Here's a story so improbable it's got to have some big-time grey market operators behind it. A few years ago I would have guessed Glencore, but they've gone legit.
Since the North Korean economy is virtually under house arrest, due to the sanctions and embargoes imposed by the Nations of Virtue, you'd wonder how that ship even got to the Mediterranean without making headlines.
You'd also have to wonder what was on it. Missiles for Gaza? By all accounts the rebels who hold the oil terminals in eastern Libya are open to virtually any kind of barter deal.
The comical "legitimate government" of Libya, currently operating out of a Tripoli hotel since it lost control of its own parliament building, is threatening to bomb the offending tanker. Given that the "legitimate government" has neither bombs nor airplanes to drop them, this may seem an idle threat. Unfortunately, it isn't.
While they may lack legitimacy and the wherewithal to drop a bomb, they're still capable of making a phone call to someone who could.
I'm guessing they have AFRICOM on speed-dial.
Showing posts with label Glencore. Show all posts
Showing posts with label Glencore. Show all posts
Saturday, March 8, 2014
Saturday, June 29, 2013
RIP Marc Rich
Marc Rich went to his reward the other day.
Not sure what that would look like. Seems he pretty much had the "reward" while he was here.
Not a whole lot ever went too far wrong for Marc. His intellectual spawn continue his work at Glencore. The unofficial voices that talk off the record to the think tank here at Falling Downs claim he was knee-deep or better into the goings on at Glencore till the day he died.
The biggest tax fraud case in US history was resolved (sort of) by Clinton's pardon. Nevertheless Marc steered clear of US airspace, let alone US soil, for the rest of his life.
The obits claim he "invented" commodity trading. That's not quite true. He may have helped it evolve.
There were many who followed who built it into something Rich wouldn't even understand. It's one thing for sharpies in Zug to trade a barrel of oil 27 times between the well-head and the consumer.
Today's Rumpelstiltskins have their computers trade blue chips 2700 times a second.
We've come a long way...
Be that as it may, I think overall Marc Rich did more good than he did harm.
And that's probably the best legacy any man can leave behind.
Not sure what that would look like. Seems he pretty much had the "reward" while he was here.
Not a whole lot ever went too far wrong for Marc. His intellectual spawn continue his work at Glencore. The unofficial voices that talk off the record to the think tank here at Falling Downs claim he was knee-deep or better into the goings on at Glencore till the day he died.
The biggest tax fraud case in US history was resolved (sort of) by Clinton's pardon. Nevertheless Marc steered clear of US airspace, let alone US soil, for the rest of his life.
The obits claim he "invented" commodity trading. That's not quite true. He may have helped it evolve.
There were many who followed who built it into something Rich wouldn't even understand. It's one thing for sharpies in Zug to trade a barrel of oil 27 times between the well-head and the consumer.
Today's Rumpelstiltskins have their computers trade blue chips 2700 times a second.
We've come a long way...
Be that as it may, I think overall Marc Rich did more good than he did harm.
And that's probably the best legacy any man can leave behind.
Wednesday, June 19, 2013
First Nations poverty? Bob Rae to the rescue!
I remember Bolshevik Bob when he was the first "socialist" premier of Ontario.
Bob will forever be famous for signing agreements with huge swaths of public sector workers in the province, and then turning around and unilaterally "amending" them.
Amending them down, that is. Gave the nurses a nice pay raise and then closed tens of thousands of hospital beds.
Gave the teachers a nice pay raise and then told them they were going to take enough days off without pay to bring them back to where they were before that nice pay raise.
"Rae days" were born.
When he wasn't busy screwing the workers he was busy jetting around the world trying to entice multi-national corporations to set up shop in Ontario.
His sales pitch was "look how tough I am on organized labour, build a branch plant in Ontario!"
Didn't meet with a whole lot of success as I recall. The multi-nationals didn't trust him because he was a "socialist," and the workers didn't trust him because he'd just stabbed them in the back.
Which made him a perfect candidate to join the Liberal Party!
Which is where he's been till today.
Today he announced he was leaving party politics to be the point man for the First Nations trying to negotiate agreements with mining companies wanting to open up the "Ring of Fire" area in north Ontario.
I think Bob is a fundamentally decent human being. His heart has always been in the right place. He's not a guy who you'll find sinecured into some seven number bullshit "advisory" job with Glencore in a couple of years.
