My Mission

To highlight the fact corporate greed continues to dictate our politics. America's biggest issue is lobbying, campaign
finance, and conflicts of interest within the government. If we can fix those problems, everything else will fall in place.

Monday, January 17, 2011

Great Matt Taibbi Comment On Why The Commodities Market Was Opened Up For Pensions and Trusts

I feel like a Matt Taibbi book salesman and I had to share this great comment from his book,
Griftopia: Bubble Machines, Vampire Squids, and the Long Con That Is Breaking America.

"Well," I said, "given that they are volatile (commodities futures), what would be an example of a situation in which it would be prudent for a trust” - something again, that is supposed to be super safe – “to invest in oil futures?”

"Well, um...," he began. "Say... Well, let's say the trust portfolio owns real estate that contains oil, real estate whose value fluctuates with oil prices. Then you might want to buy oil futures as a hedge."

Sounds like the kind of extremely common eventuality that is worth completely revamping the regulatory environment for.

That's classic and so true.

matt taibbi, commodities futures, commodities, goldman sachs, griftopia, taibbi

1 comment:

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