Ex-Regulator Urges DOJ To Probe Wall Street Oil Speculation

Law360, New York (April 5, 2012, 4:16 PM EDT) -- A former futures regulator pressed the U.S. Department of Justice on Wednesday to prosecute Wall Street speculators for manipulating the market for oil and driving up the price of gasoline for their own profit.

Michael Greenberger, a law professor at the University of Maryland and former markets director at the U.S. Commodity Futures Trading Commission, said at a House Democratic Steering Committee meeting that speculators were no longer serving their purpose to provide liquidity in the energy markets and were instead recklessly betting on rising oil...
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