Amaranth Deal Approved At Highest Levels Of Citadel

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Citadel's acquisition of Amaranth's energy portfolio was approved by the Chicago-based hedge fund's founder Ken Griffin himself. Speaking to a group of potential investors on a conference call this afternoon, the Griff revealed that he personally approved the transaction in which Citadel and JPMorgan teamed up to acquire the energy portfolio that had resulted in a meltdown at Amaranth. Other top people at Citadel also reviewed the transaction, including the head of the fund's energy trading group and a sub-set of the firm's eleven-member management comittee.
Until now it wasn't known how far up the chain the Amaranth transaction had to go. The answer is: all the way. So those of you who thought the Griff spent his time contemplating his fancy art collection now know, at the very least, that the collection includes Amaranth's energy portfolio.
We're listening to the Amaranth conference call right now. Probably have more to say on this later.

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