The Justice Department has begun an investigation into a group of hedge funds that may have colluded to short-sell the euro, driving down its value and driving up their profits. Justice sent a letter to SAC, Greenlight, and Soros—among others—the same day the Wall Street Journal reported that they had met at an “idea dinner” during which a trader predicted that the euro would depreciate and pushed other firms to join his in shorting the currency.
The letter asks that the funds keep records and communications pertaining to the euro. The size of any short positions taken by the funds is unknown, though Justice seems to think they could be a factor in the euro’s 10% falloff since December. Maybe yes, maybe no, Vincent Fernando writes on Clusterstock, but the scrutiny is worrying. “Apparently, it could now be considered collusion if you simply share economic opinions over dinner.” Remember, “a truly viable currency can carry the weight of open criticism.” (More Wall Street Journal stories.)
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