The Secret Club That Runs the World by Kate Kelly

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  • Title: The Secret Club That Runs the World
  • Author: Kate Kelly
  • Category: Business
  • Date: June 2014
  • Lenguage: English
  • Pages: unknown
  • ISBN: 9780698151673


Ebook description:

“Commodity gamers are a shrewd and indomitable lot. And the contracts they commerce are nonetheless so loosely regulated that the appropriate mixture of cash and ability creates irresistible alternative. That’s why I’m solely half joking after I name them the secret membership that runs the world.” When most individuals consider the drama of worldwide finance, they consider shares and bonds, enterprise capital, high-tech IPOs, and complicated mortgagebacked securities. But commodities? Crude oil and soybeans? Copper and wheat? What might be more boring? That’s precisely what the elite commodity merchants need you to assume. They don’t search the media highlight. They don’t need to be as well-known as Warren Buffett or Bill Gross. Their astonishing wealth was created in near-total obscurity, as a result of they dwelled both in intently held personal corporations or deep inside massive banks and firms, the place commodity income and losses weren’t damaged out. But if the particular person individuals in the nice commodities increase of the 2000s went unnoticed, their affect didn’t. Over a number of years the dimension of the market exploded, and so did costs for uncooked supplies—elevating severe questions on whether or not the large merchants have been deliberately jacking up the price of gasoline, meals, and different necessities purchased by extraordinary folks round the world. What was actually driving all these worth spikes? Now Kate Kelly, the bestselling writer of Street Fighters , takes us inside this secretive interior circle that controls so many issues all of us rely upon. She will get nearer than any earlier reporter to understanding these whip-smart, aggressive, and infrequently egomaniacal males (sure, they’re almost all males). They work exhausting, play exhausting, flaunt their wealth, and guess tens of millions on daily basis on a mix of information, evaluation, and pure intestine intuition. Kelly’s narrative focuses on one among the most extraordinary intervals in monetary historical past. Though the follow of gaming out worth adjustments in commodities goes again to historical Mesopotamia, it had by no means earlier than reached the extremes of the early to mid-2000s. Kelly exposes the position of the hedge funds, banks, brokers, and regulators on this risky market, by means of fascinating tales of “secret membership” members corresponding to . . . Pierre Andurand, a self-made multimillionaire who generated the winningest annual efficiency ever for an oil dealer in 2008 and employed Elton John to carry out at his wedding ceremony. Ivan Glasenberg, whose secretive Swiss commodities large, Glencore, based by the notorious American fugitive Marc Rich, orchestrated a large merger with the assist of former UK prime minister Tony Blair. Jon Ruggles, a brash know-it-all—recruited by Delta Air Lines to revitalize the airline’s gasoline hedging enterprise, he continued to make trades in his private account, a questionable follow given his place. Drawing on her unique entry to the secret membership, and following the path from New York to Houston, London, Dubai, and past, Kelly reveals the immense energy in the palms of some, and the so-far contentious efforts by the Obama administration to rein in the cowboys


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