The Huffington Post: A Market in Desperate Need of Transparency

September 12, 2013

Mike Lux, September 11 – I have written many, many times about Wall Street and its rotten practices, and how their reckless decisions are hurting families. For years now, we've known that Wall Street had too much influence over government. They could lie, cheat, and steal from millions of working families and not only keep their jobs, but receive bonuses. They could fix prices and markets to work in their favor. And after all their fraud and corruption, the government doesn't send these crooks to jail.

So when I was approached by an odd bedfellows coalition of businesses, environmentalists, and consumer advocates about the strange gyrations going on in the energy markets, and how Wall Street and speculators were driving the cost of energy credits through the roof to screw with the market, I decided to get involved. I have long been an activist in trying to restrain Wall Street's power and an advocate for stronger environmental standards and regulation of corporations, and believe that if we don't stop this blatant manipulation of markets and prices, that we will continue to open the possibility that our economy will be driven into the ditch.

If the 2009 financial crisis taught us anything, it's that market manipulation and speculation is a recipe for disaster. Four years later, we don't seem to have learned our lesson. Wall Street has found another, more obscure, market to manipulate: ethanol credits. Fortunately, the EPA has the power to bring transparency to this marketplace — it just needs to do it.

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