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Examples
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Spread trades, or bets that the price difference between a set of futures contracts will change, are a popular tool among gas traders, and it was the souring of such positions that led to Amaranth's collapse in 2006.
FERC Fines Former Trader $30 Million for Manipulating Gas Markets Naureen S. Malik 2011
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FERC's market-manipulation probe stemmed from $6 billion in losses Mr. Hunter racked up trading gas futures while he was Amaranth's lead energy trader.
FERC Fines Former Trader $30 Million for Manipulating Gas Markets Naureen S. Malik 2011
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Amaranth's 2009 settlement with FERC also resolved CFTC complaints against the firm related to its collapse, the agencies said at the time.
FERC Fines Former Trader $30 Million for Manipulating Gas Markets Naureen S. Malik 2011
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Amaranth's collapse also sparked an investigation by the Securities and Exchange Commission, but the agency dropped its three-year investigation into the hedge fund in 2009 without bringing any enforcement action.
FERC Fines Former Trader $30 Million for Manipulating Gas Markets Naureen S. Malik 2011
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Amaranth's collapse was the biggest in the hedge-fund industry to that date.
FERC Fines Former Trader $30 Million for Manipulating Gas Markets Naureen S. Malik 2011
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The natural-gas bets gone awry were made by former trader Brian Hunter, who is still being investigated by the CFTC for alleged manipulation and whose case wasn't affected by Amaranth's CFTC settlement.
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At the time, energy traders and experts feared that the unwinding of Amaranth's energy positions, the remains of which were taken over by J.P. Morgan Chase
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But rather than chew over Amaranth's particulars, I'd like to show you the big picture: how hedge funds work and why the people running them can have different motivations than their investors do.
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If there's a good side to Amaranth's implosion, it's the embarrassment suffered by the state and city pension funds that put money into it.
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It looks like typical financial excess: energy traders in Calgary, Canada, more than 2,000 miles from Amaranth's home office in Greenwich, Conn., blew the fund.
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