The Secret Club That Runs the World: Inside the Fraternity of Commodity Traders

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9780670922673: The Secret Club That Runs the World: Inside the Fraternity of Commodity Traders

“Commodity players are a shrewd and indomitable lot. And the contracts they trade are still so loosely regulated that the correct combination of money and skill creates irresistible opportunity. That’s why I’m only half joking when I call them the secret club that runs the world.”

When most people think of the drama of global finance, they think of stocks and bonds, venture capital, high-tech IPOs, and complex mortgagebacked securities. But commodities? Crude oil and soybeans? Copper and wheat? What could be more boring?

That’s exactly what the elite commodity traders want you to think. They don’t seek the media spotlight. They don’t want to be as famous as Warren Buffett or Bill Gross. Their astonishing wealth was created in near-total obscurity, because they dwelled either in closely held private companies or deep within large banks and corporations, where commodity profits and losses weren’t broken out.

But if the individual participants in the great commodities boom of the 2000s went unnoticed, their impact did not. Over several years the size of the market exploded, and so did prices for raw materials—raising serious questions about whether the big traders were intentionally jacking up the cost of gasoline, food, and other essentials bought by ordinary people around the world. What was really driving all those price spikes?

Now Kate Kelly, the bestselling author of Street Fighters, takes us inside this secretive inner circle that controls so many things we all depend on. She gets closer than any previous reporter to understanding these whip-smart, aggressive, and often egomaniacal men (yes, they are nearly all men). They work hard, play hard, flaunt their wealth, and bet millions every day on a blend of facts, analysis, and pure gut instinct.

Kelly’s narrative focuses on one of the most extraordinary periods in financial history. Though the practice of gaming out price changes in commodities goes back to ancient Mesopotamia, it had never before reached the extremes of the early to mid-2000s. Kelly exposes the role of the hedge funds, banks, brokers, and regulators in this volatile market, through fascinating stories of “secret club” members such as...

·Pierre Andurand, a self-made multimillionaire who generated the winningest annual performance ever for an oil trader in 2008 and hired Elton John to perform at his wedding.
·Ivan Glasenberg, whose secretive Swiss commodities giant, Glencore, founded by the infamous American fugitive Marc Rich, orchestrated a massive merger with the help of former UK prime minister Tony Blair.
·Jon Ruggles, a brash know-it-all—recruited by Delta Air Lines to revitalize the airline’s fuelhedging business, he continuined to make trades in his personal account, a questionable practice given his position.

Drawing on her exclusive access to the secret club, and following the trail from New York to Houston, London, Dubai, and beyond, Kelly reveals the immense power in the hands of a few, and the so-far contentious efforts by the Obama administration to rein in the cowboys.

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About the Author:

Kate Kelly, author of the New York Times bestseller Street Fighters, covers Wall Street for CNBC. She spent ten years at the Wall Street Journal, where she won a Livingston Award and two Gerald Loeb awards. She lives in Brooklyn with her family.

From Booklist:

Hedging the risk of investing in commodities used to be the fairly dull province of a few brokers and traders on one side of a transaction and farmers and end users of crude oil, copper, and pork bellies on the other. But the great commodities boom of the early 2000s attracted flamboyant risk-takers, whose transactions ultimately produced wild swings in prices on gasoline, food, and other essentials and prompted regulators to try to crack down. CNBC market reporter Kelly (Street Fighters, 2009) unveils the secretive world of unregulated hedge funds, of banks and brokers who trade for their own accounts often against the interests of their customers. With exclusive access to the major players in the commodities market, Kelly offers fascinating portraits of huge egos and details of byzantine deals, including a massive merger aided by former UK prime minister Tony Blair. Among her subjects are a fuel trader whose trades saved a sagging Delta Air Lines and a trader at a Swiss commodities firm founded by American fugitive Marc Rich. This is an absorbing inside look at the shady world of multinational brokers. --Vanessa Bush

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Kate Kelly
Editorial: Penguin Books Ltd, United Kingdom (2015)
ISBN 10: 0670922676 ISBN 13: 9780670922673
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Descripción Penguin Books Ltd, United Kingdom, 2015. Paperback. Estado de conservación: New. Language: English . Brand New Book. Kate Kelly, acclaimed journalist and author of Street Fighters , investigates the world of commodities tradersWhen most of us think of the drama of global finance, we think of stocks and bonds. But commodities? Crude oil and soya beans? Copper and wheat? What could be more boring?That s exactly what the elite commodity traders want us to think. They don t seek the spotlight. They don t want to be as famous as Warren Buffett. Their astonishing wealth was created in obscurity, because they dwell in private companies or deep within large banks and corporations.But if the individuals in the commodities boom have gone unnoticed, their impact has not. Prices of raw materials have exploded. Are the big traders jacking up the cost of petrol, food, and essentials bought by people around the world? How did such immense power end up in the hands of a few?In this riveting book, Kate Kelly takes us inside the inner circle that affects so many things we all depend on. Following a trail from New York to London to Dubai, from hedgefunds and banks to brokers and regulators, she reveals the fullest ever picture of the men who gamble with our future every day. Nº de ref. de la librería AAZ9780670922673

