Janis Joplin Essay Essay Example

Janis Joplin Essay Example Janis Joplin Essay Janis Joplin Essay Conceivably Ralph Waldo Emerson was correct and may each piece great hold alluded to Janis Joplin as he was expressing this reference had he lived during Joplin’s cut. With her perish at a juvenile age of 27. it had been a fleeting life the melodic brains Janis Joplin had. We may non cognize whether or non her cousins can state nil about her yet her life has the right to be remembered and I am here to form about it. An articulation into the setting wherein she lived will help give a superior fear of how a mind-blowing class was impacted and came to be the way it was. Janis Joplin is one of the most extraordinary people in the sixtiess. an age viewed as a transformation of sorts. Beginnings On the forenoon of January 19. 1943. Janis Lyn was destined to be the oldest child of Seth and Dorothy Joplin. It was mature ages in this way that she would hold more youthful kin Michael and Laura doing them a white collar class family unit structure of five individuals. Turning up in a modern town called Port Arthur in Texas swarmed with petroleum processing plants. substance workss. factories. also, columns of oil-stockpiling protected battle vehicles with depletes lingering palpably. it wasn’t the best topographic point to satisfy the splendid and theoretical little Janis as there wasn’t much space for exercises and preoccupations. Despite the fact that that was the occasion. she did great in school. holding an extraordinary contribution and fitness for perusing and picture. As a child. she previously had a notoriety for singing as one of the soloists in their congregation ensemble. Fitting to one of her companions. she had been mainstream in Port Arthur as a skilled and tricky little miss. Janis thought of her as youth as similarly charming. It was only at 14 years old. as admitted in a significant number of her different meetings. that she felt like the universe turned on her. That was the clasp she put on weight and had skin break out occupations. employments which implied most than anything for young people. The possible bound of her looks matched seriously with her entrance to the senior secondary school universe where the well known misss were the 1s with great articulations and Janis just fell behind ( Echols. 2000 ) . While at the Thomas Jefferson senior secondary school. Janis took dismissal by chest ( Amburn. 1993 ) . Used to holding going to on her. she began moving out and while she started to have joining in. she even stressed her being unique. She was resolved to keep up the going to on her regardless of whether it was a negative 1. She turned into a hipster miss who might streak her unusual clothes runing from over the-knee skirts. dark or violet leotardss combined with wishing unpredictable and ‘different’ expansive humanistic orders and music. As Echols put it. â€Å"she was keen on going a blemish. an affront to everything the townsfolk trusted in. Without a doubt. Janis was anxious to withstand the same number of cultural shows as she could. This made her folks miserable â€Å"she just changed completely. overnight† refering to her female parent Dorothy. As a minor miss. her resistant mentality was too much that one episode happened influencing the constabulary after she took a drive with her male companions who were overage. This made her significantly more the subject of arrangements and babbles around their Pleasantville of a town. She was much into music and soaking up. moving as though these two things are married. Furthermore, this ever gets her into issue. She was habitually sent to the counselor’s office for rowdiness and assimilating ( Echols. 2000 ) . Her folks were perplexed and felt vulnerable. Joplin’s defiant penchant was steadfast. she simply needed to appear as something else and be allowed to show herself. Much to their dismay that Janis’ insubordinate activities represent the start of an unavoidable cultural upheaval and a â€Å"emerging coevals gap† that was going to come ( Echols. 2000 ) . The reality was: it wasn’t only Joplin ; it was heading out to be a corporate movement. The Sixties was acceptable on its way. The Sixties† . as it is every now and again utilized in well known human progress by certain columnists. historiographers and different academias. has seen many changed persuasive and changing propensities in human advancement and political directions which can be depicted as nil not exactly energizing. ground-breaking. fanatic and even insubordinate. It was a clasp when individuals are trying to interfere with liberated from the solid and traditionalist cultural standards and cultural limitations in chase for single opportunity ( Booker. 1970 ) . One might say that this time of history greatly affects Janis Joplin and farther impacted non only her driving force yet how her full life turned out. Melodic Inclination Music would at last go an enthusiasm for Joplin. Beside singing in their nearby church ensemble. Janis built up her melodic contribution farther in the wake of become friends with a gathering of outsiders as a juvenile. She and this pack would tune in and revere Afro-american Blues inventive people, for example, Leadbelly whose collection was the primary she asserted she ever bought ( Echols. 2000 ) . During senior secondary school she kept tuning in to blues music and tuned in to different blues imaginative people like Bessie Smith. Enormous Mama Thornton and Odetta. Also, much later on. she will get down singing blues and people vocals along with certain companions. duplicating the artists’ Eskimo hound yet heartfelt voices. Amburn. 1993 ) . She at any point had a gut feel about her cantabile capacity however it wasn’t until she imitated Odetta and performed one of her vocals which paralyzed her companions that she affirmed. she so â€Å"has a voice. † Her initial endeavors remembered playing for java houses in their little town. Enrichment. Reputation and Fame In 1963. she left for San Francisco and wound up shacking in North Beach. She other than dared to other topographic focuses like Venice. the Village. New York and Haight-Ashbury geting farther encounters and investigating her music and inventiveness. It wasn’t simply a twelvemonth prior that she began taping her first vocal at a friend’s house and a twelvemonth after she would enter more vocals with her companions Jorma Kaukonen and Martha Kaukonen providing her concomitants. A collection called Typewriter tape will be discharged consolidating seven ways including â€Å"Long Black Train Blues. † â€Å"Nobody Knows You When You’re Down and Out. † â€Å"Typewriter Talk. † Kansas City Blues. † â€Å"Trouble In Mind. † â€Å" Hesitation Blues. † and â€Å"Daddy. Daddy. Daddy† . As the Sixties headway. arranged movements are rising up out of the left and right. The counterculture and cultural unrest was conveying. A well known term developed as the bloom people groups. a young movement portrayed emphatically by a dislodging towards a progressively freed society. It incorporates the oppugning bunches made a movement toward discharge in the public arena. counting sexual upset. inquisitive of approval and specialists. fighting for the opportunity and privileges of the minimized gatherings including Negroes. grown-up females. homophiles. what's more, minorities. The utilization of marihuana. champion. LSD and grouped others medications and tuning in to hallucinogenic music were other than widespread. Janis would non be abandoned and took partition in these movements. Joplin’s waywardness proceeded with great into those mature ages. Around that cut. she expanded her medication use and took on a notoriety as a regular courageous woman client and a rush monstrosity ( Amburn. 1993 ) . She was other than substantial on intoxicant and different alcohols and even occupied with sexual high. In 1965. she was portrayed as skeletal. indeed, even starved because of the impacts of her enthusiasm pill use ( Amburn. 1993 ) . For some clasp. she was persuaded by her companions to go calm and to hold back from medicate utilization. An old companion thus chief Chet Helms of a gathering called Big Brother was pulled in by Joplin’s soul-filled voice. On June 4. 1966. Joplin formally joined the set. Their first open introduction was in San Francisco at the Avalon Ballroom. Her medication utilization was kept under control with the guide of her companions who she lived inside a common level ( Friedman. 