Senate Proceeding on Jul 24th, 2008 :: 5:02:10 to 5:04:27
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4:59:44 to 5:02:10( Edit History Discussion )
Speech By: Byron Dorgan

5:01:56 to 5:02:10( Edit History Discussion )

Byron Dorgan: makes precious the sense to me. now, -- mr. durbin: if committee ask the senator from north dakota to yield? mr. dorgan: i would be happy to yieldment mr. durbin: i'd like to ask him a question

5:02:10 to 5:02:23( Edit History Discussion )

Richard Durbin: because he has been a leader in the senate on the question of speculation. and i just wanto say that many of our republican colleagues have come to the floor over the last several days saying virtually speculation's

5:02:10 to 5:04:27( Edit History Discussion )
Speech By: Richard Durbin

5:02:23 to 5:02:33( Edit History Discussion )

Richard Durbin: not the problem. not speculation. and i know the senator from north dakota has ample evidence and many experts behind his position. he and i have joined together with the leadership in coming up with

5:02:33 to 5:02:46( Edit History Discussion )

Richard Durbin: an approach which will try to dampen the fires of speculation which may be driving up oil prices and creating volatility not reflected in the market. and i just want to make sure that the senator from

5:02:46 to 5:02:58( Edit History Discussion )

Richard Durbin: north dakota is aware of what happened today with the commodity futures trading commission. they have charged an oil trading firm with manipulating oil prices. the first complaint to be announced

5:02:58 to 5:03:10( Edit History Discussion )

Richard Durbin: since the regulators began a new investigation into wrongdoing, cftc accused optiver holding, two of its subsidiaries and three employees with manipulation and attempted manipulation of crude

5:03:10 to 5:03:22( Edit History Discussion )

Richard Durbin: oil, heating oil and gasoline futures on the new york mercantile exchange, which is a regulated exchange, i might add. optiver traders amassed large trading positions then conducted trades in such a

5:03:22 to 5:03:36( Edit History Discussion )

Richard Durbin: way to bully and hammer the markets, cftc acting chairman walter luken said. these charges go to the heart of the cftc's core mission of detecting and rooting out illegal manipulation of the markets.

5:03:36 to 5:03:46( Edit History Discussion )

Richard Durbin: i'd just like to say to the senator from north dakota that his leadership on this issue and coming to the floor repeatedly to tell us about the possibility that this was occurring i think has sparked this

5:03:46 to 5:03:56( Edit History Discussion )

Richard Durbin: commission to come to life, at least today, in terms of making these charges. i'm going to leave it story with the senator because i want him to -- to be able to put it in the record every time our

5:03:56 to 5:04:07( Edit History Discussion )

Richard Durbin: republican colleaguesic come to the floor and say speculation's not an issue. it's enough of an issue that there was a criminal charge today against a company for hammering and bullying the market.

5:04:07 to 5:04:17( Edit History Discussion )

Richard Durbin: and i know this is not in the nature of a question but i'd like to ask the senator if he feels that this action by the cftc is an indication of what he's been saying over the last several months?th

5:04:17 to 5:04:27( Edit History Discussion )

Richard Durbin: mr. dorgan: well,do it appears that a federal agency has arisen from the dead. good for the cftc. i've been talking for a long while about the commodity futures trading commission being dead from the

5:04:27 to 5:04:40( Edit History Discussion )

Byron Dorgan: neck up. this is, after all, the regulatory agency that's supposed to weared the striped shirts, have the whistle and call the fouls. this foul apparently is manipulation of the market. we're talking'r

5:04:27 to 5:24:58( Edit History Discussion )
Speech By: Byron Dorgan