The Sydney Morning Herald reports that the Commodity Futures Trading Commission has filed in US Court for the Southern District of New York a civil enforcement action against Amaranth, accusing the former hedge fund of manipulating natural gas prices. The Amaranth fund bought futures contracts for natural gas in 2006, betting that prices would rise in the cold winter months.
But the winter was not cold, prices fell, and the fund lost over $6 billion.
Also reported on Bloomberg.com.
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