1992 ) . They marked an exchange with Mainstream Records on the 23rd of August of 1966. A twelvemonth after. the set discharged their presentation collection by Columbia Records. Joplin and her set a little bit at a time picked up VIP after a few follow-up open introductions incorporating those in Monterey Pop Festival. visual angles in broadcasting, for example, The Dick Cavett Show. She got positive reappraisals from grouped magazines naming her as an amazing vocalist and a surprising grown-up female of stone and pivotal turn. At long last. she would go forward the Big Brother set and went for a performance calling and would in this way sort out a set called the Kozmic Blues and another gathering. which she would name her as her ain called the Full Tilt Boogie Band. In the wake of hindering up again with the set. she recorded a few vocals which would be discharged after her perish and would go the most noteworthy selling collection of her calling. It incorporated the best hit individual †Me and Bobby McGee† . a screen of Kris Kristofferson’s who had been her ex-sweetheart. Janis Joplin passed on October 4. 1970 at 27 years old mature ages. Inheritance Janis Joplin can be considered as the Queen of Rock and Roll in the late sixtiess. She was a music symbol which would follow up on the music scene in the mature ages to come. She was a set up female star who had accomplishment in a male-prevailing music scene. Fans and melodic specialists in like manner would consider her to be as undying and contiunes to follow up on present day twenty-four hours music and inventive people. She other than made parts to the way business. The way she dressed herself had been another road for her self-articulation. In meet after meetings. she would refresh the media of her most recent m

Gattaca examines science, religion, genetic engineering and ethics

By opening the film Gattaca with citations from Willard Gaylin and Ecclesiastes, chief Andrew Niccol welcomes us to consider the strain among science and religion as to the morals of hereditary designing. This strain is additionally continued through the unpredictable relationship of the fundamental heroes Vincent and Eugene, who should at last vanquish their own physical impediments so as to discover â€Å"God†. As the titles run, fingernails, hair strings and skin particles tumble to the ground in moderate movement, offering path to a picture of a youngster enthusiastically cleaning himself. Alongside an upsetting score by Michael Nyman, this over the top urgent conduct adds to the horrifying pictures of hypodermic needles, catheters and medical clinic packs of pee and blood. The shower from which Vincent has quite recently ventured rapidly changes over to a heater (is this paradise or hellfire? ) while the between title â€Å"in the not very removed future† stumbles into our screen. It is a similar youngster, Vincent, who gives a voice-over and our perspective in Gattaca †the germicide setting of a cutting edge space program. Here, somnambulistic representatives dressed as clones move all through an office intended for cold productivity. Note the cool blue channels, bended, sparkling surfaces and, once more, an unconventional distraction with cleaning. Amplifiers invite guests to Gattaca in different dialects exhibiting that, alongside space investigation, hereditary screening has lessened both the centrality and want for worldwide limits. We are now mindful that in this future â€Å"blood has no nationality†. For science currently empowers separation that is definitely more catalyst than basically skin shading. Vincent, a â€Å"God† youngster, is imagined without the assistance of hereditary building and rushes to understand that his physical insufficiencies, specifically an inborn heart condition, will keep him from arriving at his maximum capacity. It is important that the setting where Vincent's origination happens is made â€Å"natural† by the incorporation of sea shores and palm trees. As we stay in flashback to where infant Vincent plays with a toy bunch of molecules (comparable themes are rehashed all through the film), we start to comprehend the bad faith of what this â€Å"brave new world† brings to the table. 'Genoism† †segregation based on hereditary qualities †is unlawful, yet it appears that poor hereditary results, for example, Vincent's forestalls protection spread, which precludes him from pre-school †without a doubt an issue that as of now has some money on the planet we possess today. Be that as it may, in spite of the fact that Vi ncent feels uprooted by his hereditarily unrivaled sibling, Anton (note how he strolls into the edge similarly as Vincent removes his own picture from the family depiction), he is resolved to satisfy his fantasy of room travel. The underlying swimming race where Vincent is beaten by Anton fills in as a plot gadget pre-empting the peak of the film where the two siblings, presently grown-ups, play â€Å"chicken† by and by. Ethereal shots increase an unnerving ocean and, this time, Vincent's triumph. The incongruity is unmistakable as Niccol underlines the focal topic of the film †what comprises a â€Å"valid† person? For doubtlessly Vincent, a â€Å"invalid†, has recently demonstrated that hereditary qualities has little impact over sheer assurance and coarseness. Enter Eugene. Hereditarily faultless however disabled both genuinely and sincerely from a self destruction endeavor (he completed second, not first, in a swimming race), he is persistently contrasted and Vincent, whose hereditary profile directs that he will bite the dust at 30 years old. Eugene is severe and curved while Vincent is resolute and driven. Both, be that as it may, are basically oblivious in regards to what it is that makes them human. Vincent, urgent to cover his personality from Irene, is almost run down on an excitedly bustling thruway, though Eugene intentionally steps before a vehicle in the desire for achieving his own passing. Both are so distracted with their own insufficiencies that they nearly miss their significant â€Å"spiritual† venture. Actually, both these men run hazardously near turning out to resemble Anton †mechanical and without feeling. It is Anton who gives the genuine conundrum here by mercilessly examining his own sibling's â€Å"invalidity† and, in this manner, shows that hereditary qualities doesn't really correspond with one's mankind. In fact, it is Irene who, from the start, is by all accounts more in contact with the regular world towards which Vincent is endeavoring to return. Note the setting where she lives; moving surf, immaculate white sand, the warm light inside in which she is continually washed, her failure with Vincent's alleged â€Å"perfection†, her interest with the dawn, her capacity to see the adjustment in his eyes after he disposes of his contact focal points when the vast majority can just perceive human contrasts by a DNA test. Irene's ensemble and hair are a lot gentler, female and unmistakably person when she is away from Gattaca. However our concentrate constantly comes back to Vincent and Eugene, whose relationship not just overwhelms the vast majority of the film's running time yet builds up a closeness that is as magnanimous as it is brimming with affection. The plain twinning impact (Eugene works as Vincent's doppelganger) joined with the homoerotic subtext gives a false representation of any genuine endeavor by Niccol to set up a significant association among Vincent and Irene, with the last at long last diminished to â€Å"nominal love interest†. With an end goal to disguise Vincent's personality, Eugene's faithfulness is obviously exhibited when, gradually and agonizingly, he hauls his split body up the winding flight of stairs †recollect, he's frightened of statures. Suggestive of a DNA strand, the flight of stairs is an analogy for amazing quality, for raising ourselves to another degree of comprehension. Eugene, established that Vincent also will break liberated from his natural limits †his physical being †perceives the imagery when he alludes to space as â€Å"upstairs†. Prior, Vincent reveals to Eugene that weightlessness resembles being in the belly and that in space his legs â€Å"wouldn't matter†. Be that as it may, at long last, Eugene comes back to where Vincent initially developed (this opportunity to a self-decided incineration), his penance complete as Vincent is discharged into space. The endowment of the lock of hair is on one level a defend against Vincent's revelation however on another a special and to some degree virtuous token of Eugene's guiltlessness in a world gone frantic with science and its going to distraction with flawlessness. It is Eugene who possesses Vincent's considerations at conclusion, not Irene. In spite of having defeated their hereditary and physical attitudes, it is clear there is no genuine â€Å"place† for both of these men on earth. By emphasizing the passages driving back to the belly like spaceship and the fetal situation of Eugene in the heater, Niccol has both Vincent and Eugene come back to where science and religion start †back to the stars, back to God, back to â€Å"home†.

