Tuesday, 28 June 2016
Last updated 27 min ago
Jun 28 2011 | 12:05pm ET
Armajaro Asset Management co-founder Anthony Ward isn't interested in being blamed for increasing food prices, despite his highly-publicized purchase of nearly all the available stock of cocoa beans last summer.
Armajaro's chocolate binge—which amounted to more than 240,000 metric tons of cocoa worth as much as US$1 billion—briefly drove up cocoa prices. But the London-based hedge fund eventually sold its horde late last year at a loss.
"The view it is our fault that the price of food has gone up is confusing and wrong," Ward offered at the GAIM International conference last week. "A new rule is likely to come out of the G20 but hopefully it will be a rule that doesn't mean anything."
Ward explained that French President Nicolas Sarkozy, who holds the rotating presidency of the group this year, would want to be seen taking a stand on commodity trading.