Wednesday, July 25, 2007

Three Cheers for the CFTC! Hip hip hooray!

It's not every day that a guy can really gush about a regulatory agency -- heaven knows, the ones I generally write about tend to suck -- but I am really enthused today about the Commodity Futures Trading Commission.

Today comes word that the CFTC has sued one of the most truly odious characters in hedge fundland -- quite a distinction, that -- the sue-happy, free-speech-oppressing, failed former head of the collapsed Amaranth Advisors hedge fund, Brian Hunter.

As I've mentioned in the past, Hunter has given the expression "junk lawsuits" a new and odious meaning. His new hedge fund, Solengo Capital, has filed a ridiculous lawsuit suing Dealbreaker.com for publishing a marketing brochure.

There's nothing lovelier than seeing a sue-er like Hunter getting a taste of his own medicine, particularly for behavior that is really porcine.

According to Bloomberg, the CFTC's suit charged Amaranth with trying to manipulate U.S. natural gas prices, and sought an injunction against Amaranth and Hunter, who was its chief trader.

The Bloomberg story says
Hunter ``actually bragged about flexing his muscles upon America's natural gas markets,'' said Gregory Mocek, enforcement director for the commission, said on a conference call with reporters today.
So now he can actually brag about being both a sue-er and a sue-ee. In fact, the sound of the latter brings Hunter very much to mind.



© 2007 Gary Weiss. All rights reserved.

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Wall Street Versus America was published by Penguin USA on April 6.
Click here for its Amazon.com listing and here for more information on the book, from my web site, gary-weiss.com.

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