College Essay About Sickness - How Do You Write One?

<h1>College Essay About Sickness - How Do You Write One?</h1><p>How do you compose a school article about affliction? It's no little thing. Composing a school paper about ailment can be genuinely draining.</p><p></p><p>First, you've likely previously composed an exposition about an encounter you've had with your sickness. Consider your article and the experience. Presently consider an expert exposition that you have done about a comparable subject. You need to ensure that your paper is as exact as could be expected under the circumstances so you can best set yourself up for the school affirmations office.</p><p></p><p>Writing an article about ailment is likewise significant due to the idea of the point. On the off chance that you have encounters with affliction that the school confirmations official needs to peruse, they will be particularly inspired by what you need to state. Regardless of whether you've perused them all previously, it will help on the off chance that you are enthusiastic about the topic.</p><p></p><p>Before you start to compose your exposition, you have to initially figure out what uncommon needs you have. Having an ailment is not quite the same as having an emotional wellness issue. They are every one of a kind so ensure that your exposition is custom fitted explicitly to your situation.</p><p></p><p>Next, ensure that your paper is loaded up with solid focuses. Ensure that your composing style is smooth and that you have a decent jargon. Give the confirmations official a simple time learning your subject. Incorporate reasons why you have the right to head off to college or what you will bring to the class.</p><p></p><p>Don't surge the article, however. Keep it short yet significant. It doesn't make a difference to what extent your exposition is on the off chance that it isn't composed well. The way in to a n incredible exposition is to ensure that it contains quality content.</p><p></p><p>Make sure that your paper is sorted out and has an unmistakable and compact configuration that is anything but difficult to peruse. This will enable the admissions to official when they are checking on your exposition later on.</p><p></p><p>Finally, take as much time as necessary and form a generally excellent paper about ailment. Your paper will represent you.</p>

Compass Essay Topics

<h1>Compass Essay Topics</h1><p>What are probably the most well known Compass Essay Topics? This concise manual for Compass Essay Topics is intended to assist you with planning for the difficulties that anticipate you when you are getting ready for an article test.</p><p></p><p>Essay points regularly revolve around recent developments, business issues and world occasions. At the end of the day, on the off chance that you are expounding on recent developments, it is ideal to discuss the issues confronting the country or a nation today rather than past periods. On the off chance that you are expounding on a current issue, it is suggested that you talk about the verifiable occasion that prompted the current issue. It is additionally essential to not overlook that changed nations and locales are inclined to various problems.</p><p></p><p>Another Compass Essay Topic that numerous understudies are worried about is 'What's ha ppening in Your Writing?' Many understudies need to have the option to call attention to what they have realized in their courses about composing patterns and how this has affected their composing style. How might they take what they have realized in school and apply it to their own composition? It is significant that understudies acclimate themselves with these patterns and apply them to their writing.</p><p></p><p>The next Compass Essay Topics you might need to consider is current issues that influence your life. For instance, would you say you are searching for vocation decisions that will lead you to a vocation that fits in the security business? Or on the other hand, would you say you are looking for a vocation in the non-benefit division that has a compensation scale that you feel great with? Numerous understudies feel that they can relate their own objectives to subjects that are increasingly broad in nature since they may comprehend what issues they a re right now confronting and how they are attempting to unravel them.</p><p></p><p>Many Compass Essay Topics rotates around personal growth. You can expound on your connections, your family, your locale, your pastimes and the individuals throughout your life. You may find that you have issues or difficulties that you might want to explain with the goal that you can be more joyful and carry on with a superior life. By considering these Compass Essay Topics, you are not just setting yourself up to be fruitful on the test yet in addition by contemplating how you can be a superior person.</p><p></p><p>What are the absolute most famous Compass Essay Topics identified with religion? Are there any themes that will assist you with prevailing around there? A couple of Compass Essay Topics that you should consider include: Evangelicalism and the present status of the Christian Right; An Introduction to the Holy Bible; Religion and the Public Squ are; An Introduction to Christianity; A Reading of the First Four Gospels; A Review of the New Testament; How the New Testament Affects the Christian Faith; and How I Changed My Mind About Religion. You can discover Compass Essay Topics on this point list without any problem. The thoughts recorded here are for the best people to find out about the subjects.</p><p></p><p>If you are searching for Compass Essay Topics that is explicit to a specific industry, you can do as such. The data gave here is to the up and coming age of Americans, the exceptionally ones who should have the right stuff and information that this sort of substance can give. You will be more ready for your activity by recognizing what is as of now on the brain of the individuals who are entering your industries.</p><p></p><p>Finding Compass Essay Topics is simpler than at any other time. The Internet gives a plenty of assets, both on the subject itself and furthermore the devices that you should compose a fruitful exposition. What are you holding up for?</p>

Custom Dissertation Writing Dummies - Useful Tips

<h1>Custom Dissertation Writing Dummies - Useful Tips</h1><p>Custom paper composing fakers can be discovered on the web. Truth be told, it is very easy to locate the best hotspots for these online fakers. Be that as it may, before beginning with them, ensure that you pick the best one that will help you recorded as a hard copy a decent custom dissertation.</p><p></p><p>It is very simple to decide if a custom paper composing sham is compelling or not. Most importantly, you should see if the fakers are made by specialists. On the off chance that it is made by somebody who has no clue about the theme, at that point you will never get any acceptable outcomes. It is in every case better to take master help at whatever point you have a troublesome project.</p><p></p><p>Secondly, you ought to likewise attempt to see whether the custom exposition composing fakers are compelling with respect to a specific subject. This should b e possible by asking your kindred teachers or different specialists. They can offer you the specific responses. You can likewise attempt to peruse the articles composed by them and afterward utilize their proposals to compose your custom dissertation.</p><p></p><p>The data that you can discover on the web can be valuable however on the off chance that you don't have the foggiest idea what your intended interest group are searching for, at that point you ought to abstain from burning through your time by utilizing it. In addition, it is additionally essential to realize to what extent the fakers have been distributed. It is in every case better to take feelings from specialists who can enable you to comprehend what the experts are thinking about certain issues.</p><p></p><p>Thirdly, you ought to likewise maintain your attention on the principle subject when you are composing a custom paper. You can do this by investigating the point. Yo u can likewise consider a specific issue which may turn into the foundation of your thesis.</p><p></p><p>Fourthly, it is additionally imperative to remember that custom exposition composing fakers will just assistance you recorded as a hard copy a decent custom paper. It is significant that you comprehend their motivation and guarantee that you can adhere to the directions given by them. Actually, you can follow a portion of the tips gave by the articles that are composed by them. This will definitely help you recorded as a hard copy a decent custom dissertation.</p><p></p><p>There are loads of assets accessible online to locate the best one of the diverse custom thesis composing fakers. In any case, it is significant that you think about their importance. In the event that you need to utilize a similar custom exposition composing fakers, at that point it is smarter to check on the off chance that they are related with a prestigious co llege. This will assist you with finding the best ones and will guarantee that you can get the best results.</p><p></p><p>Moreover, it is additionally imperative to analyze different kinds of fakers. You can check on the off chance that they are associated with a well known college and check the estimation of the data that they give you with.</p>

