Seeking Alpha Article The Oil Casino: SEC Heading for Monte Carlo, Part I

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Ken C's picture
Ken C
Status: Platinum Member (Offline)
Joined: Feb 13 2009
Posts: 753
Seeking Alpha Article The Oil Casino: SEC Heading for Monte Carlo, Part I

An interesting read here about new SEC rules that will change the way  the oil industry  identifies "proved reserves" - kind of link "mark to fantasy".

http://seekingalpha.com/article/174575-the-oil-casino-sec-heading-for-mo...

When an entire industry goes haywire, like the "toxic asset" meltdown that almost killed commercial banking and made rating agencies look like sell-side hookers, investors want to know: What the hell went so horribly wrong?

The answer is straightforward. Statistical rocket science wrongly predicted a AAA happy meal from diseased meat, lean tails, and worthless guarantees. Something similar is happening now (very quietly, almost stealthily) in the energy sector.

DrKrbyLuv's picture
DrKrbyLuv
Status: Diamond Member (Offline)
Joined: Aug 10 2008
Posts: 1995
Re: Seeking Alpha Article The Oil Casino: SEC Heading ...

Good grief....every market has become a charade

Thanks for the post kenc.

Larry

 

 

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