Goldman Sachs takes on Amaranth traders

System rewards the corrupt, reckless and losers

Goldman Sachs, the American securities firm, has hired 17 traders from Amaranth Advisors, the hedge fund that imploded this year after losing $6.5 billion (£3.3 billion).

The loss was down to a team of energy traders in Canada, whose bets on the direction of natural gas prices went awry. Amaranth turned its trades in natural gas, oil and power over to JPMorgan and its hedge fund rival Citadel. Both reaped tidy profits from their investments within a matter of weeks.

http://business.timesonline.co.uk/article/0,,13129-2498075,00.html