60 Minutes: Oil Prices Manipulated

Munching popcorn, etc.

 

Amazing! And in other news....

 

I have some Jack Daniel's... want some?

 

Sure. I'll chase it with some Jagermeister for this quotage vs. verbiage battle royale.

 

Read my mind....

 

"Yes," Gilligan said. "I tease people sometimes that, you know, people say, 'Well, who's the largest oil company in America?' And they'll always say, 'Well, Exxon Mobil or Chevron, or BP.' But I'll say, 'No. Morgan Stanley.'"

Morgan Stanley isn't an oil company in the traditional sense of the word - it doesn't own or control oil wells or refineries, or gas stations. But according to documents filed with the Securities and Exchange Commission, Morgan Stanley is a significant player in the wholesale market through various entities controlled by the corporation.

It not only buys and sells the physical product through subsidiaries and companies that it controls, Morgan Stanley has the capacity to store and hold 20 million barrels. For example, some storage tanks in New Haven, Conn. hold Morgan Stanley heating oil bound for homes in New England, where it controls nearly 15 percent of the market.

 

Even better, I'll make some of my Fresca bombs.

 

Don't get me started.

 

And you could throw in the Govt handing those Wall Street speculators and investment banks a $700 billion bailout without requiring that they account for where all that taxpayer money goes.