The commodity futures market has been beset by large-scale market manipulations since its beginning. This article chronicles these manipulations to show that they threaten the economy and to demonstrate that all attempts to stop these manipulations have failed. Many commentators suggest that a redefinition of "manipulation" is the solution. Markham argues that enforcement of a redefined notion of manipulation would be inefficient and costly, and would ultimately be no more successful than earlier efforts. Instead, Markham argues for a more active Commodity Futures Trading Commission empowered not only to prohibit certain activities which, broadly construed, constitute manipulation, but also to adopt affirmative regulations which will help maintain a 'fair and orderly market." This more powerful Commission would require more resources than the current CFTC, but Markham argues that the additional cost would be more than offset by the increased efficiencies of reduced market manipulation
Jerry W. Markham,
Manipulation of Commodity Futures Prices-The Unprosecutable Crime,
Yale J. on Reg.
Available at: http://digitalcommons.law.yale.edu/yjreg/vol8/iss2/2