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Strategies & Market Trends : Zeev's Turnips - No Politics -- Ignore unavailable to you. Want to Upgrade?

To: augieboo who wrote (68259)	5/16/2002 4:04:04 PM
From: augieboo	Respond to of 99280

CFTC Chairman: Energy Trading Investigation Underway WASHINGTON -(Dow Jones)- U.S. Commodities Futures Trading Commission Chairman James Newsome said Thursday his agency is investigating the energy trading practices of Enron (ENRNQ), CMS Energy (NYSE: CMS - News) (CMS) and other companies in light of allegations of manipulative trading. Newsome told reporters his staff is probing those energy trading practices as part of an investigation launched in January. "We're looking at all allegations, " he said. He declined to comment further on the status of the investigation. The CFTC chairman said he spoke Wednesday with Federal Energy Regulatory Commission Chairman Pat Wood III and the enforcement offices of the two agencies are in close contact. Newsome said it's "extremely important" that government regulators establish all the facts behind energy market volatility before deciding if new oversight is needed. He said he is not necessarily opposed to federal oversight of over- the-counter energy markets such as that proposed by Sen. Diane Feinstein, D- Calif. , but doesn't want to act too hastily. "At the end of the day, Sen. Feinstein may have turned out to be very visionary in her approach," he said. Feinstein has proposed revising the Commodity Futures Modernization Act of 2000 to regulate over-the-counter energy trading such as that which took place on the EnronOnline system. Newsome and other Bush administration officials have previously indicated their opposition to Feinstein's proposal as part of energy legislation before Congress this year. Neither the House nor the Senate have included such a proposal in their energy bills.