Summary
WASHINGTON, DC (HedgeWorld.com) - The Senate Permanent Subcommittee on Investigations released a report this morning [June 25] on the "Excessive Speculation in the Natural Gas Market," which could as well have been named "The Lessons of Amaranth" as it investigated the various steps that led to the biggest hedge fund blow-up in history and called for more transparency in the energy markets.
The 135-page paper was prepared in conjunction with the hearings on the same topic to be held by the subcommittee today [June 25] and July 9. It was written by Carl Levin (D-Mich), chairman of the subcommittee and Norm Coleman (R-Minn.), ranking minority member.See the full content of this document
Extract
Senate Report Examines Amaranth Downfall
The report disclosed the results of a nine-month investigation on the September collapse of Amaranth Advisors LLC, the famed hedge fund heavily invested in natural gas futures contracts that lost $6.5 billion in a matter of weeks due to the size of its positions and its leverage. According to the findings, speculation w...
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