The Uses And Misuses Of Derivatives Finance Essay - Free Essay Example

Hedge funds are pools of investment that invest in almost any opportunity in any market where they foresee impressive gains at reduced risk. Hedging refers to implementing strategies that manage or protect against an identified risk exposure. They take leveraged positions in publically traded equity, debt, foreign exchange and derivatives. The primary aim of most hedge funds is to reduce volatility and risk while attempting to preserve capital and deliver positive returns under all market conditions (Friedland., 2008). Derivatives provide institutions the opportunity to break financial risks into smaller components and then to buy or sell those components to manage risk. Hedge funds hold a number of assets; they use derivatives to protect against the adverse price movement of these assets. Hedge funds play more of the role of speculators than of hedgers. They use derivatives when buying and selling assets and by putting long-short positions, they seek to hedge themselves against broad market moves while profiting from changes in the relative value of the instruments they go long or short. Hedge funds offer a variety of unique strategies to utilize when investing in hedge funds, these are called hedging techniques. These include Market Neutral Strategies, Event Drive / Special Situations Strategies, Long Short , Global Macro, Sector and Country, Dynamic Strategies, Funds of Funds, Funds of Funds of Funds etc. (https://www.global-derivatives.com) Market Neutral Strategies are used in Market Neutral Funds. They tend to take positions which offset each other through both a long and short position simultaneously to reduce their risk exposure. These strategies include Long Short and Convertible Arbitrage. Long-Short methodology attempts to reduce market risk by taking both long and short positions in the market. This can be done by taking a long position in undervalued assed and a short position in overvalued ones. In these funds, it is anticipated that the undervalued assets will increase in value than any losses incurred from the overvalued assets, or vice versa. Convertible arbitrage is a relatively more complex strategy. In this convertible securities such as convertible bonds which can be converted into normal shares or bonds are bought, to take advantage of any price discrepancies be tween the convertible security and that of the exchangeable underlying. A position can be taken for buying convertible security or selling the underlying asset to realise any difference in prices. (https://www.global-derivatives.com) Event Driven / Special Situations Strategies intend to make profit from events related to particular companies. Event Driven funds take a bet that something in the future will happen which will affect the company and its assets in a particular way. These funds include Distressed Securities and Merger/ Risk Arbitrage; these securities include debt and equity of companies undergoing reorganization or bankruptcy, it is hoped that companies will recover and increase in value. These securities have very low value and can be given to the management of a company during the restructuring process. Merger/Risk Arbitrage funds tend to analyze companies which are potential takeover or merger targets by taking two positions. An example of it would be to buy the s tocks of a company that is being acquired with hope that its prices will rise and to sell stocks of the company that is acquiring, in anticipation that its value might fall. (https://www.global-derivatives.com) Long Short is another strategy which includes buying and selling a security based on the sentiments in the market or of a company. It includes short selling, long, and growth fund. Short selling occurs when a person anticipates that the price will fall in future and sells a stock which it does not possess, through borrowing. If the price really falls in future, they buy the lot from the market at a lower price and return it to the one they borrowed from earlier at lower price, thus making a profit. Long is another strategy in hedge funds, it is a fixed income instrument that benefits from the rise in the price of the held asset. They often utilize leveraged positions to maximize returns. Global Macro is an economics based strategy which intends to benefit from shifts i n global economic conditions such as inflation, interest rates and other macro-economic factors; a common example of it is the use of interest rate derivatives for speculative purposes, they give profit from economic movements within particular countries. Sector and Country strategies include sector funds and emerging markets. Sector funds are hedge funds that specialize within a particular industry for example technology, textile etc. these investments consist of long or short positions in stock, debt, or even derivatives on the stocks. Emerging markets include funds that emphasize on emerging markets with less-developed economies and aim to profit from market growth which influence the securities positively. Securities in these hedge funds include sovereign debt or corporate securities with the anticipation that their prices will rise with economic growth. Dynamic strategies include elements such as market timings and opportunistic. Strategy of market timing involves the rig ht timing of the market. It includes making profit based on the correct timing of investments across markets by moving between various asset classes depending upon the view of the manager regarding the market environment. Opportunistic strategy involves switching across asset classes, they use a number of strategies mentioned above depending upon the managers discretion, and the reason for switching strategies is to make the most profit. (https://www.global-derivatives.com) Funds of funds is the strategy of hedge funds to invest in other hedge funds in order to diversify the risk and exposure. The success of these funds depends upon the managers way of handling the funds rather than the performance of the actual investments. Funds of funds of funds or F3s is a new concept to hedge the risk exposure in terms of investments by reducing the volatility of the funds itself. They are good for high risk-averse investors willing to invest in the hedge funds industry. (https://www.glob al-derivatives.com) Amaranth Advisors LLC (Amaranth) Formation and Background Amaranth comprises of Amaranth LLC and Amaranth Advisors LLC. It was founded by Nick Maounis (Maounis) in 2000 as a multi-strategy hedge fund with a special focus on convertible arbitrage (selling (short) equity stocks and at the same time buying (long) convertibles of the same company creating a delta neutral portfolio), with its headquarter in Greenwich, Connecticut and with approximately $600 million in capital. Maounis experience was in managing a number of various arbitrage accounts in the US, Japan, Europe and Canada. The aim was to make profits from the small discrepancies in prices of stocks and bonds, through its structure of three principal funds Amaranth Partners LLC, Amaranth Capital Partners LLC, and Amaranth International Limited and the 27 investment professionals. It sought to employ a group of arbitrage trading strategies particularly featuring convertible bonds, stocks of merging companies and utilities. However, Over the years, the trading activity of Amaranth expanded into merger arbitrage (making a riskless profit by purchasing individual stocks of two merging companies and selling them together), leveraged loans (loans given/extended to individuals or companies that