Cota & Cota President Sean Cota, Sen. Maria Cantwell, Advocates Call for End to Reckless Speculation, Rebuild the Real Economy
Americans for Financial Reform, the Commodities Markets Oversight Coalition Band Together to Put Wall Street Cops Back on the Futures and Derivatives Beat, Close Loopholes That Fostered Financial Meltdown.
Bellows Falls, VT, February 05, 2010 --(PR.com)-- On Wednesday, February 3 at 1 p.m. in Dirksen Senate Office Building Room G11 business interests ranging from heating and motor fuels retailers to farmers, manufacturers, trucking companies and airlines, will join U.S. Senator Maria Cantwell in calling on Congress to stand up to the big banks and get serious about controlling the casino that has become our commodities market.
Under current law, certain kinds of complex financial transactions and trading in vital energy and agricultural commodities take place with no transparency and without any Federal oversight. These include the credit-default swaps on mortgage -backed securities that fueled the housing bubble and brought down AIG; as well as speculative trading that helped create massive bubbles in a range of consumer goods, from gasoline, heating oil and natural gas to wheat, cotton and other commodities.
“While big banks claim they support reform, they are working to ensure exemptions from any real accountability and from requirements that their trading be conducted on transparent environments. It’s time to crack down on practices that drive up prices on our food and gasoline and put all of our economic futures at risk,” said Heather Booth, executive director of American for Financial Reform.
“Dark markets encourage volatility and uncertainty, and open the door to manipulation and excessive speculation. It makes it difficult for businesses to hire with confidence that they will be able to keep their workers employed and to insulate their businesses and consumers from risk. Irrational price increases caused by unrestrained market speculation hurts sales on the business end and wallets on the consumers end. Everyone loses - except the speculators. It’s time to close this casino," said James Collura, a spokesman for the Commodity Markets Oversight Coalition.
Sean Cota of Cota & Cota, Inc., Bellows Falls, VT, will highlight the need for Congress to give the Commodity Futures Trading Commission (CFTC) the tools necessary to apply aggregate position limits across all exchanges and to facilitate the risk management of clearinghouses by requiring all over-the-counter (OTC) energy derivatives to clear through a regulated exchange. Cota will also highlight that petroleum marketers and heating fuels dealers strongly support the free market, however, the futures market needs regulation to ensure that no one dominant entity controls the marketplace. The establishment of aggregate position limits will help prevent purely financial trades from overwhelming the finite energy commodity marketplace and will bring stability to the market.
Cota & Cota, Inc. is a third generation Vermont family owned home heating provider in southern Vermont and southwestern New Hampshire. Cota & Cota, Inc. also provides complete plumbing and heating services. We are proud of our Vermont heritage and the effort we have put forth since 1941 to gain your confidence in us. We are committed to continue our best efforts on your behalf.
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Under current law, certain kinds of complex financial transactions and trading in vital energy and agricultural commodities take place with no transparency and without any Federal oversight. These include the credit-default swaps on mortgage -backed securities that fueled the housing bubble and brought down AIG; as well as speculative trading that helped create massive bubbles in a range of consumer goods, from gasoline, heating oil and natural gas to wheat, cotton and other commodities.
“While big banks claim they support reform, they are working to ensure exemptions from any real accountability and from requirements that their trading be conducted on transparent environments. It’s time to crack down on practices that drive up prices on our food and gasoline and put all of our economic futures at risk,” said Heather Booth, executive director of American for Financial Reform.
“Dark markets encourage volatility and uncertainty, and open the door to manipulation and excessive speculation. It makes it difficult for businesses to hire with confidence that they will be able to keep their workers employed and to insulate their businesses and consumers from risk. Irrational price increases caused by unrestrained market speculation hurts sales on the business end and wallets on the consumers end. Everyone loses - except the speculators. It’s time to close this casino," said James Collura, a spokesman for the Commodity Markets Oversight Coalition.
Sean Cota of Cota & Cota, Inc., Bellows Falls, VT, will highlight the need for Congress to give the Commodity Futures Trading Commission (CFTC) the tools necessary to apply aggregate position limits across all exchanges and to facilitate the risk management of clearinghouses by requiring all over-the-counter (OTC) energy derivatives to clear through a regulated exchange. Cota will also highlight that petroleum marketers and heating fuels dealers strongly support the free market, however, the futures market needs regulation to ensure that no one dominant entity controls the marketplace. The establishment of aggregate position limits will help prevent purely financial trades from overwhelming the finite energy commodity marketplace and will bring stability to the market.
Cota & Cota, Inc. is a third generation Vermont family owned home heating provider in southern Vermont and southwestern New Hampshire. Cota & Cota, Inc. also provides complete plumbing and heating services. We are proud of our Vermont heritage and the effort we have put forth since 1941 to gain your confidence in us. We are committed to continue our best efforts on your behalf.
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Contact
Cota & Cota, Inc.
Andrew Ensminger
(802) 886-3200
www.cotaoil.com
Andrew Ensminger
(802) 886-3200
www.cotaoil.com
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