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Trafigura, Marc Rich's stepchild all grown up

Started by The Minsky Moment, April 21, 2010, 06:00:14 PM

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The Minsky Moment

April 21, 2010, 06:00:14 PM
Commodities trading is dominated primarily by private trading companies located in Switzerland and Singapore.  The biggest player is Glencore, which made about $2.7 billion last year.  Trafigura was a suspected #2 but no public information was available until a couple days ago when they tapped the markets in a bond deal, and revealed they had made about $1 billion last year. 

Together these two companies have significant influence in commodities trading markets.  They also have something in common - they both trace their lineage to famous Clinton pardonee Marc Rich.  Glencore was formerly Marc Rich & Co and was created in a management buy out when Rich cashed in his equity.  Trafigura was formed by three senior traders at  Marc Rich & Co. 
The purpose of studying economics is not to acquire a set of ready-made answers to economic questions, but to learn how to avoid being deceived by economists.
--Joan Robinson

Razgovory

#1
April 21, 2010, 06:05:09 PM
Few pardons have done so much for the global economy. 
I've given it serious thought. I must scorn the ways of my family, and seek a Japanese woman to yield me my progeny. He shall live in the lands of the east, and be well tutored in his sacred trust to weave the best traditions of Japan and the Sacred South together, until such time as he (or, indeed his house, which will periodically require infusion of both Southern and Japanese bloodlines of note) can deliver to the South it's independence, either in this world or in space.  -Lettow April of 2011

Raz is right. -MadImmortalMan March of 2017

MadImmortalMan

#2
April 21, 2010, 06:30:35 PM
I love the smell of monopoly in the morning.
"Stability is destabilizing." --Hyman Minsky

"Complacency can be a self-denying prophecy."
"We have nothing to fear but lack of fear itself." --Larry Summers

Tamas

#3
April 21, 2010, 06:50:23 PM
Read about the guy on wikipedia. Awesome stunt on getting cheap embargoed oil through contacts then doubling the price. Good for him. :Joos:
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