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Response to RepublicansRZombies (Reply #6)

Mon Oct 8, 2012, 12:21 PM

7. This is the article on how the Kochroaches have been manipulating the oil market

http://thinkprogress.org/report/koch-oil-speculation/?mobile=nc

– October 6, 1986: First oil derivative is introduced to Wall Street by traders at Koch. Koch Industries executive Lawrence Kitchen devised the “first ever oil-indexed price swap between Koch Industries and Chase Manhattan Bank.” At the time, such derivatives had been limited to currency markets, and the shift of creating a synthetic financial instrument based on the value of crude oil was revolutionary. For an agreed-upon period, an oil swap is a contract where one party makes payments based on a fixed oil price, and the other party makes payments back based on the changing spot price of oil. In July of 2009, EnergyRisk magazine, a publication for commodity traders, posted a piece exploring the very first oil derivatives and Koch’s role in developing them.

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intheflow Oct 2012 #2
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