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KO: John McCain's Connection to Big Oil & The Enron Loophole

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L. Coyote Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-18-08 10:16 PM
Original message
KO: John McCain's Connection to Big Oil & The Enron Loophole
 
Run time: 09:18
http://www.youtube.com/watch?v=AdRbuUQNcxw
 
Posted on YouTube: June 18, 2008
By YouTube Member:
Views on YouTube: 0
 
Posted on DU: June 18, 2008
By DU Member: L. Coyote
Views on DU: 3201
 
June 18, 2008
MSNBC Keith Olbermann
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The Political Jerk Donating Member (117 posts) Send PM | Profile | Ignore Wed Jun-18-08 10:40 PM
Response to Original message
1. This is a crazy-good piece of journalism.
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Divine Discontent Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-18-08 11:20 PM
Response to Original message
2. very VERY well done - this must be watched and forwarded
I have a list of many emails (hundreds) I'm going to send this to...


New Obama Items Weekly!
www.cafepress.com/warisprofitable
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L. Coyote Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-18-08 11:23 PM
Response to Reply #2
3. Rank, comment, share, and favorite on YouTube too!!! n/t
Edited on Wed Jun-18-08 11:24 PM by L. Coyote
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Divine Discontent Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-18-08 11:33 PM
Response to Reply #3
4. done! this is damning to McSame - we should win in a landslide on THIS alone!
Edited on Wed Jun-18-08 11:40 PM by themartyred
I faved and rec'd it with my 5 accounts. I just wish it didn't have the cartoon at the end, as I'm sending it to hundreds of people who aren't DEMs, along with hundreds who are, and I think, just like how Keith mentioned Obama's one tie to this story at the end, having that cartoon sullies the great story. There was another video where Sen Byrd was speaking so sweetly of his dear friend, and then at the end we heard Dumbya idiotic voice talking about being a dictator.
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annm4peace Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-18-08 11:40 PM
Response to Original message
5. Call your Congress People !!! Call your local media !!! Write letters

You have to watch this clip from Keith Olbermann on McCain Connection to the Enron Loophole.

You have to help stop us from being ripped off with Gas prices.

Call you your reps and ask them questions about this. Call all the local News stations and radio talk shows and ask them questions about the Enron Loophole.

the oil industry and the banks who are profiting for speculating are Lobbying hard with those in Congress and playing ad after ad on TV and Radio to drill.

WE are the only ones who can stop this.
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LSK Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jun-19-08 10:35 AM
Response to Reply #5
13. it was passed in the Farm Bill on May 22 and goes into effect on Sept 30
Edited on Thu Jun-19-08 10:35 AM by LSK
SEC. 13106. PORTFOLIO MARGINING AND SECURITY INDEX ISSUES.

(a) The Secretary of the Treasury, the Chairman of the Board of Governors of the Federal Reserve System, the Chairman of the Securities and Exchange Commission, and the Chairman of the Commodity Futures Trading Commission shall work to ensure that the Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), or both, as appropriate, have taken the actions required under subsection (b).

(b) The SEC, the CFTC, or both, as appropriate, shall take action under their existing authorities to permit--

(1) by September 30, 2009, risk-based portfolio margining for security options and security futures products (as defined in section 1a(32) of the Commodity Exchange Act); and

(2) by June 30, 2009, the trading of futures on certain security indexes by resolving issues related to foreign security indexes.
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badgerpup Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jun-19-08 12:09 AM
Response to Original message
6. K and R
Send this around...it's beyond damning.

Something's gotta wake people up....

