What's on your dinner plate has probably been through Glencore's hands.
Started my Marc Rich selling Iranian Oil, Glencore was charged with trading with the enemy, racketeering and tax ecasdion. Marc Rich fled the US to Switzerland as a tax haven in 1983. Supplier of South Africa's aparteid regime in 1980s.
South African Ivan Glasenberg now runs the company, Swiss resident picked up Australian citizenship, pays not Australian tax privately worth $10 billion, technically making him Australia's richest man - but not person, which is Gina Rinehart at $10.3 Billion.
The Zambian government is investigating Glencore for rorting the country out of millions in tax revenue. EU has freezed new loans to Glencore, and Glencore has attempted o bribe many EU officials. Paid $2 million so bribery claims would 'go away' in Bahrain in 2009.
Commodities trading has very human costs: world food prices have increased from 2010 to 2011 by $36%, another 44 million people have gone below the poverty line. UN points its finger at Glencore and other institutional investors for creating this bubble.
Glencore successfully lobbied the Russian government to stop exports of Wheat, allowing Glencore to increasing the world wheat price by 15% and sell its stockpiled grain. Adds a dollar or two for us in the developed world, but else where for many it's the difference between life and death.
The Grim Reaper of Capitalism: Glencore, reaping huge profits from life's essentials, capitalism at its most exploitative, lucrative, and most costly.