In spite of everything he has clung to his integrity.
Not too many career politicians can make that claim.
Bob will forever be famous for signing agreements with huge swaths of public sector workers in the province, and then turning around and unilaterally "amending" them.
Amending them down, that is. Gave the nurses a nice pay raise and then closed tens of thousands of hospital beds.
Gave the teachers a nice pay raise and then told them they were going to take enough days off without pay to bring them back to where they were before that nice pay raise.
"Rae days" were born.
When he wasn't busy screwing the workers he was busy jetting around the world trying to entice multi-national corporations to set up shop in Ontario.
His sales pitch was "look how tough I am on organized labour, build a branch plant in Ontario!"
Didn't meet with a whole lot of success as I recall. The multi-nationals didn't trust him because he was a "socialist," and the workers didn't trust him because he'd just stabbed them in the back.
Which made him a perfect candidate to join the Liberal Party!
Which is where he's been till today.
Today he announced he was leaving party politics to be the point man for the First Nations trying to negotiate agreements with mining companies wanting to open up the "Ring of Fire" area in north Ontario.
I think Bob is a fundamentally decent human being. His heart has always been in the right place. He's not a guy who you'll find sinecured into some seven number bullshit "advisory" job with Glencore in a couple of years.
In spite of everything he has clung to his integrity.
Not too many career politicians can make that claim.
Wednesday, May 22, 2013
Mark Wallace and the business of screwing business
In case you haven't noticed there's been a story floating around accusing Glencore of violating Iran sanctions.
While I've often hinted that in days gone by Glencore played fast and loose with sanctions, at the end of the day Glencore was in the business of business, not the business of politics.
Mark Wallace, on the other hand, is a leading proponent of the politics is business point of view. A lot of the current brou-ha-ha over Glencore stems from this story.
Wallace is a consummate Bush insider who played a key role in ensuring that the hanging chads swung Bush's way in Florida back in the day. He's now the driving force behind United Against Nuclear Iran, an organization that seeks to blackmail western corporations who are inclined to do business with the Islamic Republic.
His UANI group has had considerable success scaring Fortune 500 outfits away from their business dealings with Iran, whether or not their trade is in any way related to sanctioned technology or Iran's nuclear program.
The think tank here at Falling Downs views this as a counterproductive strategy. Ultimately, the people with whom it is most important to talk to are one's enemies. Doing business with "enemies", even enemies arbitrarily designated as such on the basis of revenge fantasies still nurtured by a certain clique in Washington bitter about the demise of the Shah, keeps channels of communication open.
Far better we keep those channels open than we communicate only via our long-range missiles.
While I've often hinted that in days gone by Glencore played fast and loose with sanctions, at the end of the day Glencore was in the business of business, not the business of politics.
Mark Wallace, on the other hand, is a leading proponent of the politics is business point of view. A lot of the current brou-ha-ha over Glencore stems from this story.
Wallace is a consummate Bush insider who played a key role in ensuring that the hanging chads swung Bush's way in Florida back in the day. He's now the driving force behind United Against Nuclear Iran, an organization that seeks to blackmail western corporations who are inclined to do business with the Islamic Republic.
His UANI group has had considerable success scaring Fortune 500 outfits away from their business dealings with Iran, whether or not their trade is in any way related to sanctioned technology or Iran's nuclear program.
The think tank here at Falling Downs views this as a counterproductive strategy. Ultimately, the people with whom it is most important to talk to are one's enemies. Doing business with "enemies", even enemies arbitrarily designated as such on the basis of revenge fantasies still nurtured by a certain clique in Washington bitter about the demise of the Shah, keeps channels of communication open.
Far better we keep those channels open than we communicate only via our long-range missiles.
Saturday, October 13, 2012
World Statesman of the Year has no problem sucking up to corrupt president of the Congo
On the face of it this doesn't make a lot of sense. There's big Steve swanning around Kinshasha in the company of some of the most corrupt robber-politicos the world has ever seen, according to all the do-gooder NGO's who make it their business to follow this sort of thing.
Could this be the same Stephen Harper who doesn't want to address the UN because it houses too many corrupt and anti-democratic delegations with darkish skin?
Could this be the same Canadian Prime Minister who closed Canada's embassy in Tehran because, oh my gawd, that filthy regime of towellers OPPRESS THEIR PEOPLE?
