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Comment for Proposed Rule 75 FR 4143

  • From: Irv Engel
    Organization(s):

    Comment No: 10976
    Date: 4/14/2010

    Comment Text:

    10-002
    COMMENT
    CL-01976
    From:
    Sent:
    To:
    Subject:
    [email protected]
    Wednesday, April 14, 2010 1:34 AM
    secretary
    Proposed Speculative Position Limits on Energy
    Irv Engel
    22452 Bywater Rd
    Lake Forest, CA 92630-3010
    April 14, 2010
    David Stawick
    Secretary, Commodity Futures Trading Commission
    Three Lafayette Centre
    1155 21st Street, NW
    Washington, DC 20581
    Dear Mr. Stawick:
    I am writing in support of the CFTC's Proposed Federal Speculative
    Position Limits that will reestablish speculative position limits on maj or
    energy commodities. This rule will provide stability to the marketplace
    and help prevent future price bubbles.
    The CFTC must quickly approve a strong rule to protect America's
    struggling economy. Wall Street's speculative trading in oil not only
    hurts the economy, but hurts every American who pays excessive prices at
    the pump, for groceries, home heating oil and everything related to
    transportation.
    Our tax dollars were used to bail out large Wall Street firms when they
    were on the brink of bankruptcy. It is these same institutions that
    pushed the price of gasoline well past $4 per gallon in 2008 by gambling
    on oil and continue to profit at every American's expense.
    Sincerely,
    IrvEngel
    949 458 8732