Intercontinental Exchange (ICE)
Reader comment on: Regulatory Revolving Door
Submitted by J.Johnson (United States), Apr 2, 2010 11:25
Mr. Stoll, you really ought to look into the history of ICE. I think you'd find it very interesting. Among other things, it was created by Goldman Sachs and a few others for the purpose of diverting commodity trading off the traditional exchanges, such as the NYMEX, and concealing, for the most part, what was happening by claiming it was an offshore entity and not subject to U.S. regulators. As information about the huge run up in oil prices to $147 a barrel continues to trickle out, it is clear that ICE played a major role in this manipulation of prices. I don't know what Barney Frank's former employee will be doing there, but, as you note, legislation now under consideration by Frank and Dodd will impact ICE and they obviously want to control that impact as much as they can. It is comical, though, to think of ICE being benefited by transparency in the trading of derivatives when their past activities have benefited from just the opposite. I'll believe it when I see it.
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