Pension Funds Blamed For Commodity Price Spikes

Law360, New York (May 20, 2008, 12:00 AM EDT) -- Growing speculation in commodities markets by institutional investors has contributed significantly to soaring prices of food and oil for U.S. consumers, a hedge fund manager told a U.S. Senate hearing on Tuesday.

Under pressure from constituents to curb rising food and gas prices, members of the Senate Committee on Homeland Security and Governmental Affairs pushed hard for answers from a panel of economists and industry experts.

“You have asked the question, 'are institutional investors contributing to food and energy price inflation?' and my unequivocal answer is...
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