Deja Vu all over again

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– CFTC interim staff report on negative WTI Futures prices released 11/23/20

– Already causing dissension amongst CFTC commissioners for not being prescriptive enough to point fingers at those who may have benefited

– Reads like a freshman economics book report. “Dog ate my homework.”

– The faustian bargain struck with Algorithms for market liquidity leads to jump events.

– Vitol agrees to pay a record $135MM fine to settle bribery charges in Brazil, Ecuador and Mexico with the US DOJ.

– Charged with FCPA violations stemming from 2008 to 2014 for $8MM bribes paid to fraudulently win fuel oil tenders with NOCs

– Ghost of Marc Rich looms over his children


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