Oppenheimer's Fidel Gheit Says Goldman Sachs, Morgan Stanley Manipulating Oil Market
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Discussing the oil and gas market on Bloomberg Television Wednesday, Oppenheimer's Fadel Gheit claimed that Goldman Sachs (NYSE: GS) and Morgan Stanley (NYSE: MS) are manipulating the markets.
Gheit said these were the same people in 2008 that were making a bet on $200 oil.
"The interpretation will be left to the market. It is a self-fulfilling prophecy. They can invent reasons why oil prices go to $130 or $150, but history has shown that these people are able to move markets. It is not Exxon or BP or Shell that moves the oil markets. It is the financial players. It is the Goldman Sachs, the Morgan Stanley, all of the other guys. It is a shame on the government that allows them to get away with that," Gheit said.
Gheit said it not illegal, but also said "The government has a responsibility to slap them hard."
Gheit claims commodity speculation is a big business on Wall Street, especially with other businesses doing poorly.
Video:
Gheit said these were the same people in 2008 that were making a bet on $200 oil.
"The interpretation will be left to the market. It is a self-fulfilling prophecy. They can invent reasons why oil prices go to $130 or $150, but history has shown that these people are able to move markets. It is not Exxon or BP or Shell that moves the oil markets. It is the financial players. It is the Goldman Sachs, the Morgan Stanley, all of the other guys. It is a shame on the government that allows them to get away with that," Gheit said.
Gheit said it not illegal, but also said "The government has a responsibility to slap them hard."
Gheit claims commodity speculation is a big business on Wall Street, especially with other businesses doing poorly.
Video:
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