Commodity Futures Trading Commission

13 Stories

Obama Picks TARP Honcho to Run Futures Regulator

He'll use speech to advocate for CFTC

(Newser) - President Obama is nominating a top Treasury Department official to run the independent agency that regulates the futures and options market. The White House says Obama will announce the nomination of Timothy Massad to head the Commodity Futures Trading Commission today. For the past three years, Massad has overseen the... More »

Feds Eye Criminal Charges in Libor Scandal

Justice Department building case that could jail bankers

(Newser) - At long last, an investigation into a major financial scandal appears to be going criminal, as the Justice Department is building a case against several banks involved in the Libor rate-rigging scandal . Sources say Justice could file criminal charges against at least one bank by the end of the year,... More »

Suicide Attempt Prompts Broker Fraud Investigation

PFGBest freezes customer accounts

(Newser) - Midsize futures brokerage PFGBest has frozen its customer accounts, after its founder attempted to kill himself—and left a suicide note hinting at financial irregularities. Russell Wasendorf, a 40-year industry veteran, was found in his car outside the company's headquarters yesterday, and is currently in critical condition at a... More »

JPMorgan Pays $20M Slap on Wrist Over Lehman

Regulators fine it $20M for improper lending

(Newser) - Federal regulators have filed their first action related to the momentous, crisis-sparking collapse of Lehman Brothers, but it won't amount to much. The Commodity Futures Trading Commission today filed a civil case against JPMorgan Chase, accusing it of overextending credit to Lehman, the New York Times reports. But JPMorgan... More »

MF Global's Final Days Look Even Shadier Now

Company may have delayed disclosure of missing funds

(Newser) - MF Global’s client accounts may have come up hundreds of millions of dollars short a full four days before the company filed for bankruptcy—and before it notified regulators or anyone else of the problem, sources tell the Wall Street Journal . When the firm filed for bankruptcy on Oct.... More »

FBI Investigating MF Global's Missing Cash

Regulators take an interest as lost money now totals $900M

(Newser) - For some mysterious reason (hint, it’s the missing $700 million ), the FBI and the Commodity Futures Trading Commission are taking a keen interest in MF Global’s collapse. The Bureau is investigating to see if client funds are intact, sources tell the Wall Street Journal , and the CFTC... More »

Regulate, Baby, Regulate; Drilling Won't Solve Much

Only energy industry re-regulation can stop zooming gas prices

(Newser) - President Obama's decision to open up new offshore drilling was a brilliant political move that may or may not harm the environment, Thomas Frank writes in the Wall Street Journal. But if Obama wants to avoid a repeat of the oil price crisis of 2008—that which fueled the "... More »

Feds Consider Limits on Oil, Energy Speculation

Commodity Commission to hold hearings on 'purely financial' energy futures trading

(Newser) - Federal regulators may impose new limits on the amount of energy-futures contracts that speculators can buy, the New York Times reports, an attempt to curb severe price fluctuations in commodities like oil and natural gas. Oil prices swung from $145 per barrel last summer to $33 in December, movement some... More »

Obama Wants to Tame Wild Derivatives Market

(Newser) - President Obama wants to put the so-called dark markets under control, the New York Times reports, seeking congressional approval to regulate the byzantine world of derivatives trading—which played a large role in the current financial mess. In a letter to lawmakers, Treasury chief Timothy Geithner calls for an oversight... More »

Feds Think Bad Data May Feed Oil Spikes

Broad market probe focuses on price-fixing weak spots

(Newser) - Commodity regulators, worried that some companies are manipulating crude oil prices by reporting false numbers on supplies and sales, are conducting a wide-ranging probe focused on energy traders, the Wall Street Journal reports. Sources say a big worry is that firms are falsely reporting oil inventories to create the perception... More »

As Prices Soar, Congress Aims at Speculators

Out-of-control traders may be driving up oil, food costs, pols say

(Newser) - Congress is blaming rampant commodity speculation for rocketing gas and food prices, and berating regulators for letting it happen, the New York Times reports. Unless watchdog groups like the Commodities Futures Trading Commision crack down, Carl Levin says, "we don’t have a cop on the beat.." Joe... More »

Feds Hunt for Scams in Crude Oil Trading

Speculators may be driving up crude by manipulation

(Newser) - Federal regulators are investigating whether rocketing oil prices are being driven up by speculators manipulating futures markets, reports the Wall Street Journal. The nationwide probe involves several separate investigations. Authorities suspect that a widely used price reporting system may be artificially influenced and that some oil storage facilities may be... More »

US Farmers Want Feds' Help on Food Crisis

Skyrocketing prices bring speculators to grocery stores

(Newser) - US farmers asked for federal help yesterday in stemming a tide that has seen speculators hitting grocery stores and consumers hoarding basic foodstuffs, the Washington Times reports. "The public is all too aware of the recent credit crisis on Wall Street," a farmers-union rep said. "We don't... More »

13 Stories