“I used to go with 500,000 pounds to London…” #Commodities Traders’ Long History of “Commissions” to Seal Deals

"I used to go with 500,000 pounds to London," said former Glencore exec. 

"In those days paying so-called "commissions" was both legal and even tax-deductible for a Swiss company…"

"The old-style traders, the Marc Rich diehard breed, some of them don't quite get it. Until they're sitting and talking with the FBI. Then they get it."

Excerpts  from The World for Sale, a book on the history of the commodity trading industry by Javier Blas and Jack Farchy from Bloomberg. 

See the article online here: 

Former Glencore Exec Details Suitcase of Cash He Used to Seal Deals - Bloomberg

https://www.bloomberg.com/news/articles/2021-02-24/former-glencore-director-says-he-flew-the-world-with-bag-of-cash

#Commodities Hit Highest Since 2013 Amid #Inflation Concern - Bloomberg

• 
  
  
  
  Bloomberg Commodities Spot Index up 67% from 2020's low-point
• Broad prices gains seen recently in #oil, #copper and #grains

https://www.bloomberg.com/news/articles/2021-02-22/commodities-rise-to-highest-since-2013-amid-inflation-concerns

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