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What are the other markets telling me? And if he had any political views, they weren't apparent. Another person who knew Glasenberg at this time said: "I don't know his views but I would guess he was anti-apartheid. He left South Africa as soon as he could, which is congruent with many Jewish South Africans of that time.


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Glasenberg travelled to Los Angeles to study for a master's in business administration at the University of Southern California's business school. Years later he told its magazine that it had been "an enormous cultural shock" to leave South Africa. In the same interview he explained that he had become intrigued by commodities trading at Witwatersrand when he learned about the global trade in one raw material: wax. I thought: 'That's unbelievable. Talking on the phone in his office, that man made money moving candle wax from one country to another' It really interested me.

It was the only interview Glasenberg gave before Glencore announced its float. Even that appeared one too many. When it appeared on its website, Glasenberg asked his alma mater to take it down. Today, members of faculty refuse to talk about him, saying they know he values his privacy, so it would not be in the university's interest to do so.

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On graduating in , Glasenberg applied, successfully, for a job in New York, working for the man who was at that time the biggest commodities trader in the world: Marc Rich. Glasenberg never did get to work in New York. Just as he was about to join the company, Rich realised that he was going to have his collar felt by the US federal authorities, and fled to Switzerland, never to return.

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He was subsequently charged with racketeering, evading millions of dollars in taxes and trading with the enemy: the Ayatollahs' Iran. Rich was America's most-wanted white-collar criminal, and his picture adorned the FBI's list of top fugitives alongside that of Osama bin Laden. He stayed on the list until Bill Clinton's controversial decision to pardon him during the final hours of his presidency in At that time, South Africa was at the heart of what Rich would later tell his biographer, Daniel Ammann, was the "most important and most profitable" part of his business.

Glasenberg, who began work as a junior member of staff in the coal division, was aware of the oil trading but believed there was nothing wrong with it and had no idea whether or not any embargo was being broken. In the event, by the time the UN adopted an international oil embargo on South Africa at the end of , Glasenberg had moved on, working for Rich first in Sydney and then Beijing, selling coal across the far east.

In he was brought to head office in Switzerland as head of the coal division. He had caught Rich's attention. Rich told the Guardian he believes Glasenberg to be a brilliant commodities trader. He is an excellent analyst, very intelligent and hard-working. I also had a rebellious phase as a teenager, like almost all kids do. Aley: I know you are a consultant now, but before that, what did you do? And how did you get to that role?

Kathy : I started with a company in the 90's called the Farmers Commodities Corporation. The company had employees, and they helped the agricultural community manage the price risk in commodities such as grain, cattle, and soybeans. They were looking for a payroll-ish sort of person. I did payroll, some accounting, and other general HR work. While I was there, the company continued to expand. My boss ended up leaving, and the company appointed me as the HR director after that.

I managed the organization all the way from its days of being a small cooperative, through an ESOP, global expansion, acquisitions, and an IPO. Throughout that stretch, I got tons of certifications. I spent a lot of time working on both compliance and improving employee relations. I ended my time as the Global Head of HR in the same organization. Kathy : I just felt like something was missing in my career.

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I wanted something more. Not to just focus on money and litigation. I really wanted to connect more emotionally with leadership and employees. When reflecting on what makes me the happiest, that is really my driver. So about four years ago, I took a sabbatical to regroup, and then decided to start on this consulting journey.

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Kathy : I believe that people, or human assets, get lost in translation with litigation and fiduciary responsibility. Free download. Book file PDF easily for everyone and every device. This Book have some digital formats such us :paperbook, ebook, kindle, epub, fb2 and another formats. The Devil And George Bailey. Merrill Lynch, [ Transfer Binder] Comm. Compensatory damages must place plaintiff in the position he would have been in but for defendants' conduct, taking into account plaintiff's obligation to mitigate.

Schultz v. Commodity Futures Trading Commission, F.


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Adapting this test to the facts before us, we must determine the highest value plaintiff's 20 lot short position would have reached on June 9, This short position had its highest value at the time when the price of an off-setting long position reached its lowest point. First Commodity Corp. March 31, , affirmed, F. Defendants argue that "[e]ven if Herman is found not to have ratified the unauthorized trades, his conduct on June 9 and thereafter should estop him from disclaiming responsibility for future losses.

Defendants, thus, essentially argue detrimental reliance, the counterpart of equitable estoppel. For the following reasons, we decline to find detrimental reliance.

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Detrimental reliance is premised on the fact that an innocent party relied to his detriment on the fraudulent or inequitable conduct of another. Citrus Bowl, Inc. Rockefeller Center, Inc. Sherman is plainly not an innocent party.

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He is at least as responsible as plaintiff for the damages incurred subsequent to June 9. He withheld information from plaintiff with respect to plaintiff's rights. He misled plaintiff about trades occurring after June 9. Even if he did rely on plaintiff's failure to protest, this was in contravention of Exchange Rules which proscribe trading in under-margined accounts.

This case may thus be distinguished from Sherwood, where the investor failed to alert his new account supervisor that the firm's former employee had executed unauthorized trades. In this case, unlike Sherwood, the broker had no occasion to "presume the regularity of the unprotested transactions. Under these circumstances, the flexible and ad hoc doctrine of equitable estoppel, see Sherwood, supra at 23,, may fairly be employed to place a cap on plaintiff's lost profits but should not limit defendants' losses on an account which because of plaintiff's failure to ratify ultimately belonged to defendant.

Defendant's violation of the Commodity Exchange Act may constitute common law fraud, for which punitive damages would be available. We find it unnecessary, however, to decide the question of common law fraud. Assuming arguendo that it has been established, we decline to award punitive damages because the previous section, in denying defendants' recovery of the debit balance, adequately recognizes the equities and the need for deterrence.

A September "long" silver future, for example, obligates the holder to purchase a specified amount of silver in September for a price currently designated.