already have large debts on their books), blank-check companies (developing companies) ,volatility trading arbitrage (buying or selling an option on an underlying instrument and selling or buying a varying percentage of the underlying instrument this to gain from the difference between the implied volatility of an option and forecasted future probable volatility of the corresponding underlying instrument), long/short equity, and energy trading. (ICMR, 2010) Strategy As noted above, at the time of formations and throughout its term, the firm emphasized that it was a multi-strategy hedge fund, but as it could be noted in the aftermaths that most of the firms investments and losses were in natural gas derivatives. Amaranths basic strategy comprised of trading in the Natural Gas market; the firm took a long position in winters, with hope that the prices will rise, especially when the demand for natural gas exceeds the supply and storage capacity due to the cold season. Its winter months were November, December, January, February and March. Amaranth used to take a short position in summers when it anticipated that the prices will fall. Part of its strategy also included taking short position in April and long position in March. Moreover, another strategy was to purchase call options on winter months and put options on non-winter months. Amaranth used to bet that natural gas prices will rise, and the spreads in March and April prices will rise as well. Nature of Natural Gas Market By nature, the natural gas market is very risky and volatile. Majorly because there is a commercial need for the commodity. This situation creates a need for an institution to control its supply and storage. In America, there has been inadequate storage capacity of natural gas for peak the winter season demand. Therefore the price of natural gas is higher in winters; firstly due high demand and secondly due to increase the incentives to store natural gas. These factors raise the prices of winter natural gas contracts to an all time high level. Apart from that, the market of natural gas is also volatile because the natural gas production in America is lower than the rise in the demand for natural gas. U.S. Natural Gas markets are shielded from the global energy factors because a very small amount of US natural gas need are met by imports of Liquid Natural Gas (LNG). Commodities trades require less margin money (collateral) than other markets. On the main exchanges, trades p ost 10 percent of their positions value, whereas in the stock market, 50 percent is common. (Davis, Sender, Zuckerman, 2006). After gaining credit from banks, it is very easy for commodity hedge funds to get highly leveraged quickly. Traders of natural gas have a number of options. The largest exchange for trading natural gas is the NYMEX (New York Mercantile Exchange) which has standardized futures contracts up to few delivery months up to 5 years that are traded on the exchange. Traders can also use ICE (Intercontinental Exchange) which is an over-the-counter market for trading natural gas futures contracts. There has been a lot of debate if hedge funds have an impact on energy trading. According to Gary Gensler (a former Goldman Sachs banker and treasury department official and chairman of the Commodity Futures and Trading Commission (CFTC) the chief regulator for energy futures energy trading said I believe that excessive speculation in commodity futures can cause sudde n or unreasonable fluctuations or unwarranted changes in commodity prices,. He also expressed his opinion that the rapid growth of commodity index funds and increased hedge fund allocation to commodity assets contributed to the bubble in commodity prices. (Delamaide, Jan 11, 2010) Performance The founders original expertise was in convertible bonds (Till, 2006). The firm later specialized in leveraged loans, blank-check companies and in energy trading. Till June 30th 2006, energy trades accounted for about half of the funds capital and generated about 75% of their profits. (Till, 2006) In 2002 Amaranth started trading with JP Morgan Chase, in energy commodity trading. The winters of 2003 were exceptionally cold and lasted till February, this raised the prices of natural gas manifolds, and this in turn gave huge profits to Amaranth due to its long position in winters. By 2004-5 Amaranth shifted most of its investments into energy trading. The company used to make huge profits from placing spread trades and placing bullish bets on energy in 2005. In the same year America was severely hit by Hurricane Katrina, which adversely impacted it natural gas and oil production and refining capacity. This raised the price of natural gas and Amaranth reaped huge profits out of it. The accounts of Amaranth LLC showed robust performance by the company since its inception. The compound annual return for the period September 2000-November 2005 according to media reports was 14.72 net of all costs. (Gupta Kazemi) The chart below shows Amaranths returns till May 2005. The chart compares the Amaranths returns against CISDM Equal Weighted Hedge Fund Index and CISDM Convertible Arbitrage Index. Amaranth had gained a noteworthy position in May 2005, in CISDM Equal Weighted Hedge Fund Index. The chart show the volatility Amaranth was facing in May 2005, this volatility had brought high returns in the past but things then started taking the turn towards the wrong side. Amaranths returns; source: (Gupta Kazemi) NYMEX (New York Mercantile Exchange) noticed Amaranths considerable open interest of 51% in Aug 2006 in September natural gas futures contract, which would expire at the end of the month. NYMEX (New York Mercantile Exchange) brought its concerns i nto notice to Amaranth. Amaranth not only reduced their September but also Octobers positions, as per the directions of NYMEX (New York Mercantile Exchange). Alongside Amaranth increased their positions in October and September positions under ICE contracts, thus escalating their overall positions in natural gas. (Gupta Kazemi) According to US Securities and Exchange Commission filings, investors in Amaranths funds included a number of Wall Street banks including Morgan Stanley, Credit Suisse Group and Deutsche Bank AG. (Burton Leising, 2006) Amaranth was marketing energy and commodities fund to open in December 2006 of about $5 billion. The fund was to be managed by Hunter and Jeff Baired, co-head of Amaranths Global energy and commodities business. But unfortunately the events that followed didnt allow it to happen. (Burton Leising, 2006) Collapse and Beyond Amaranth used to bet that natural gas prices will rise, and the spreads in March and April prices will rise as well. However in 2006, so did not happen and gas prices began to decline due to rising inventories leaving Amaranth on the wrong side of the market trend and consequently reducing its portfolio value of $9.2 billion by less than half. Headed by Brian Hunter, it seemed that Amaranth had not anticipated the rise in the natural gas storage capacity, and the weather pattern bringing a warmer winter. It was in a weeks time that Amaranth lost 65% of its $9.2 billion assets. On September 14 alone, the fund lost $681 million from its natural gas exposure. On September 20th 2006, Amaranth sold its entire energy trading portfolio in a flurry to J.P. Morgan Chase and Citadel Investment Group. It did so at significant discounts to the portfolios then mark-to-market value. (Till, 2006) At the time of liquidation of Amaranth, the spread on gas future declined. The spread on positions held by Amaranth were $2.85 in late August, but after the liquidation had reached below $0.75. (MORGENSON ANDERSON, September 20, 2006). This indicates the lower price expectations in both the bid and ask price for every $1 invested in Amaranths holdings. When Amaranth Advisors LLC announced that it had suffered losses just as big as LTCMs, markets did not respond for Amaranth the way as they did for LTCM (Long Term Capital Management). New York Fed did not hold summit meeting for a bailout plan; but JP. Morgan Co. and Merrill Lynch Co started selling off Amaranths portfolio of natural gas futures. The co-founder of Energy Hedge Fund Centre (which tracks 520 energy funds) said, There is not systematic risk. The market can absorb this. (Mufson, 2006). The reasons for such a reaction were that, firstly Amaranth (although was doing rash trading) but borrowed less heavily and had less leverage than LTCM (Long Term Capital Management); secondly its positions were small