By virtually any standard you want to invent, the oppressed citizens of the Islamic Republic have it way better than the oppressed citizens of the Democratic Republic of Congo.
But there's the World Statesman of the Year, spending a couple of days hanging out in Kinshasha to address the Francophonie.
But wait a minute. I have a theory.
Think Chabad Lubavitch.
Isn't Canadian Foreign Minister John Baird's "personal Rabbi" a Lubavitcher?
And isn't that World Statesman of the Year award presented by Rabbi Arthur Schneier? Why indeed it is, and he too is a Lubavitcher, and not only does he present the award, he invented it!
Now try to focus here, because this is where things get interesting. A certain Lubavitcher named Dan Gertler has been at the center of DRC corruption controversies for years. He's really tight with DRC President Joseph Kabila, as he was with former President Laurent Kabila till he was assassinated.
Having democratically elected offices pass from father to son is just how things work in some of those places.
Gertler has magical powers to get lucrative mining concessions from the DRC government, even after others have bought and paid for them! And guess what? He is the biggest benefactor of the Chabad Lubavitch House in Kinshasha!
What's extra funny is that a whole string of Canadian mining companies have been screwed over by Gertler's antics in the DRC!
Now before you think I'm shilling for the Canadian mining industry, let me assure you such is not the case.
But you'd almost think Prime Minister Harper should be.
Could this be the same Stephen Harper who doesn't want to address the UN because it houses too many corrupt and anti-democratic delegations with darkish skin?
Could this be the same Canadian Prime Minister who closed Canada's embassy in Tehran because, oh my gawd, that filthy regime of towellers OPPRESS THEIR PEOPLE?
By virtually any standard you want to invent, the oppressed citizens of the Islamic Republic have it way better than the oppressed citizens of the Democratic Republic of Congo.
But there's the World Statesman of the Year, spending a couple of days hanging out in Kinshasha to address the Francophonie.
But wait a minute. I have a theory.
Think Chabad Lubavitch.
Isn't Canadian Foreign Minister John Baird's "personal Rabbi" a Lubavitcher?
And isn't that World Statesman of the Year award presented by Rabbi Arthur Schneier? Why indeed it is, and he too is a Lubavitcher, and not only does he present the award, he invented it!
Now try to focus here, because this is where things get interesting. A certain Lubavitcher named Dan Gertler has been at the center of DRC corruption controversies for years. He's really tight with DRC President Joseph Kabila, as he was with former President Laurent Kabila till he was assassinated.
Having democratically elected offices pass from father to son is just how things work in some of those places.
Gertler has magical powers to get lucrative mining concessions from the DRC government, even after others have bought and paid for them! And guess what? He is the biggest benefactor of the Chabad Lubavitch House in Kinshasha!
What's extra funny is that a whole string of Canadian mining companies have been screwed over by Gertler's antics in the DRC!
Now before you think I'm shilling for the Canadian mining industry, let me assure you such is not the case.
But you'd almost think Prime Minister Harper should be.
Thursday, March 22, 2012
Obama plays favorites over Iran sanctions
We're getting tough on Iran. Yessirree, these sanctions are gonna hurt real bad...
Today Obama officially exempted ten Euro countries and Japan from sanctions designed to discourage them from importing Iranian oil.
If you compare a list of exemptions to a map of Europe you'll see that the so-called sanctions are right next to meaningless.
You'll notice that Luxembourg is not on the list of exemptions. We're getting tough on Luxembourg. Oh, they didn't import Iranian oil anyway? Hmmm, maybe that's why we're getting tough with them.
Lichtenstein and Monaco too. Watch out, irrelevant European statelets; we're gonna come down hard.
Meanwhile, Iran's biggest oil customers, India and China, continue to do business as usual with the Islamic Republic.
And of course any sanctions plan just opens up huge profit opportunities for middlemen like Glencor in Switzerland. Once that oil is on the tanker, who really knows where it came from? It becomes an exercise in creative paperwork.
Glencor is a world leader in creative paperwork.
In fact, it wouldn't surprise me one bit if Israel's refinery is still getting its crude oil from that network of creative paperwork.
Today Obama officially exempted ten Euro countries and Japan from sanctions designed to discourage them from importing Iranian oil.
