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In 1983, financier Rich was indicted for evading more than $48 million in taxes, and charged with 51 counts of tax fraud, as well as running illegal oil deals with Iran during the 1979-1980 hostage crisis. During his last week in office, President Bill Clinton pardoned Rich, who had fled the U.S. during his prosecution and was residing in Switzerland. Clinton's eleventh-hour move, along with pardons of his half-brother, Roger, and former business partner Susan McDougal, outraged Republicans and Democrats alike. The Rich pardon sparked an investigation into whether it was bought by the hefty donations Rich's ex-wife, Denise, had given to the Clintons and the Democrats. In the end, investigators did not find enough evidence to indict Clinton.
Its market share internationally for key products in its metals and minerals portfolio includes zinc (60%), copper (50%), alumina (38%), cobalt (16%), nickel (14%), ferrochrome (16%) and lead (45%). Its energy products division is active in coal (24%) and oil (3%). Glencore's agricultural division has market shares that include rapeseed (26%), sunflower oil (20%), soybean oil (9%), barley (11%), wheat (11%), corn (4%) and sugar (1%).
1. This mega-company dominates the supply chain.
The scope and scale of their operation is truly remarkable- they mine, refine, and supply. More importantly they are tapped into the all the major players in metals and minerals, as well as various energy and agricultural products. This makes them an enabler. With increased capital they’ll be able to finance idle operations all over the world. Such a supply will help satisfy growing energy demand and facilitate a laundry list of budgeted infrastructural projects in Brazil, India, and China. (Cha-Ching!)
In August 2010, for example, Russia issued a ban on grain exports, after droughts ravaged crops. On August 3, the head of Glencore's Russian grain unit encouraged the government to halt exports. The government followed his advice on August 5, causing prices for cereals to rise 15 per cent in two days. "Days before the export ban went into place, Glencore made huge bets," said Kuyek. "They had some kind of information there; companies with information are in the best place to capture profits from volatility.
Holder was Clinton's deputy attorney general, and he played a significant role in the pardon. When asked by the White House what he thought about a pardon for Rich, Holder replied, "Neutral, leaning towards favorable." These four words have stalked him since.
Swiss-based Glencore, famous for its fiercely guarded tradition of secrecy, has now drawn the line under four decades as a private company. Though largely unknown by the public before the market offering, millions of Britons will become shareholders via their pension funds, as FTSE 100 tracker funds are obliged to own the stock of such a large company. The shares have been catapulted straight into the index of leading shares.
Panorama's John Sweeney visited the company's copper refinery in the Democratic Republic of Congo to test that claim.
He found acid pouring into a river by the company's Luilu refinery.
Upstream, the river - used by local people to wash and fish - was clear and green; downstream of the Glencore pipe there was brown sludge.
Glencore say the pollution started long before the company took over the refinery and that the pollution has now ended.