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Kelly, Kate
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Descripción Portfolio Penguin, 2015. Paperback. Estado de conservación: New. BRAND NEW ** SUPER FAST SHIPPING FROM UK WAREHOUSE ** 30 DAY MONEY BACK GUARANTEE. Nº de ref. de la librería mon0001551389

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Kate Kelly
Editorial: Penguin Books Ltd, United Kingdom (2015)
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Descripción Penguin Books Ltd, United Kingdom, 2015. Paperback. Estado de conservación: New. Language: English . Brand New Book. Kate Kelly, acclaimed journalist and author of Street Fighters , investigates the world of commodities tradersWhen most of us think of the drama of global finance, we think of stocks and bonds. But commodities? Crude oil and soya beans? Copper and wheat? What could be more boring?That s exactly what the elite commodity traders want us to think. They don t seek the spotlight. They don t want to be as famous as Warren Buffett. Their astonishing wealth was created in obscurity, because they dwell in private companies or deep within large banks and corporations.But if the individuals in the commodities boom have gone unnoticed, their impact has not. Prices of raw materials have exploded. Are the big traders jacking up the cost of petrol, food, and essentials bought by people around the world? How did such immense power end up in the hands of a few?In this riveting book, Kate Kelly takes us inside the inner circle that affects so many things we all depend on. Following a trail from New York to London to Dubai, from hedgefunds and banks to brokers and regulators, she reveals the fullest ever picture of the men who gamble with our future every day. Nº de ref. de la librería AAZ9780670922673

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Kate Kelly
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Descripción Penguin Books Ltd 2015-06-04, UK, 2015. paperback. Estado de conservación: New. Nº de ref. de la librería 9780670922673

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Descripción Estado de conservación: New. Depending on your location, this item may ship from the US or UK. Nº de ref. de la librería 97806709226730000000

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Descripción PENGUIN BOOKS, 2015. Estado de conservación: New. Are the big traders jacking up the cost of petrol, food, and essentials bought by people around the world? How did such immense power end up in the hands of a few? This book takes us inside the inner circle that affects so many things we all depend on. It reveals the fullest picture of the men who gamble with our future every day. Num Pages: 288 pages. BIC Classification: KFFM1; KJC. Category: (P) Professional & Vocational; (U) Tertiary Education (US: College). Dimension: 131 x 197 x 19. Weight in Grams: 216. . 2015. Paperback. . . . . . Nº de ref. de la librería V9780670922673

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KATE KELLY
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Descripción PENGUIN BOOKS. Estado de conservación: New. Are the big traders jacking up the cost of petrol, food, and essentials bought by people around the world? How did such immense power end up in the hands of a few? This book takes us inside the inner circle that affects so many things we all depend on. It reveals the fullest picture of the men who gamble with our future every day. Num Pages: 288 pages. BIC Classification: KFFM1; KJC. Category: (P) Professional & Vocational; (U) Tertiary Education (US: College). Dimension: 131 x 197 x 19. Weight in Grams: 216. . 2015. Paperback. . . . . Books ship from the US and Ireland. Nº de ref. de la librería V9780670922673

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Descripción Penguin Books Ltd. Paperback. Estado de conservación: new. BRAND NEW, The Secret Club That Runs the World: Inside the Fraternity of Commodity Traders, Kate Kelly, Kate Kelly, acclaimed journalist and author of Street Fighters, investigates the world of commodities traders When most of us think of the drama of global finance, we think of stocks and bonds. But commodities? Crude oil and soya beans? Copper and wheat? What could be more boring? That's exactly what the elite commodity traders want us to think. They don't seek the spotlight. They don't want to be as famous as Warren Buffett. Their astonishing wealth was created in obscurity, because they dwell in private companies or deep within large banks and corporations. But if the individuals in the commodities boom have gone unnoticed, their impact has not. Prices of raw materials have exploded. Are the big traders jacking up the cost of petrol, food, and essentials bought by people around the world? How did such immense power end up in the hands of a few? In The Secret Club That Runs The World, Kate Kelly takes us inside the inner circle that affects so many things we all depend on. Following a trail from New York to London to Dubai, from hedge funds and banks to brokers and regulators, she reveals the fullest ever picture of the men who gamble with our future every day. Kate Kelly, author of the New York Times best-seller Street Fighters, covers Wall Street for CNBC. She spent ten years at the Wall Street Journal, where she won a Livingston Award and two Gerald Loeb awards. She lives in Brooklyn with her family. Nº de ref. de la librería B9780670922673

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Descripción Estado de conservación: New. Bookseller Inventory # ST0670922676. Nº de ref. de la librería ST0670922676

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