Corpus ID: 42041989

M etallgesellschaft : A P rudent H edger R uined , or a W ildcatter on NYMEX ?

@inproceedings{Pirrong1997ME,
  title={M etallgesellschaft : A P rudent H edger R uined , or a W ildcatter on NYMEX ?},
  author={S. C. Pirrong},
  year={1997}
}
INTRODUCTION The travails of the firm Metallgesellschaft (MG) have received much attention in both academic circles and the financial press. The battle lines on the issue are clearly drawn. On one side, critics of MG [including Mello and Parsons, (1995)] claim that the firm’s energy market trading was rashly speculative, and as a result of adverse movements in oil prices, the firm suffered real mark-to-market losses of as much as one billion dollars. On the other side, defenders of the firm… Expand

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