:kick:
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democracy1st Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jun-19-08 12:36 AM
Response to Original message
7. K & R
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happygoluckytoyou Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jun-19-08 01:39 AM
Response to Original message
8. SEND THIS and see that your friends are registered to VOTE
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L. Coyote Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jun-19-08 09:40 PM
Response to Reply #8
18. Friends, neighbors, people in grocery lines, everyone everywhere!!!
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phrigndumass Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jun-19-08 03:53 AM
Response to Original message
9. Top-notch explanation ... Speculation needs to stop
That won't happen with a McCain presidency. K/R
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DUlover2909 Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jun-19-08 07:01 AM
Response to Original message
10. Thanks for posting. This is a bombshell.
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Ilsa Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jun-19-08 08:10 AM
Response to Original message
11. Kick and Rec! Thank you so much for posting this. emailed out. nt
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myparodypage Donating Member (19 posts) Send PM | Profile | Ignore Thu Jun-19-08 10:02 AM
Response to Original message
12. Pray at the pump!!!
Check out "What Goes Up (& Up & Up)
on My Parody Page at:

http://myparodypage.blogspot.com

or on YouTube at:

http://www.youtube.com/watch?v=rkLOlzjs0-0
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ladywnch Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jun-19-08 10:51 AM
Response to Original message
14. supposedly the farm bill that Congress just passed yesterday
(overriding bush veto) overturns the 'enron loophole' as referenced in this report.

Let's hope it works to get things back down to normal.
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Mithreal Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jun-19-08 11:34 AM
Response to Original message
15. Hooray for Senator Cantwell. nt
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quantass Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jun-19-08 06:37 PM
Response to Original message
16. kr
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whistle Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jun-19-08 09:17 PM
Response to Original message
17. Sounds like McCain should be impeached....he certainly should not be allowed to
...run for the presidency
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King Coal Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jun-19-08 10:48 PM
Response to Original message
19. This is not "new" news for many of us at DU.
Phil Gramm has been on the Gov't tit all his life. Not only has he drank all the milk, he chewed up the nipple for everyone else.
:bloody_tit:
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tiptoe Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jul-21-08 06:18 AM
Response to Original message
20. TEXT: (for McCain background w recently-resigned economic policy adv, Phil Gramm & Enron Loophole)
Edited on Mon Jul-21-08 06:20 AM by tiptoe

From: John McCain's Connection to Big Oil & The Enron Loophole -- Keith Olbermann, June 18, 2008

Text of Video, (continued from June 18, 2008):

3:17
British Petroleum paid $303 milion to settle charges it cornered the propane market in 2004, inflating heating costs for 7 million American homes.

 

3:26
Two years ago, a Republican Senate report recognized what speculators have done, and blamed the Enron Loophole.

 

3:34
Two weeks ago, the Senate Commerce Committee heard testimony about the Enron Loophole's effect on the price of a barrel of oil.

 

3:41
Michael Greenberger (Fmr. CFTC Dir. of Trading & Markets), June 3 Sen Hearing on Energy Market Manipulation:
"The speculators are not just betting on these futures markets, they're saying 'Gosh, if I can CONTROL the price of heating oil, I'm going to go out and BUY heating oil.' So you have Morgan Stanley is the biggest heating oil owner in New England."

 

3:55
Sen. Amy Klobuchar, D-MN (June 3, 2008):
"The idea is to put the word "Energy" back in, so that we can actually go back to where we were before this -- what Dr. Cooper calls the foolish, but affectionately called "Enron" -- loophole got put into the law?"

 


(Anticipated effect of closing the Enron loophole)

 


4:06
Greenberger:
"Yes. Overnight that will bring down the price of crude oil to get at least a 25% drop in the cost of oil and a corresponding drop in the cost of gasoline...some people estimate 50%."

 


4:17
Mark Cooper (Consumer Federation of America):
"The speculative bubble in petroleum markets has cost the average American household about $1500 in increased gasoline, natural gas and electricity expenditures in the two years SINCE the Senate Permanent Committee on Investigations first called attention to the problem. The Senate knew about this problem two years ago."

 


4:37
John McCain seemed to understand this problem even earlier. In 2002 and 2003 he voted with the minority to close the Enron loophole.

