Michael Giberson The Washington Post has a confused-but-useful article on hedge funds on this morning’s front page. From the second paragraph: Hedge funds hold unparalleled sway over the financial markets, as confirmed by the recent unraveling of $20 billion in Bear Stearns funds. Portrayed as the new masters of the universe by author Tom Wolfe, …
Another Confused-But-Useful Newspaper Story on Hedge Funds Read More »
Michael Giberson According to the New York Times, Institutional Investor’s Alpha magazine is coming out today with its annual list of the the top 25 hedge fund earners. Cue the weeping, wailing, and gnashing of teeth: “There is some question as to what the hell they are doing that is worth” that kind of money, …
Michael Giberson In letters to the chairmen of FERC and the CFTC, Senator Jeff Bingaman asks what actions the agencies have taken in response to recent episodes of natural gas price volatility. Particularly of concern to the Senator were allegations of manipulation of the NYMEX gas futures contract price at the end of August 2006. …
Michael Giberson A detailed investigative report published last month by industry newsletter Inside FERC’s Gas Market Report suggests that a Texas intrastate gas pipeline company may have systematically attempted to manipulate spreads between physical and financial gas contracts trading at the Houston Ship Channel pricing point. The intrastate gas transportation market in Texas is lightly …
Allegations of Gas Market Manipulation in Texas Don’t Impress Read More »
Michael Giberson Predictably, in the wake of the Amaranth blow up that became public last week, a few politicians and editorialists are calling for increasing regulation of investment pools. The New York Times, despite laying out a few of the salient facts in the editorial itself and having access to other pertinent information in the …
Why Anxiety? The NYT Editorializes for Hedge Fund Regulation Read More »
Michael Giberson Speaking of “hedge” funds, how about those folks at Amaranth Advisors LLC? As of a few weeks ago, they were up to about $9 billion in assets. One 32-year old trader alone was up $2 billion for the year. Who are these financial wizards? From the Amaranth web site: Amaranth’s investment professionals deploy …
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