• 27 Jun 2014 at 4:57 PM

Who Needs Switzerland?

Certainly not commodities giant Glencore, which maybe just made high-interest-rate loans to itself to cut its Aussie tax bills. Read more »

Back in 2010, a Glencore trader named Andrew Kearns was fired for what management perceived as a drinking problem, which they believed was affecting Kearns’s ability to do his job. Kearns denied that his drinking was a problem, and filed a wrongful termination suit, seeking $1.2 million. Last month, a judge ruled no dice on the $1.2 million; yesterday he rejected the remaining piece of the claim, which sought a mere $20,000. Where did things go wrong for Kearns? Ultimately, it came down to not seeing eye to eye with his superiors on a number of booze-related issues. Among them:

A debate over the line between being a fall down drunk and merely mixing it up with clients.

  • Kearns, who earned about $500,000 a year “regularly consumed excessive amounts of alcohol,” which meant he was late for work or unable to function effectively, Seymour said in the written decision. Kearns argued during the trial that Glencore’s claims weren’t true and that he had been doing his job by socializing with clients. He denied having an alcohol problem and said the company singled him out because of a disagreement with managers.

The proper way to stage an intervention, and the appropriate response to such a thing.

  • Cohen told the judge that when Glencore offered to help Kearns see an addiction expert, he responded by spending an afternoon in the pub.

Read more »

Andrew Kearns: I was fired on the false claim I have a problem with alcohol. Glencore: We can’t risk having an employee who might come back to the office 10-sheets to the wind, face-plant into his keyboard, and accidentally buy 700.1333333333 million barrels of crude oil. Read more »

And it’s not Steve Cohen, i.e. Fred Wilpon just made the biggest mistake of his life. Read more »

Supposedly, yes. Read more »

Don’t get Simon Murray wrong, he loves the pregnant ladies. They really rev his engine, but they don’t belong in the boardroom. Read more »

Later next month, Glencore will go public in an IPO that is expected to raise as much as $11-12 billion, giving the commodities firm a potential market value of between $55-73 billion. It’s multiple exclamation point exciting, not unlike Fortress’s hernia-inducing IPO of 2007. As part of the buildup to the big event, there’s been a demand for insight into how Glencore, founded in 1974 by Marc Rich and currently run by Ivan Glasenberg, got to where it is today and what it looks like on the inside. One theory currently being floated is that it’s a cult. Read more »

Here’s what they’ve come up with: “Goldman only published the sell note on crude because they were left out of the Glencore IPO.”