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Gold/Mining/Energy : Oil & Gas Price Economics

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To: diana g who wrote (136)	5/21/1999 6:35:00 PM
From: William JH	of 350

Diana, After thinking about it, I went back to the archives for the years 1994 & 1995. Metallgesellschaft mentioned regarding derivatives trading and a company in disarray (4/10/94). Jergen Schneider, founder, disappeared with $300mm in cash, leaving behind $3.1b in debt. (4/14/94). Germany's largest bank accused of blindly lending Schneider $700mm (4/26/94). "The editorial pages of the Wall Street Journal harshly criticized cases she (Mary Schapiro, CFTC head) brought against Bankers Trust and U. S. subsidiaries of the giant German company Metallgesellschaft, whose oil futures trading activity in late l993 nearly caused the company to collapse." (10/27/95). There certainly seems to be a connection. Perhaps it's anyone's guess as to the total impact they had. I can now spell Metallgesellschaft without looking (sometimes).<g> I'm glad you asked the question. It's a good one.

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