The Secret Club That Runs the World

The Secret Club That Runs the World

Inside the Fraternity of Commodity Traders

Book - 2014
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"Nestled deep in the towers of banking and finance are the commodities traders who spend their days gambling with oil, gold, and corn contracts. They're highly-educated world travelers with a penchant for risk, and they're here to bet big on the future of the raw materials that make our economies hum. They're very wealthy, barely regulated, and can be a force for tremendous good--or ill. Now Kate Kelly, the bestselling author of Street Fighters, shines light not just on the commodities market, but also on some of its key figures. Her characters include Pierre Andurand, a hedge-fund manager who generated the winningest annual performance ever for an oil trader in 2008, and Ivan Glasenberg, whose secretive Swiss commodities giant, Glencore, has been thrown into the spotlight. Kelly paints a dramatic narrative of immense power in the hands of a few, and the so-far hapless efforts by the Obama Administration to rein in the cowboys"--
Publisher: New York : Portfolio/Penguin, 2014
Copyright Date: ©2014
ISBN: 9781591845461
Branch Call Number: Business & Career 332.632 Kel


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Sep 10, 2014

A puff piece [a kid's book report ?], not fully explaining the economic warfare and devastating effects across the spectrum of ultra-speculation by the hedge funds utilizing a limitless number of virtual commodity futures trades to manipulate markets, and why 90 dedicated healthcare hedge funds can drive up the costs of healthcare in the USA over the past decade! To Ms. Kelly's credit, she does mention how Goldman Sachs amassed large physical holdings of aluminum, et cetera, and also how Anthony Ward [London hedge fund trader] cornered the cocoa market, but doesn't tie in the troubles in Ivory Coast and how they were connected to chocolate price manipulation [cornered market, then problems at the physical production end means super profits]. Also, no mention of the Baltic Index nor of InterContinental Exchange [ICE]? On p. 95, Ms. Kelly writes, referring to Gensler's confirmation hearing /// ...his surprising theory that speculation did indeed affect commodity prices. \\\ This is an aburd sentence and sentiment - - of course it affects prices! Again both credit and criticism as Ms. K. confuses the reader by pointing out, in a roundabout manner, that the banks [and their hedge funds and those hedge funds they finance] which speculate up the commodity prices, are then hired by the companies involved to hedge those commodities they produce/distribute? On p.69, Kelly repeats, indirectly and without naming names, the John Paulson fiction - - truly dishonest and unacceptable given that her book's pub. date is 2014! I'm not sure one learns anything from reading this? A vanilla book. . .


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