Hedge Hogs by Barbara T. Dreyfuss

Author:Barbara T. Dreyfuss
Language: eng
Format: mobi, epub
ISBN: 9780679605010
Publisher: Random House Publishing Group
Published: 2013-05-20T21:00:00+00:00

The Amaranth Christmas party at a nearby hotel was festive that year, an elaborate celebration that featured Russian caviar, quail foie gras, and sixteen musicians. Along with its annual Christmas card, the firm sent out little gasoline pumps.

But beneath the smiles and gaiety at the party, tension was starting to build. Capital allocations were cut for some portfolio managers and traders in order to funnel more money to Hunter. The other traders had not necessarily lost money; some just had longer-term investment strategies, which would take a while to pay off. Some employees with profits as high as 15 percent for the year found their capital reduced by as much as 25 percent. There was significant dissatisfaction. After bonuses were paid out, a number of people left the firm.18

Twelve hundred miles away in New Orleans, Christmas 2005 was grim. The hurricanes that had given Hunter his financial bonanza and Amaranth the means to celebrate so extravagantly had left more than eighteen hundred people dead and thousands without jobs and homes. For the residents of New Orleans, still putting up shingles and siding instead of Christmas lights, the storm that destroyed oil rigs and gas pipelines only meant loss of jobs, collapsed houses, and financial ruin.

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