Capitol Hill Gets All Gassy

Author:
Publish date:
Updated on

Sometimes when one door closes, another opens. And sometimes just when you try to crawl out, they pull you back in.
So even if Brian Hunter is ready to open his own hedge fund shop, not everyone is moving on so quickly. (By the way, if you’ve got a copy of the Solengo prospectus, please send it our way! Your anonymity is guaranteed!) Specfically, a US Senate probe into the natural gas futures market has reportedly unleashed a tidal wave of information from all over the market about experiences with market manipulation and regulatory proposals.
After Amaranth’s trading woes came to light, there were lots of allegations of market manipulation floating around Wall Street. Mysterious firings of prominent traders from big banks, rumors of breached Chinese Walls and talk about a “hit on the kid” were passed back and forth like a dusty mirror in this guy’s dorm room.
Wall Street has moved on but now the mirror has been passed to Capitol Hill, according to Platts news service.
Platts, which has done some of the best reporting on the Amaranth collapse, writes that lots of people have been talking to lawmakers and their cronies about the energy trading biz.

The amount of information submitted unsolicited to the committee is "enormous and surprising," the spokesman said, and came from a wide variety of
sources.
"Wall Street, hedge funds, big financial players," were just some of the bodies communicating directly with the committee, the spokesman said, but he declined to name names.


US Senate energy panel 'flooded' with market monitoring feedback
[Platts]

Related