The suckiest person/people of the day award today goes to Morgan Stanley. While they work to get rich on oil, they are potentially bringing the rest of the country to the brink of an economic depression.Over the past week, the price of oil has been retreating on the market, closing on Wednesday at under $123/barrel, but with today's historic increase, the price is at a record high of roughly $140/barrel.
Morgan Stanley analysts point to the issue of supply and demand as the cause for the price increase. Keep in mind that oil reserves in the US are at their highest level in 15 years, and that demand has actually dropped over the past two quarters, and has only increased two percent over the last 20 years. More importantly, Morgan Stanley is actually trying to create a supply shortage by stockpiling their own reserves -- reserves they say they won't release until the value of the dollar increases.
Now, how is it ethical or legal for Morgan Stanley analysts to publicly project that the price of oil is going to increase to $150 or $200 a barrel, when they directly benefit from any increase in the cost of oil?
People like this don't just suck, they are morally corrupt and regulations should be put in place to keep them in check.
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