WHEN: TODAY, WEDNESDAY, May 2, 2012
WHERE: CNBC’S “POWER LUNCH”
Following is the unofficial transcript of breaking news from CNBC’s Kate Kelly. All references must be sourced to CNBC.KATE KELLY
: SOME VERY FASCINATING NEWS COMING OUT OF THE HEDGE FUND INDUSTRY JOHN ARNOLD THE LEGENDARY ENERGY TRADER WHO RUNS CENTAURUS ENERGY IN HOUSTON IS RETIRING FROM WHAT WE UNDERSTAND HE WILL RETURN SOME OF THE ASSETS IF NOT ALL TO INVESTORS HE HAS ANNOUNCED THIS TO EMPLOYEES AND INVESTORS AS OF TODAY HE WANTS TO DEDICATE HIMSELF TO PHILANTHROPY THIS IS A REMARKABLE MOVE CONSIDERING THAT THE MAN IS ONLY IN HIS LATE THIRTIES HE’S A FORMER ENRON ENERGY TRADER HE BOUGHT A NUMBER OF THE PORTFOLIO ITEMS OUT OF AMARANTH ADVISORS WHEN IT SHUT DOWN HE’S MAYBE THE BEST KNOWN GUY WHEN IT COMES TO TRADING NATURAL GAS HE’S A YOUNG MAN HE’S MADE BILLIONS HIS FUND IS ESSENTIALLY RUNNING ABOUT 3.5 TO 4 BILLION DOLLARS AT THIS POINT AND IT IS UNCLEAR WHETHER THEY’LL BE OPENING UP A SMALLER OPERATION LIKE A FAMILY OFFICE OR THEY’RE RETURNING ALL OF THE ASSETS TO INVESTORS TYLER BUT WE WILL BE FOLLOWING THE STORY THROUGHOUT THE DAY IT’S A FASCINATING MOVE.
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