er and focused in natural gas futures. LTCM s failure threatened the stability of banks, whereas Amaranths failure only hurt imprudent investors in the natural gas market who hadnt done any research before investing. Amaranths co-founder and chief executive, Nicholas Maounis, said in his letter to investors that the fund was aggressively reducing our natural gas exposure to meet payments to creditors. The said that there was large scale fluctuations in the value of the fund, which was up sharply in August, would be down 35 percent for the year after the sell-off. Later Maounis said that the conditions in the natural gas market deteriorated and market liquidity dried up so quickly that the fund was unable to unwind its energy positions. He said it became clear that we couldnt trade out of it. Amaranth had no choice but to sell its positions at a huge loss because the fund was faced with margin calls and couldnt borrow anymore because of the liquidity problem that emerged once news of its losses hit the market. Maounis apologized to the institutional investors, pension funds and wealthy individuals who lost money as a result of the bad trades. He said We feel bad about losing our money. We feel even worse about losing your money. (CBC-News, 2006) Officially at Amaranth desperately tried to sell the fund to Citigroup. But despite the extensive talks and negotiations, Citigroup decided to walk away from making any deal. (Taulli, Sep 29th 2006 ) On July 25, 2007, the Commodity Futures Trading Commission (CFTC) charged Amaranth and head energy trader Brian Hunter with Attempted Manipulation of the Price of Natural Gas Futures including making false statements to the New York Mercantile Exchange (NYMEX). The Federal Energy Regulatory Commission has also charged Amaranth and its traders with market manipulation. Amaranth filed a lawsuit against JP Morgan claiming US$ 1 billion in damages, on the grounds that the bank interfered in the companys work to make a deal with Goldman Sachs and Citadel Investments. The Federal Energy Regulatory Commission (FERC) later announced a settlement with Amaranths defendants. However Commodity Futures Trading Commission (CFTC) did not withdraw its charges on Amaranth and on August 12, 2009, the federal court ordered Amaranth to pay a $7.5 million civil monetary penalty. The court also enjoins Amaranth from violating the anti-manipulation provisions of the Commodity Exchange Act. (Release, 2009) Amaranth then sued Touradji and his employees (Touradji Capital Management LP), by filing a complaint on September 18, 2006 in New York Supreme court in Manhattan, seeking at least $350 million for claims including breach of contract and misappropriation of trade secrets. Amaranth says that Touradji Capital Management LP breached two contracts agreed to in September 2006 regarding the transfer and purchase of Amaranths base-metals portfolio. According to the official documents, Touradji Capital Managem ent LP used the information to recover profits obtained by defendants through improper trading practices and misuse of plaintiffs propriety and confidential information. Maounis, through a spokesman, refused to comment on the Touradji Capital Management LP suit (Chanjaroen, 2006). However in September 2009, Amaranth withdrew the summon it filed against Touradji Capital Management. Neither of the parties made a payment of any kind due to the withdrawal of notice. After the fall of Amaranth, Goldman Sachs was quick to come into action, and struck a deal to take over hedge fund manager of Amaranth Advisor LLCs lease at Greenwich America. Goldman occupied about 124,000 square feet at the property, which had served at Amaranths headquarters before the company was wound up in September. Amaranths lease was to expire in at the end of 2015 and had a rate of about $35 per square foot. (Ambroz, April 10, 2007) Internal control or Management of Amaranth Maouniss original expertise was in convertible bonds. In mid 2004 Maounis hired Brian Hunter (Hunter) an energy trader who was working for Deutshe Bank energy trading desk. Calgary-based Hunter was Amaranths head energy trader, who was given a free hand to trade the commodity market, due to his past experience of taking huge positions and making huge profits in the natural gas market. Maounis was impressed that Hunters made hundreds of millions of dollars (around 1 billion) for the firm in 2005 after Hurricane Katrina sent natural gas prices soaring, made the 32-year-old Canadian a co-head of commodities trading. Maounis let Hunter increase the size of his natural gas positions so that they became more than half of the entire firms exposure. This was against Amaranths claim of maintaining a multi-strategy fund. Before Hunters arrival, all commodities positions made up about 20 percent of Amaranths portfolio with natural gas having roughly 7 percent share. Amaranths partners h ad a confidence built on past success and they thought that they had a fool-proof strategy (taking long position in winters and short in summers); the company had reaped huge profits in 2002-2005 from this strategy. Amaranths website said moving nimbly and effectively within an ever-changing investment landscape and said that its employees possess fearlessness with respect to complexity, learning, as well as invention, and continuously strive for perfection. Maounis, said he had chosen the companys name, which means unfading in Greek. According to the wall street journal, Brian Hunters had so much success in trading natural gas futures, or bets, on the future prices of the commodity, that Amaranth allowed him to work from his home in Calgary, where he drove a Ferrari in summer and a Bentley in winters. (Hedge fund: a gamble too far, 2006, September 20). Analysts estimate that in order to fund his positions, Hunter was borrowing $8 for every $1 of Amaranths own funds. When the bet went in his favour, he could pay back the debt and keep the rest of the profit for Amaranth. As the bets started to go against him September 2006, his borrowing amplified his losses. (Hedge fund: a gamble too far, 2006, September 20). It is commonly believed that hedge funds improve the efficiency of the financial markets by introducing liquidity and innovation (Hedge fund: a gamble too far, 2006, September 20). However Amaranths collapse shows that the hedge fund managers earn for their lavish salaries only and not for the investors who have put up their earnings and savings in their funds. Operational risk is the risk associated with the internal management of the company and the probability of making wrong decisions that might harm the performance of the firm. Amaranth seemed to be suffering highly from operational risk. Hunters had a target of making $2 billion for the year at the end of August 2006. Analysts comment of such a target that Hunters must have had an unconsci ously large position for this market, One of the biggest players in the energy markets, such as Goldman Sachs Group, would take up positions less than a tenth as big as Hunters, traders said. Hunter was involved in rash trading in the market as his positions were often twice as big as the next biggest. It is also said that in Amaranth, there was an exclusive risk manager for every trading book, who sat with the risk takers on the trading desk. (https://www.icmrindia.org/casestudies/catalogue/Finance/Collapse-Amaranth%20Advisors-Case%20Studies.htm#Risk_Management)The risk managers were well qualified and had advance degrees. Paul Touradji, founder and managing partner of Touradji Capital Management, said was obvious about risk control and not about commodities. Touradji admitted that he exited the natural gas market for a year because Amaranth had entered the market, comparing its presence with that of well-financed poker player sitting down with poorer players and making big b ets. I cant think of a right counterstrategy other than to say, I am going to be at the bar until youre done, Touradji said. (https://www.hedgefundintelligence.com/Event.aspx?ProductID=7035ElementID=4983, 2006) Problems Diversification is the key element of all investment portfolios. It reduces the unsystematic risk of instability in any part of the economy. Amaranth specialized in the natural gas industry so much that it failed to realise that if it took any incorrect venture at any point in time, it would not have to face severe consequences. This is counted as a factor of poor risk management. One of the biggest issues with hedge funds is that there is lack of transparency for