Mike Masters Testimony To Senate Ag
The Senate Agriculture Committee held a hearing on “Regulatory Reform and the Derivatives Markets” on June 4, 2009. Mike Masters submitted a detailed blueprint for exactly what should be done to protect the American people from another financial system collapse and another excessive speculation bubble in food and energy prices.
Click for TESTIMONY
Unfortunately you cannot link directly to the Hearing’s page but I would recommend watching the video from the hearing and/or reading the written testimonies of the witnesses (many of whom were quite good).
[...] These are the results, said energy trader Michael Masters, in his June 2009 testimony to Congress, calling for regulation of speculation: When speculators become dominant in the market for derivatives on consumable commodities, the supply- and demand-based trading of physical commodity producers takes a back seat to the high stakes trading of speculators as they attempt to out trade each other. [...]