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Senators Blast CFTC for Undoing $30 Million FERC Fine

Joe Mont | October 9, 2014

The ongoing turf battle between the Commodity Futures Trading Commission and Federal Energy Regulatory Commission took another turn this week when a trio of U.S. Senators sharply criticized the former for usurping an enforcement action from the latter and agreeing to a monetary settlement that was a fraction of what was originally intended.

A letter authored by Senators Dianne Feinstein (D-Calif.), Maria Cantwell (D-Wash.) and Carl Levin (D-Mich.) to CFTC Chairman Timothy Massad chides his agency for its recent settlement with Brian Hunter, a former natural gas trader for the now shuttered Amaranth Advisors hedge fund. He was accused of trying to manipulate the price of natural gas futures contracts traded on the New York Mercantile Exchange. Amaranth saw most of its $9 billion in assets evaporate after Hunter’s ill fated...

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