investors and they have no idea as to what the fund is doing with their money. Most hedge funds make money with the performance fees that are generated when the fund achieves larger gains; the bigger the gains the larger the fees for the hedge funds. If the funds stays still or falls, the performance fee is exactly the same. This type of fee structure can force hedge fund traders to implement exceedingly risky strategies. Much of the blame for what happened to Amaranth is being put on Brian Hunters, although he had a strategy, experience and understanding in the natural gas market; which worked well with various weather shocks, but the fund manager failed to take into account the rise in storage capacity of natural gas. The arrival of a relatively warm winter did not raise the demand of natural gas as much as in the previous years. These factors did not increase the price of natural gas as much, thus creating problems for Amaranth which has a long position. Amaranth was operating on a high leverage. As told earlier, Amaranth was operating on an 8:1 of debt to equity ratio. This amplified the credit problems for Amaranth because once it started facing liquidity problems; it ran out of cash to maintain its cash flows. After its collapse but before liquidating, Amaranth placed restrictions on its investors to withdraw holdings of cash. That is, they were allowed to withdraw for certain number of days but were required to submit the amount before the end of the term because inability to do s o resulted in a penalty. Investors were not allowed their savings beyond 7.5% of their savings. (MORGENSON ANDERSON, September 20, 2006). The bankruptcy of funds causes damage to a number of individuals and companies that have their stake with them. In the Case of Amaranth, Morgan Stanley, invested $126 million, or about 5 percent, of its $2.3 billion funds of hedge funds in Amaranth. Even New York Fed Governor Timothy F. Geithner warned that hedge fund failures could hurt market participants other than those investors and lenders who have chosen to do business directly with those funds. (Mufson, 2006). This is because the instability created in the market (because of the bankruptcy of the company and the loss of a lot of people) can result in a systemic risk, which influences other sectors as well. It is commonly said that Amaranths systems did not measure risks correctly and did not take steps that would reduce the risk. The risk models that were employed by hedge funds use historic data, but the natural gas markets in 2006 were more volatile than any other year since 2001, making models less useful. A managing director of Lyster Watson Co, an advisory firm that invests in hedge funds for clients but not with Amaranth said, It was a total failure of risk control to put your entire business at risk and not seem to know it. They were more leveraged than they realised. (Davis, Sender, Zuckerman, 2006). Lessons to be learnt Derivatives as we know are risky sources of investments, and there a number of lessons that one can learn from the incident of Amaranth. Before making an investment (esp. in sector fund) it is important to analyze the performance of the sector relating to the profits and losses, during the past few years. A monthly sector analysis reveals that a -24% monthly loss is normal and the monthly volatility of the energy strategies was around 12% (Till, 2006), therefore due consideration should be made by investors before investing in such an industry. The second factor that fund managers should consider is of marketability or liquidity, which is the ease with which the contracts can be sold into the market again. The exchange traded futures market of natural gas contracts is way smaller than the over-the-counter natural gas positions. This should put the question in investors minds that in case the market of natural gas declines so how will they sell their contracts and liquidate their position. The strategy of Amaranth did not include an exit strategy. The following case of MotherRock also proves this point. Before the fall of Amaranth, on August 2, 2006 MotherRock, a natural-gas-oriented hedge fund had announced that it was shutting down, its losses had reached up to $300 million; it had made a wrong short position and was therefore forced to liquidate due to mounting losses. This should have sent alarming bell to the investors in Amaranth to secure their position in the market and they make sure that the dont face liquidity risk in near future (liquidity risk explained later). All successful investors have an exit strategy as part of their main strategy; liquidity is one of the four core factors to consider when investing in the market, these factors are risk, return, liquidity and maturity. Liquidity risk includes the risk that liabilities cannot be met when they fall due and can only be met at an uneconomic price. This risk can be accounted for by wide ning the bid/offer spread. An institution might lose liquidity if its credit ratings fall, it experiences sudden unexpected cash outflows or some other event that causes the counterparties to avoid trading with or lending to the institution. A firm can also be exposed to liquidity risk if markets on which it depends are subject to loss of liquidity. Liquidity risk tends to compound other risks. If a trading organization has a position in an illiquid asset, its limited ability to liquidate that position at short notice will compound its market risk. Suppose a firm has offsetting cash flows with two different parties on a given day. If the counterparty that owes it a payment defaults, the firm will have to raise cash from other sources to make its payment. Should it be unable to make its payment, it will default too. Here liquidity risk is compounding credit risk. A position can be hedged against market risk, through diversification of the portfolio by including assets with different unsystemic risks, but still has liquidity risk. Amaranths investments were high-risk funds that lacked liquidity due to the nature of the natural gas futures market. They did not have any counter party to take their position under a week, when they needed it most. One reason that can explain this liquidity problem is that the counter parties had already locked their position in the forward contracts relating to production or storage. It seemed that due to their past experience, of success in assuming long position in winters and short position in summers, Amaranth failed to anticipate the liquidity risk they were getting into by being unable to find a counter party. (Till, 2006). This was the job of the funds risks managers to employ scenario analysis based on this past events. Taking all the factors mentioned above proves that Amaranth was taking immense risk with respect to liquidity. Amaranth was giving the natural gas comodity market a service by providing liquidity to the participants who could lock in the value of future production or storage contracts. However the scale of its services was way larger than its capital base; that is, Amaranth was operating on very high leverage. One of the most important lessons to be learnt from this incident is that risk management can look good and sound well yet still be very weak. After the collapse of Amaranth, Nicholas Maounis, told his investors that Amaranths risk management gurus thought it was highly remote that Amaranth would lose the natural gas bet. He defended the full-time, well-credentialed and experienced risk professionals who were modelling and monitoring the energy portfolios risks. Sometimes, even the highly improbable happens. That is what happened in September. (ANDERSON, 2006) On the other hand, a number of analysts thought that Amaranth failed to notice the changes in weather and the less likelihood of a natural disaster in the near future. Kent Bayazitoglu, head quantitative analyst wit h Gelber Associates, an energy consulting firm said, Given the bearish conditions, there was a more than 50 percent likelihood this would happen. The question was when. (ANDERSON, 2006). The Amaranth Advisors outcome is a classic case that demonstrates the pitfall of a quantitative approach to risk management. Companies that use quantitative approach to risk management, based on analysing data to control risk is an out dated and useless method. In the world of today, there is a need to adopt a more forward looking approach ERM Enterprise Risk Management includes the best practices and scenario based approach for a more balanced and comprehensive view of