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Michael Masters was just on CNBC.We’ll write up what he says once he’s on(See below), but in case you don’t know who this guy is, he’s a hedge fund manager who lobbies HARD against speculators in the oil market.
Days after he was on Dan Rather’s big report on why gas prices are rising, Obama announced a big initiative to investigate them.
UPDATE: No surprise, the first thing he said is: “We are in a state of excessive speculation in commodities markets.”
Looks like Bill Griffith might be about to slam this guy… UPDATE: Nope, he just didn’t really give him the time of day. Nice!
All Masters really said: Margin requirements hurts little oil traders and big oil traders, so that’s not enough to curb speculation. He wants position limits.