 


4:47
"We're all tainted," by Enron's money, he said. "Enron made a sound investment in Washington. It did them a lot of good. Where they really do well is around the edges, the insertion of an amendment (--the Enron loophole--) into an appropriations bill." (New Yorker, Feb 2002)

 


5:00
But for most of THIS (2008) campaign McCain has offered explanations OTHER than the influence of speculators and remedies OTHER than regulation:

 


5:09
"We can develop alternative energy sources." (McCain, June 9, 2008)

 


5:14
Will alternative energy fix things, without closing the Enron Loophole?

 


5:16
Michael Greenberger (Fmr. CFTC Dir. of Trading & Markets):
"And what's going to happen when you get all this new, clean energy, is the banks are going to go into those markets and rob those guys blind, like they're robbing the gas station owners and heating oil dealers in this country right now."

 


5:30
What about McCain's idea to stop filling America's strategic reserve?

 


5:34
George Soros (Chrmn, Soros Fund Management):
"These institutions, acting as a herd, are accumulating much larger...setting aside much larger reserves than the strategic reserve is. It's a multiple."

 


5:50
John McCain doesn't talk about the Enron Loophole any more. One McCain advisor reportedly said he no longer even has a position on it. And when the bipartisan farm bill SHUT the Enron Loophole last month (2008), John McCain OPPOSED the farm bill, citing its spending levels.

 


6:06
What changed?

 


(Energy loopholes, Phil Gramm and John McCain)

 


6:08
Since 2006 John McCain's top economic advisor has been former TX Senator Phil Gramm, husband of the former CFTC head who then joined Enron. (see pt I)
  • McCain shared Gramm's 1996 Presidential race with Ken Lay as regional chairman.
  • It was Gramm who passed the Enron Loophole, partialy written by Enron itself, with no hearings, with no debate.
  • It was Gramm who stopped Democrats from closing the Enron Loophole.
  • And it was Gramm who became Vice-Chariman at the Swiss financial firm, UBS, in 2002, less than a year after UBS bought the shattered remains of... Enron's energy trading arm.

6:48
Federal lobbying forms reviewed by Countdown show that Gramm lobbied Congress about Commodity Trading Rules in 2006, and that his company -- specifically, his former aide, John Savercool, now a UBS lobbyist -- lobbied the Senate as recently as last year AGAINST 'The Close the Enron Loophole Act' (without actually calling it that).

McCain's finance co-chair, Wayne Berman, lobbied just last year for Chevron and for the American Petroleum Institute AGAINST the Price Gouging Prevention Act. And this year, the lobbying firm for which Berman serves as Managing Director was hired by the New York Mercantile Exchange to lobby AGAINST the 'Close the Enron Loophole Act'.

In fact, McCain's top campaign advisor, controversial lobbyist Charlie Black, was paid 140K by JP Morgan back in 2000 for the SOLE PURPOSE of lobbying Congress to pass the Commodities Modernization Act, the same act that contained the ENRON LOOPHOLE.

 


7:48
McCain skipped this month's hearing on gas prices. But this week, after committee member Maria Cantwell pushed the Bush Administration to investigate, McCain finally changed his tune in public:

"We must reform the laws and regulations governing the oil futures market."

Senator John McCain, however,
    ...still has not mentioned the Enron Loophole
    ...still has Gramm
    ...and Berman
    ...and Black
    ...heading his campaign...writing his economic policy.

 


 
And when Senator Cantwell, sent a letter asking the CFTC to cut off a NEW LOOPHOLE that lets US speculators channel trades UNREGULATED through London and Dubai, John McCain declined to sign it.

 


8:35
Senator Obama, as well, has an advisor who has lobbied for the American Petroleum Institute. Obama reportedly OPPOSED the Enron Loophole and VOTED FOR that Farm Bill that contained a closure of it.

In an email today, the McCain campaign did not address our reporting on his advisors, but pointed instead to his 2003 vote against the Enron Loophole, and said, "Senator McCain's opposition to the farm bill had absolutely nothing to do with this issue, but rather the billions in pork-barrel projects and subsidies in the bill that are sure to do more harm than good for most farmers, consumers and taxpayers."


 
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