risk. According to Steven Minsky, who is the CEO of LogicManager, ERM is a process comprised of a series of iterative and sequential steps to enable continuous improvement in decision making and performance with regards to the reduction of uncertainty within an organization. ERM formalizes risk tolerance to acceptable levels. This approach addresses the root cause of potential future problems rather than monitor transactions for historic symptoms. He tells that the Amaranth Advisors acted in a very brash manner and took steps being over confident on their quantitative and historic methods of calculating risk, which eventually proved outdated. (Minsky) The episode of Amarant halso shows that mutual funds in comparison, are actually a good investement. They provide diversification and low cost (hedge funds have high fee structures). Mutual funds are more transparent and provide investors with more information about the number, type and trade in stocks. Timeline of Amaranths collapse Source: (Chincarini, 2006) Regulatory control during that time In hearing about Amaranth before various House and Senate committees as well as at the CFTC itself, it became clear, at least to many lawmakers, that contracts on unregulated trading venues can influence prices. This case was so straightforward that the Federal Energy Regulatory Commission to flex its new post-Enron mandate to stop manipulation of energy prices by pursuing disciplinary action against Amaranth. (Delamaide, Jan 11, 2010) Amaranth was registered as a commodity pool operator with the Commodity Futures Trading Commission (CFTC), is a member of the National Futures Association and counted among the its affiliates two SEC-registered broker dealers who are members of the National Association of Securities Dealers and one investment counsel and portfolio manager registered with the Ontario Securities Commission. And at least on paper, Amaranth did devote significant resources to regulatory compliance and was subject to many compliance obligations. (Amaranth, Hedge Fund R isk Management and Pensions, 2006) The trading of natural gas derivatives on hedge funds provides a level of predictability in the natural gas market. Traders can access these markets through New York Mercantile Exchange (NYMEX), for exchange-traded contracts; and Intercontinental Exchange (ICE) for over-the-counter contracts. As told earlier that when NYMEX (New York Mercantile Exchange) noticed Amaranths open interest of 51% in Aug 2006 in September natural gas futures contract, which would expire at the end of the month. NYMEX brought its concerns into notice to Amaranth. As a result Amaranth reduced their September and Octobers positions, as per the directions of NYMEX; but increased its positions in October and September positions under ICE contracts, thus escalating overall positions in natural gas. The collapse of Amaranth could have been avoided if ICE (Intercontinental Exchange) had the same authority as NYMEX (New York Mercantile Exchange) to limit Amaranths open interest. NYMEX (New York Mercantile Exchange) had the authority to direct Amaranth or any other company to reduce its open interest in NYMEX (New York Mercantile Exchange). However ICE did not have the authority to do so. The agency that regulates commodities market is called Commodity Futures Trading Commission (CFTC). This commission collects daily information on trades and positions from the clearing firms that operate on NYMEX (New York Mercantile Exchange). It demands traders with large positions to report their holdings and can demand disclosure if it finds an anomaly during surveillance. Amaranth started trading on ICE, which is an over-the-counter market; as a result Commodity Futures Trading Commission (C.F.T.C.) got limited information about the hedge funds trading and holdings. Traders with large positions on NYMEX (New York Mercantile Exchange) and other large futures exchanges only are required to disclose their position to the regulators. According to the Commod ity Futures Modernization Act 2000, the authority of regulators to collect information on over-the-counter markets is limited. (MORGENSON ANDERSON, September 20, 2006) After the collapse of Amaranth Commodity Futures Trading Commission (CFTC) and Federal Energy Regulatory Commission (FERC) had filed the lawsuit Amaranth and two of its traders- Matthew Donhoe (Donhoe) and Brian Hunters (Hunters) , alleging that they had manipulated natural gas market prices through their trading activities in February and April 2006. Commodity Futures Trading Commission (CFTC) had originally charged US $20 million and FERC (Federal Energy Regulatory Commission) had sought US $ 291 million in fines from Amaranth and its traders. These charges were later settled at a total of $7.5 million. Moreover it was found that Amaranth was exploiting the gap between the regulatory regimes of Federal Energy Regulatory Commission (FERC) and Commodity Futures Trading Commission (CFTC). FERC (Federal Energy Re gulatory Commission) alleged the following in their case order: Amaranth and its traders intentionally manipulated the settlement price of the NG Futures Contract knowing that the NG Futures Contract settlement price is explicitly used to price a substantial volume of Commission-jurisdictional natural gas transactions (namely, physical basis transactions, described below, and the various monthly indices that are calculated using physical basis transactions). Accordingly, the Respondents intentionally or recklessly manipulated prices in connection with Commission-jurisdictional transactions, and thus violated the Commissions Anti-Manipulation Rule (https://www.dykema.com/publications/docs/EnergyLaw360.pdf) Mr. Hunter is still not exempted from the charges on him. According to an analysis, it was found that the price movements of Amaranth were consistent with the manipulative scheme alleged by FERC. Mr. Hunter has claimed that there was no abnormal price fluctuation; however, t here is significant evidence that prices were driven downward and subsequently recovered, consistent with the alleged manipulation. There are also evidences that Amaranths trading behaviour during the issue time periods of contracts was unusual when compared with the behaviour of other market participants and Amaranths own historical records. Nine of ten Amaranths defendants agreed to pay $7.5 million. The case then proceeded against the sole remaining defendant, Mr. Hunter. (Dr.King). On the other hand Hunters attorney Michael Kim of Krobe Kim LLP told Reuters Friday, When the case is fully examined, we are confident that Brian Hunter will be vindicated. (Levin, May 27, 2008) Legislation brings more visibility to the market and strengthening the hands of regulators will ensure that hedge fund activity in the energy markets will be more closely monitored and limited. These are some of the most relevant information from news papers and other sources. 1 By September 22, 2 006 the NAV of the fund has decreased 65% month-to-date and 55% year to date.  [1] 2 On September 14, 2006 the funds experience roughly $560 million in trading losses on natural gas positions.  [2] 3 By February 28, 2006 approximately 39% of the funds capital was allocated to energy and commodities portfolio.  [3] 4 Amaranth sometimes held positions to buy or sell tens of billions of dollars of commodities.  [4] 5 Amaranths overall fund gained around 6% in June, was roughly flat in July, and rose 6% in August according to investors.  [5] 6 It had $9 billion at the start of September  [6] 7 Spreads and options are of their very nature instruments allow the user to capture upside with a much clearer understanding with respect to downside exposure.  [7] 8 Mr. Hunter sometimes held 100,000 positions in a single contract  [8] 9 People familiar with the trades say he bet prices for near-by month contract would fall and winter contracts would rise.  [9] 10 Some of Amaranths trades wagered that prices for natural gas futures contracts for March 2007 would be much higher than those for April 2007  [10] 11 UBP officials said 80% of Amaranths performance last year and most of its performance this year was driven by energy investments suggesting there might not be much else  [11] 12 The New York Mercantile Exchange told Amaranth LLC that the natural gas bets were too big a month before the trades led to a $6 billion loss  [12] Source: (Chincarini, 2006)

The Secret to Interesting Persuasive Essay Topics for College Students

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