just in in-tray, and the difference in result will show between zimdimshortwick's brand of checkers vs tournament level 5-moves ahead chess
player #1:
Draft bill includes energy, swaps ban
By Doug Halonen
Posted: July 23, 2008, 3:39 PM EST
Draft legislation by the House Agriculture Committee that was being circulated on Capitol Hill would bar pension funds from investing in agricultural and energy commodities and prevent the funds from engaging in equity and interest rate swaps.
The legislation, which is being promoted by House Democrats, could be voted on by committee members as soon as Thursday.
Scott Kuschmider, a committee spokesman, had no comment at press time.
If passed, the legislation will shut the door on the way pension plans currently manage risk, said A. Richard Brick Susko, an ERISA attorney for the law firm of Cleary Gottlieb Steen & Hamilton LLP, New York.
This kind of blanket exclusion is extremely dangerous, Mr. Susko said, adding that the legislative prohibition would apply to all kinds of pension funds, including foreign, governmental and ERISA plans. Mr. Susko said the way the legislation is written, it would also bar entities in which the pension plans invest including standard investment funds from engaging in swap transactions.
Separately, a coalition of groups with stakes in the commodity investments including the hedge fund industry's Managed Funds Association and the New York Mercantile Exchange announced a joint public relations effort to educate lawmakers about the negative consequences of imposing unnecessary regulations on investors participation in the commodity markets, according to a news release.
The group, Coalition to Protect Competitive Markets, said in the release that it launched a website, whyaregaspriceshigh.org, and will be running advertisements in Capitol Hill newspapers to present the coalition's case.
player #2: more fun on the way
player #3: could be bullish for gold |
