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LEVIN-ENERGY MARKETS
(2007-07-31)
(wgvu) - MICHIGAN SENATOR CARL LEVIN SAYS CONGRESS
NEEDS TO CLOSE THE SO-CALLED "ENRON LOOPHOLE" AND REQUIRE THE
GOVERNMENT TO REGULATE ELECTRONIC COMMODITY EXCHANGES TO PROTECT
CONSUMERS FROM VOLATILE ENERGY PRICES.
LEVIN SAYS HE'LL INTRODUCE LEGISLATION IN RESPONSE TO
SPECULATIVE TRADING BY AMARANTH ADVISORS, WHICH COLLAPSED LAST YEAR
AFTER LOSING MORE THAN SIX (B) BILLION DOLLARS IN NATURAL GAS
TRADES.
THE DEMOCRAT SAYS THE SPECULATIVE BETS WERE PARTIALLY TO BLAME
FOR HIGH NATURAL GAS PRICES LAST WINTER THAT HURT CONSUMERS, LOCAL
UTILITIES AND SCHOOL DISTRICTS.
AN INVESTIGATION FOUND THAT AMARANTH SHIFTED ITS ACTIVITIES TO A
DIFFERENT EXCHANGE IN ORDER TO AVOID TRADING LIMITS.

(COPYRIGHT 2007 BY THE ASSOCIATED PRESS. ALL RIGHTS RESERVED.)

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