West Chester Investors May Oppose President’s Nominee

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Kevin and Richard Gates have maintained that the trades made by Alan Chen were done in accordance with federal rules.

Despite being Democrats themselves, West Chester twin investors Kevin and Richard Gates are at the center of a campaign opposing President Barack Obama’s choice for the new head of the Federal Energy Regulatory Commission, Norman Bay.

The local quantitative investors and mutual fund managers have been the subject of an investigation by Bay, who has treated what they call “legal and above-board” Powhatan fund trading activity late last decade as if it were “enriching traders at public expense,” according to a Monday Philly.com article.

The Gateses’ vocal displeasure with Bay’s approach comes as the U.S. Senate prepares to host its confirmation hearings for the government post on Tuesday via the Energy and Natural Resources Committee.

Earlier coverage of the Gates veryt public battle with FERC on Philly.com here and an extensive article over the weekend on the Wall Street Journal here (Subscription Required).

(Top image courtesy of Philly.com)

 

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