As Oil Spiked, Many Traded; (News Story)
August 18, 2011
The CFTC compiled a list of investors that placed large bets on oil prices before crude hit record highs in 2008. The list was dominated by banks, including Goldman Sachs and Morgan Stanley, but it also included corporate icons, foreign pension funds and a few surprising members. The list, which offers a rare glimpse of the secretive world of oil trading investments tied to millions of barrels of oil in 2008 were held by a diverse group of at least 219 investors.
The list could fuel calls for a crackdown on oil speculators, a label critics apply to those who trade in oil but don't use or produce it.
Cross References: Dodd-Frank Section 737