The Mystery of Manipulation
摘要
Even as the case of the egg futures trading worked it way through the regulatory process, Henner and a partner launched another campaign to move futures prices, in this case, in the newer pork bellies futures market. This took the more traditional form of a market corner, In this case, regulators did not act, but many years later, the new Commodity Futures Trading Commission would suggest this was a mistake—even though, in another precedent-setting matter, the Indiana Farm Bureau manipulation case, they would formally reject the egg futures case argument that action proved intent and therefore manipulation to create a false price. The dissents in this case, however, highlighted a critical point: that financial market efficiency is not the same thing as the efficient allocation of resources and income.