Guest 655- Registered: 13 Mar 2008
- Posts: 10,247
There is nothing at all wrong with earning £100k or £1m or more a year as long as taxpayers do not pay it. Whine all you want but the market dictates the price for the job and you cannot buck the market without damaging consequences.
Guest 716- Registered: 9 Jun 2011
- Posts: 4,010
Glencore commodities trader run by billionaires obtained £ 50 million World Food Programme contract despite the UN pledge to buy from `poor farmers`
Glencore operated in secrecy from Switzerland until six months ago when they floated on to the London Stock Exchange.
Global food economists said it was `Shocking`how food aid is `funnelled` to one of the worlds largest commodity traders.
`War on Want` CEO said Glencore`s self confessed speculation on grain markets last year forced up prices at a time of world shortage driving more people into extreme hunger.
Today Glencore will merge with mining group Xstrata to become one of the top ten FTSE companies.
Glencore`s CEO`s nickname is `$ 10 million man`.Four other directors are billionaires.
WFP last year received aid of £ 144 million from UK and $ 1.2 billion from US.
Do we need these financial pariah`s?
The Marx stuff made me smile. Frankly I don't care much about how much people earn as long as they don, in fact, earn it. What makes me angry is the market manipulation that goes on while people trumpet about a "free market". No such thing as long as people follow self interest, and that isn't about to stop.
Guest 655- Registered: 13 Mar 2008
- Posts: 10,247
I wonder what the truth actually is behind your usual tosh Reg? If I get time I may look into it.
Guest 716- Registered: 9 Jun 2011
- Posts: 4,010
Defending the defenceless.............is a `Party`habit....................
Guest 655- Registered: 13 Mar 2008
- Posts: 10,247
mmm...... so you are against 'defending the defenceless' a direct quote.
You have said that a couple of times in posts. Perhaps there is something subliminal in that statement.
If your understanding of English is even a the tiniest bit better than your understanding of economics and finance, you should blush bright red at having, repeatedly, said that. Read, think and blush....
Guest 653- Registered: 13 Mar 2008
- Posts: 10,540
Good spot Barry
Is it appropriate that blushing is always red ??? I thought so.
That is indefensible - how could he ??
Roger
howard mcsweeney1- Location: Dover
- Registered: 12 Mar 2008
- Posts: 62,352
read that somewhere about glencore but cannot trace back to it, an interesting read.
Keith Sansum1
- Location: london
- Registered: 25 Aug 2010
- Posts: 23,942
well done howard
its usual when he cant defend to just attack the poster
ALL POSTS ARE MY OWN PERSONAL VIEWS
Ross Miller
- Location: London Road, Dover
- Registered: 17 Sep 2008
- Posts: 3,707
Ok on the Glencore story
Yes the WFP did buy £50m wheat and other grains from Glencore, one purchase alone was for $22.5m in July at the height of the famine in the Horn of Africa. Not sure what WFP could have done at that time as it had little or no stockpiles of grain and had to buy on the open market. Glencore were in a position to fulfill the order - end of really...
here are some links
http://www.guardian.co.uk/global-development/poverty-matters/2012/feb/07/glencore-wfp-viable-option?newsfeed=true very informative and provides figures on how much WFP money is spent in LDCs
http://www.forbes.com/sites/timworstall/2012/02/07/glencore-hysteria-of-the-day/ a slightly tongue in cheek take on the initial Guardian story
It is worth noting that WFP put all such purchases out to tender and generally buy from those offering the lowest price so as to maximise the amount of food purchased. Generally they would rather purchase from farmers in LDCs as this helps those countries proportionally much more, however in times of humanitarian crisis they must buy quickly and this is where the likes of Glencore and Cargill have a role to play.
"Dream as if you'll live forever. Live as if you'll die today." - James Dean
"Being deeply loved by someone gives you strength,
While loving someone deeply gives you courage" - Laozi
Guest 655- Registered: 13 Mar 2008
- Posts: 10,247
Thank you Ross - you saved me a job.
Keith nothing to defend, I merely pointed out a rather strange phrase your mate has used a few times.
I am quite happy the defend the defenceless, quite a honourable thing to do really.
Keith Sansum1- Location: london
- Registered: 25 Aug 2010
- Posts: 23,942
REG;
Looks like he has no answer
anyway reg keep it up boyo you have them rattled
ALL POSTS ARE MY OWN PERSONAL VIEWS
Ross Miller- Location: London Road, Dover
- Registered: 17 Sep 2008
- Posts: 3,707
Keith & Reg there is frankly nothing to defend on the part of Glencore or any other agricultural broker that wins an open tender from WFP.
Whilst one may consider their profits and remuneration excessive they are sadly doing nothing illegal in the country that they are resident in or the countries they operate in. If you object to this form of capitalism, then get governments to change the law...
"Dream as if you'll live forever. Live as if you'll die today." - James Dean
"Being deeply loved by someone gives you strength,
While loving someone deeply gives you courage" - Laozi
Guest 655- Registered: 13 Mar 2008
- Posts: 10,247
Keith - you really are completely detached from what is being said. Very weird - perhaps its because you really have nothing to actually say.
Guest 716- Registered: 9 Jun 2011
- Posts: 4,010
Need to revisit # 302.
Glencore ...............Philanthropic.............................nah!
illegal...............no.....hoarding/speculating grain waiting for hunger and starvation to set in........................
The unacceptable face of capitalism.......to enjoy excessive profit from such trade is hardly humanitarian.
To defend such trade is indefensible................there is no honour..................
NB...The `financial intentions` of Mike Davis CEO Xstrata and Ivan Glasenberg CEO of Glencore face strong
Shareholders opposition.Glencore`s `greed` for wealth is evident in terms of proposal.
Ross Miller- Location: London Road, Dover
- Registered: 17 Sep 2008
- Posts: 3,707
Reg cannot see where anyone suggested Glencore were philanthropic or am I missing something?
Do you actually understand what agricultural brokers do?
Their actions generally whilst not eliminating, flatten out the peaks and troughs of market prices
Shareholders are objecting to the proposed tie up between these 2 companies because they do not believe that it maximises shareholder value, after all their shareholders are the self same people you deride in other postings namely banks, insurance companies and pension funds.
"Dream as if you'll live forever. Live as if you'll die today." - James Dean
"Being deeply loved by someone gives you strength,
While loving someone deeply gives you courage" - Laozi
Keith Sansum1- Location: london
- Registered: 25 Aug 2010
- Posts: 23,942
I don't think anyone is saying it's not legal
but the question is; should it be legal
ALL POSTS ARE MY OWN PERSONAL VIEWS
Paul Watkins- Location: Dover
- Registered: 9 Nov 2011
- Posts: 2,226
Here we go again, the Reg. & Keith show on the "meaning of life".
Watty
Brian Dixon
- Location: Dover
- Registered: 23 Sep 2008
- Posts: 23,940
wasnt that a monty python scetch paul.
Paul Watkins- Location: Dover
- Registered: 9 Nov 2011
- Posts: 2,226
Is that the bit that suggests they are comedians Brian.
Watty