If you compare a list of exemptions to a map of Europe you'll see that the so-called sanctions are right next to meaningless.
You'll notice that Luxembourg is not on the list of exemptions. We're getting tough on Luxembourg. Oh, they didn't import Iranian oil anyway? Hmmm, maybe that's why we're getting tough with them.
Lichtenstein and Monaco too. Watch out, irrelevant European statelets; we're gonna come down hard.
Meanwhile, Iran's biggest oil customers, India and China, continue to do business as usual with the Islamic Republic.
And of course any sanctions plan just opens up huge profit opportunities for middlemen like Glencor in Switzerland. Once that oil is on the tanker, who really knows where it came from? It becomes an exercise in creative paperwork.
Glencor is a world leader in creative paperwork.
In fact, it wouldn't surprise me one bit if Israel's refinery is still getting its crude oil from that network of creative paperwork.
Thursday, January 5, 2012
Is Israel still buying Iran's oil?
When I landed in New Brunswick it was because I was being hounded half to death by the government for back taxes. Stemmed from a little disagreement over the difference between "income" and "capital gains". Their point of view prevailed, I filed for bankruptcy, and suddenly I was a maritimer.
When you're new to Saint John one of the coolest things you notice is those huge super-tankers. They make their way up the Bay of Fundy from the middle east and disgorge their cargo at Canada's biggest oil refinery, right there on the outskirts of Saint John.
Oddly enough, at the very time I showed up in Saint John as a displaced tax refugee there was a landmark case in the papers between Irving Oil and the federal tax department. Seems that somewhere along the route that those supertankers took, the cargo was sold to an Irving affiliate in Bermuda and then resold to Irving Oil. The result - the profits were made in tax-free Bermuda!
The case dragged on for years, and eventually the tax evaders with their dozens of lawyers and consultants and lobbyists won. The largest oil refinery in Canada is actually a non-profit.
Which brings me to the Iran oil boycott.
A couple of years ago Richard Silverstein had an article in the Guardian about how Israel buys Iranian oil, in spite of the fact that even then the Israelis were ostensibly boycotting all things Iranian. Apparently Iranian crude is ideal for Israel's refineries for technical reasons.
There's a simple solution. You buy your oil from a middle-man like Glencore in Switzerland. You're not buying your oil from Iran, you're buying it from a Swiss commodity trader. Hands are clean all round. After all, the Swiss aren't boycotting Iran, and neither is Glencore. Beautiful!
With a typical barrel of oil changing hands at least fifteen times between the wellhead and the consumer, nobody really knows where any oil comes from at the end of the day. So this Iran oil boycott that's making big news these days is nothing more and nothing less than political grandstanding.
So are the refineries in Haifa and Ashdod still processing Iranian crude?
When you're new to Saint John one of the coolest things you notice is those huge super-tankers. They make their way up the Bay of Fundy from the middle east and disgorge their cargo at Canada's biggest oil refinery, right there on the outskirts of Saint John.
Oddly enough, at the very time I showed up in Saint John as a displaced tax refugee there was a landmark case in the papers between Irving Oil and the federal tax department. Seems that somewhere along the route that those supertankers took, the cargo was sold to an Irving affiliate in Bermuda and then resold to Irving Oil. The result - the profits were made in tax-free Bermuda!
The case dragged on for years, and eventually the tax evaders with their dozens of lawyers and consultants and lobbyists won. The largest oil refinery in Canada is actually a non-profit.
Which brings me to the Iran oil boycott.
A couple of years ago Richard Silverstein had an article in the Guardian about how Israel buys Iranian oil, in spite of the fact that even then the Israelis were ostensibly boycotting all things Iranian. Apparently Iranian crude is ideal for Israel's refineries for technical reasons.
There's a simple solution. You buy your oil from a middle-man like Glencore in Switzerland. You're not buying your oil from Iran, you're buying it from a Swiss commodity trader. Hands are clean all round. After all, the Swiss aren't boycotting Iran, and neither is Glencore. Beautiful!
With a typical barrel of oil changing hands at least fifteen times between the wellhead and the consumer, nobody really knows where any oil comes from at the end of the day. So this Iran oil boycott that's making big news these days is nothing more and nothing less than political grandstanding.
So are the refineries in Haifa and Ashdod still processing Iranian crude?
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