[MNJohnnie]

So SAJ, good move, bad move, irrelevant move?

[SAJ]

I'd have to rate this as a very good move, **IF** CFTC follow through on this. As you know perfectly well, the mere announcement that goobermint are going to ''do'' something is certainly not the same thing as their getting it done.

There's not a doubt in the world that investment banks, starting with GS, are using their artificial status as ''commercials'' (which class of trader is exempt from position limits) along with the infamous ''swaps exemption'' to game various mkts in concert with a number of pension funds. I can see no reason why A) GS, and investment banks generally, should be classed as commercials, because they are not hedgers and do not use the futures mkts for insurance purposes, and B) the ''swaps exemption'' should be allowed to continue, because it serves no broad economic purpose that I can see.