New York Mercantile Exchange Boss To Resume Duties
NEW YORK (AP) _ Z. Lou Guttman said he will resume his duties as chairman of the New York Mercantile Exchange, five months after stepping aside in the face of possible civil charges of commodity-law violations.
The move is effective immediately. Guttman also said he would run for re- election as chairman of the Nymex, the world’s leading futures market for crude oil and refined petroleum.
In a letter to be released today to Nymex’s board of directors and its membership, Guttman said he ″cannot wait any longer″ for the Commodities Futures Trading Commission to complete its investigation, which so far has not resulted in any charges. Guttman has denied any wrongdoing.
″The work of this exchange is too important to you and me to postpone my return any further,″ Guttman wrote.
Guttman, whose duties had been assumed by Vice Chairman Daniel Rappaport, said he took a leave of absence in July because he didn’t want Nymex’s reputation to be tarnished by the government’s investigation. Guttman apparently made his decision under pressure from the exchange’s board of directors, The Wall Street Journal reported at the time.
’I believe I have done everything within my power to resolve this matter,″ Guttman wrote in the letter.
Guttman’s leave of absence came after the Journal reported federal futures regulators had notified Guttman they would recommend the filing of an adminstrative complaint against him and his former partner, Harold Magid.
If charges are filed against Guttman, it would be the first time the Commodities Futures Trading Commission has charged a sitting chairman of a major commodity exchange.
The agency has been investigating a number of allegedly prearranged commodity trades executed in 1989 by the former Guttman-Magid joint trading account, the Journal reported.
Guttman has been chairman of the Nymex since 1988.