Deja Vu all over again
Topics:
– 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
References: https://www.justice.gov/opa/pr/vitol-inc-agrees-pay-over-135-million-resolve-foreign-bribery-case | https://www.cftc.gov/MarketReports/StaffReports/index.htm
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