Marc Rich worked for the Mossad while also doing business with world despots. Giuliani and Comey were on his tail before Bill Clinton pardoned him in his last hours in the White House. He may be the cornerstone on which Hillary Clinton’s opponents built her corrupt image. By Eytan Avriel Read the rest of this entry »
“You shut up!/No, YOU shut up!” is how schoolyard scuffles kick off. Miners tweak it slightly to: “You shut down!/No, YOU shut down!” Ivan Glasenberg, the chief executive of Glencore, has long bemoaned miners’ tendency to literally dig themselves into a hole with too much supply. As concern about Glencore’s swollen debt has hit the stock price, Glasenberg has recently taken himself at his word, ordering a temporary shutdown of some of the company’s zinc output. That caused the price of the metal to jump 10 percent last Friday. But history suggests Glencore’s fight to raise zinc prices sustainably could be a tough one.
What you don’t know can hurt you, so it’s understandable that analysts have raised questions about Glencore’s opaque commodity-trading business. Without the ability to work out how it makes money, the unit is a “black box,” according to Morningstar’s David Wang. But there’s more to fear from what’s in plain sight. Capital spending has been the biggest single drain on Glencore’s cash flow in every year since it started the takeover of Xstrata in 2012
Marc Rich, who died on Wednesday, aged 78, was one of the most controversial business figures of the late 20th century. He was a gifted, aggressive commodity trader with a global network of business interests and contacts – and an amoral attitude to pursuing them that empire-building 18th century merchants would have both recognised and applauded.
Commodities kingpin and fugitive American ex-pat Marc Rich died today from a stroke at the age of 78 in a hospital in Lucerne, Switzerland. Rich was the founder in 1974 of Marc Rich & Co. AG, a pioneering oil-trading firm. Beginning with a management buyout in 1994, the firm eventually became what is today Glencore Xstrata, the world’s largest commodities trading house. The Belgian-born Rich started out at the bottom but became a powerful and shadowy figure in financial circles.