Michael Masters of Masters Capital Management blames high
prices on index speculators
Two months ago, circumspect hedge fund manager Michael
Masters penned an e-mail to friends in which he decried the
pernicious effect that high commodity prices, particularly oil,
were having on the lives of ordinary Americans. More
importantly, he offered a detailed analysis of the speculation
by institutional investors that was contributing to it.
Now, Masters, who since 1995 has quietly been running
Masters Capital Management, a $277 million long/short equity
hedge fund out of the Virgin Islands, has testified before a
Senate subcommittee and made it onto the CBS evening news by
crystallizing into plain English what many Americans had only
suspected: that Wall Street is responsible for the pain they're
feeling at the pump and in the grocery store.
Masters' original e-mail made its way to Washington, where it
landed in the office...