

My employer has an unwritten policy - they'd rather not see anyone's name in the newspaper. There are exceptions for a couple of people who serve as ambassadors for the firm, but in general, you're encouraged to keep your mouth shut and not make an ass of yourself. I think most investment firms are the same. That's why I was shocked to read this article in Friday's Wall Street Journal, with the following priceless quotes from traders, whose names I have removed but which are present in the article:
"It's like taking candy from a baby," said [name removed] senior vice president at Macquarie Futures

"They are asking to be robbed," said [name removed] managing director of Petromatrix
Look, it may well be true that this U.S. Oil Fund is structured in such a way that sophisticated traders can rip it off, but in this environment, do you want to be the guy quoted in the paper talking about how easy it is to shaft a bunch of mom & pop investors?

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