Saturday, June 28, 2008

The people behind the spike in gasoline prices; Sprecher, Peniket, Sproeser, Cohn and Blankfein

Meet the people who have been making untold billions of dollars off gasoline pump prices by artificially inflating the price of a gallon of gas. Each day, the world uses around 86 million barrels of oil, yet over ONE BILLION barrels of oil are traded each and every day.

Barrels of oil are bought and sold, bought and sold, bought and sold, etc. an endless number of times between these financial shapries, all for the purpose of making a handful of commodity speculators wealthy beyond your wildest dreams.

And who's one of the biggest vultures, smacking its lips as it waits for fresh carrion? The former haunt of Treasury Secretary Paulson, Goldman Sachs.

Interesting enough, the Old World vultures (family Accipitridae), are sub-classified as Gyps. No kidding. that's the scientific name for these modern day predators.

At Goldman Sachs, you have Accipitradaes with names like Jon Winkelried. Gary D. Cohn, Stephen Friedman and Lloyd C. Blankfein.

This means that before you fill up your car's fuel tank, each and every barrel of oil has been bought and sold around FOURTEEN times, according to Senator Maria Cantwell, ( D-WA).

Who are some of the other gas station vultures?

There's Jeffrey C. Sprecher, who is the founder of IntercontinentalExchange (NYSE: ICE), serving as the company's Chief Executive Officer since its inception in May 2000 and as Chairman of the Board since November 2002.

2002 was about the same time gasoline prices began their stratospheric rise to the budget busting, hold a gun to your head prices of today.

What's ICE?

IntercontinentalExchange® (NYSE: ICE) operates global commodity and financial products marketplaces, including the world’s leading electronic energy markets and soft commodity exchange. ICE’s diverse futures and over-the-counter (OTC) markets offer access to contracts based on crude oil and refined products, natural gas, power and emissions, as well as agricultural commodities including cocoa, coffee, cotton, ethanol, orange juice, wood pulp and sugar, in addition to foreign currency and equity index futures and options.

Nice, ICE. Not only do they dabble in oil futures, but natural gas and FOOD. Anyone who does the grocery shopping for the family can tell you food prices are going up as fast as oil prices.

Then, there's David J. Peniket. Mr. Peniket served as Director of Finance of the IPE, a position he assumed in May 2000. Before joining the company in 1999, Mr. Peniket worked for seven years at KPMG, where he trained as an accountant and was a consultant in its financial management practice.

Whoa. KPMG?? As in the KPMG that had to pay a record $456 million dollars in August of 2005 for criminal violations related to a tax shelter fraud case? Yep, they're one and the same.

WASHINGTON, D.C. - KPMG LLP (KPMG) has admitted to criminal wrongdoing and agreed to pay $456 million in fines, restitution, and penalties as part of an agreement to defer prosecution of the firm, the Justice Department and the Internal Revenue Service announced today. In addition to the agreement, nine individuals-including six former KPMG partners and the former deputy chairman of the firm-are being criminally prosecuted in relation to the multi-billion dollar criminal tax fraud conspiracy. As alleged in a series of charging documents unsealed today, the fraud relates to the design, marketing, and implementation of fraudulent tax shelters.

Rounding out these 21st Century Robber Barons are Judith A. Sprieser and Fred W. Schoenhut

The next time you get bent over at the fuel station, buying some much needed gasoline to be able to make it to work, remember who's bending you over that stump and reaming your ass out till it bleeds.

Just don't ask for any KY Jelly to sooth the pain of impact, since these folks like to drill dry in Mt. Sphincter. There's more money to be made reaming your arse out dry and not spending any money on lubricant.

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