October 15, 2006

Demand to Subpoena Amaranth Trade Records

-- By Pushpa Sathish, Staff Writer

Amaranth’s troubles continue…The hedge fund which lost more than $6 billion in bad bets on the energy market, is being accused of controlling more than half the monthly demand of natural gas in the United States. The Industrial Energy Consumers of America, comprising members such as the U.S. Steel Corporation, the International Paper Company, and the Dow Chemical Company, has asked the Federal Energy Regulatory Commission to subpoena the hedge fund’s trading records.

The group of industrial consumers alleges in reports that Amaranth Advisors LLC controlled 1 trillion cubic feet of natural gas – 54 percent of usage in the US each month. It remains to be seen whether the energy regulatory body will issue the subpoena or not.

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October 15, 2006 in Gossip & Scandal | Permalink




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