The Enron Loophole: How McCain Is Not Helping The Pain at the Pump

Obama2008 · #1 (**permalink**) 06-19-2008, 02:53 PM

The Enron Loophole is being charged with being responsible for a 20-25 dollar raise in oil costs.

ABC News Reported On The Loophole, and The recent Farm Bill's attempt to close the loophole...a bill McCain voted AGAINST, Obama voted FOR and Bush VETOED. The Veto has now been overturned, but the ability of the Enron Loophole to continue existance is still up in the air.

http://blogs.abcnews.com/politicalra...ess-seeks.html

Quote:

Congress Seeks to Close the 'Enron Loophole'
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Share May 15, 2008 1:22 PM

ABC News' Z. Byron Wolf reports: Ken Lay has been dead almost two years and Jeffrey Skilling is several years into his 24 year prison sentence, but one legacy of the Enron era lives on.

It’s the "Enron loophole," which exempts energy speculators who make trades electronically from US regulation. Some argue that the unregulated energy speculation, codified in 2000, can account for $20 to $25 in the jump in oil prices.

But now, 8 years after energy traders were able to push legislation exempting their electronic trades of energy futures from US regulation, a measure in the Farm Bill aims to close the loophole and subject futures trades made electronically inside the United States to US law.

“This bill is really our best bet to deter unscrupulous traders from manipulating energy prices and engaging in excessive speculation. This has been a long, hard road – and this is a major legislative victory," Said California Democrat Sen. Dianne Feinstein after the Senate passed the underlying Farm Bill on a broad, bipartisan basis.

Specifically, according to her office, the bill would "require electronic energy traders to provide an audit trail and record-keeping, monitor for market manipulation, and increase financial penalties for cases of market manipulation and excessive speculation."

Also, here is a Keith Olbermann comment on the Enron Loophole. We all know that Olbermann leans to the left, however, attacking his liberalism DOES NOT discredit the research and evidence he provides. It is a very well done analysis and progression to how the Enron Loophole is supported by McCain in various areas.

YouTube - John McCain's Connection to Big Oil...

rodrigu3 · #2 (**permalink**) 06-20-2008, 06:15 AM

very interesting - what's Hillary's voting record on this?

JLB · #3 (**permalink**) 06-20-2008, 08:40 AM

Quote:

Originally Posted by Obama2008

The Enron Loophole is being charged with being responsible for a 20-25 dollar raise in oil costs.

ABC News Reported On The Loophole, and The recent Farm Bill's attempt to close the loophole...a bill McCain voted AGAINST, Obama voted FOR and Bush VETOED. The Veto has now been overturned, but the ability of the Enron Loophole to continue existance is still up in the air.

http://blogs.abcnews.com/politicalra...ess-seeks.html

Also, here is a Keith Olbermann comment on the Enron Loophole. We all know that Olbermann leans to the left, however, attacking his liberalism DOES NOT discredit the research and evidence he provides. It is a very well done analysis and progression to how the Enron Loophole is supported by McCain in various areas.

YouTube - John McCain's Connection to Big Oil & The Enron Loophole

The electronic trades are made on foreign exchanges in Europe. America has no legal right to regulate the European financial markets, and that is why all thinking people are against this red herring bill.

glitch · #4 (**permalink**) 06-20-2008, 08:55 AM

Quote:

Originally Posted by Obama2008

The recent Farm Bill...a bill McCain voted AGAINST, Obama voted FOR and Bush VETOED.

A prime example of some of the worst corporate pork ever!!

Obama2008 · #5 (**permalink**) 06-20-2008, 09:27 AM

Quote:

Originally Posted by JLB

The electronic trades are made on foreign exchanges in Europe. America has no legal right to regulate the European financial markets, and that is why all thinking people are against this red herring bill.

No. Did you watch the video? Before the Enron Loophole, there were regulations on futures trading. After, there were not. Did you watch the part of the congressional testimony? You might want to listen to the man, he knows what he's talking about...and is warning all of us of the implications of not closing the loophole.

Obama2008 · #6 (**permalink**) 06-20-2008, 09:28 AM

Quote:

Originally Posted by rodrigu3

very interesting - what's Hillary's voting record on this?

Not positive, but I believe she voted for the Farm Bill, becuase it overturned Bush's veto.

However, I am not sure whether the loophole was closed with the less progressive Farm Bill (So they could court the necessary 3/4 vote)

Obama2008 · #7 (**permalink**) 06-20-2008, 09:29 AM

Quote:

Originally Posted by glitch

A prime example of some of the worst corporate pork ever!!

Corporate Pork? Ask McCain about his Arizona Real Estate connections....oh thats right, they don't like to talk about those.

Come live in Arizona for a year, you hear alot about the Senator.

glitch · #8 (**permalink**) 06-20-2008, 09:35 AM

Quote:

Originally Posted by Obama2008

Corporate Pork? Ask McCain about his Arizona Real Estate connections....oh thats right, they don't like to talk about those.

Come live in Arizona for a year, you hear alot about the Senator.

So somehow something McCain did in Arizona justifies this awful pork monstrosity?

JLB · #9 (**permalink**) 06-20-2008, 09:37 AM

Quote:

Originally Posted by Obama2008

No. Did you watch the video? Before the Enron Loophole, there were regulations on futures trading. After, there were not. Did you watch the part of the congressional testimony? You might want to listen to the man, he knows what he's talking about...and is warning all of us of the implications of not closing the loophole.

There are still regulations on futures trading. I am a licensed investment advisor, and trade for a living, so I know far more about this than Obama.

Obama2008 · #10 (**permalink**) 06-20-2008, 09:37 AM

Quote:

Originally Posted by glitch

So somehow something McCain did in Arizona justifies this awful pork monstrosity?

No, this farm bill gives relief and support to America's heartland. And closes a loophole to allow relief at the pump.

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