I reported on the poor timing of the increase in exchange and data fees by CME Group two weeks ago but the full impact, particularly of the data fees, is just coming into focus and market participants are seeing sticker shock.
When individuals are not held accountable for misdeeds, problems created from those misdeeds are associated with the underlying structure. And in this case, the underlying structure -- the regulated futures market -- has proven itself over the years.
In the face of escalating gas prices, the oil patch, their allies and Wall Street are counting on your ignorance permitting them to pick your pockets, spoon-feeding you nonsense while they cash in massively.
The days of the Commodity Exchanges functioning as casinos should be brought to a cataclysmic halt by forceful government action serving the interests of the public's well-being and sane economic policy.
Will it be a serious and searching probe of the malevolent formation of prices in the oil industry, costing American and world consumers billions, or just a cursory headline in the manner of the now discredited 'The Oil and Gas Price Fraud Working Group.'
The Dodd-Frank rulemaking process, now in its fourth year, has been so long, wonky and arcane that it has entirely lost the interest of the public and the press -- as perhaps was the plan of its detractors.