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Article: Sovereign Funds Become Big Speculators; Pools of Foreign Wealth Move Into Commodities
- Article from:
- The Washington Post
- Article date:
- August 12, 2008
- Author:
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Copyright informationThis material is published under license from the Washington Post. All inquiries regarding rights should be directed to the Washington Post. (Hide copyright information)
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Sovereign wealth funds, the massive investment pools run by
foreign governments, are now among the biggest speculators in the
trading of oil and other vital goods like corn and cotton in the
United States, according to interviews with brokers who handle their
investments at leading Wall Street banks, veteran traders and
congressional investigators.
Some lawmakers say the unregulated activity of sovereign wealth
funds and other speculators such as hedge funds has contributed to
the dramatic swing in oil prices in recent months.
The agency regulating the market said it had not picked up on
this activity by sovereign wealth funds. In a June letter, the
Commodity Futures Trading Commission told ...