The Secret Club That Runs the World: Inside the Fraternity of Commodity Traders (35 page)

Reid’s anti-speculation bill,
92
,
93

Volcker Rule,
153
,
169
,
182

Wall Street regulation, 2009,
65

Reid, Harry,
92
,
93
,
95

Reid, Trevor,
167
,
176
,
179
–80

Rich, Marc

amassing fortune of,
56

death from stroke,
58

as father of commodity trading firms,
11

flight from U.S. prosecution by,
57

founding Marc Rich & Co.,
56

Glencore under,
47
,
54
,
56
–57

inventing spot market for oil of,
56

meeting Glasenberg,
61

as Phibro trader,
55
–56

presidential pardon of,
58

selling Marc Rich & Co.,
57

unhappy later life of,
57
–58

unsavory deals of,
56
–57

Rogers, John,
155

Rothschild, Nathaniel Philip “Nat,”
125

Rubin, Robert,
94

Ruggles, Ivonne

cosmetics factory bought by,
215
,
219

expecting first child,
205

meeting and marrying Jon,
117
–18

son born to,
211
–12

trips with Jon,
215

Ruggles, Jon.
See also
Delta Air Lines; Ruggles, Ivonne

achievements at Delta of,
204
–5

at Bank of America Merrill Lynch,
105
–6,
120

CFTC probe of,
216
–17,
220
–21

character of,
120
,
205
,
218

with Citibank,
115
,
117

Delta headhunter’s contact with,
105

Delta interviews with,
106
–7,
108

Delta management’s poor hedging decisions and,
213
–14

Delta refinery purchase and,
120
–21,
209

Delta technical operations improved by,
115

Delta’s hedging improved by,
113
,
114
–15

departure from Delta,
217
,
218
,
219
–20

education of,
116
,
117

family life of,
218
–19

father suspicious of financiers,
116

frozen out from Trainer refinery,
214

fuel hedges in 2012 by,
205
–6

gains generated by hedge book run by,
123

hired by Delta,
108
–9

hired by Trafigura,
118

introduction to commodities trading of,
117

meetings with author,
217
–18

multiple short job stints of,
106

paternity leave of,
211
–12

personal trading by,
215
–16,
220

on purchasing a physical oil asset,
108

respected at Delta,
204
–5,
206

risk underplayed by,
207

scrutinized by Delta management,
207
–8

seamier side of trading seen by,
119
–20

sent to Tokyo,
212

trading questioned by Griggs,
122
–23

with Trafigura,
119
–20

unique view of the markets by,
219

urged to trade for profit,
122
–23

Wall Street
(movie) as inspiration for,
116

S&P GSCI,
145

Schott, Nicholas,
177

Schultz, Ed,
188

Scott, Jeff,
225
–26

Shapiro, John,
70
–71,
77

Shareholder spring,
171

Sherrod, Steve,
103
–4

Shrayer, Boris,
76

Simkin, Sam,
2
,
3
,
127
,
129

Slyusarenko, Evgenia.
See also
Andurand, Pierre

with Andurand in Paris after sell-off,
132

Andurand met by,
125

marriage to Andurand,
133
–34

pregnancy and marriage plans of,
125

youth of,
125

Smith, Dave,
141

Sommers, Jill E.,
185
,
189
,
201

Southwest Airlines,
106
,
206

Sovereign wealth funds,
161
.
See also
Qatar Holding

soybean-market manipulation,
88
–89

speculation’s effect on the market

aluminum price affected by warehousing and,
149

Andurand’s $8 billion crude-oil position and,
3
–4,
16

Arcadia crude-oil case,
192
–93

BlueGold’s sell-off of billions and,
128
–29

CFTC established to oversee,
85
,
87
–88

cocoa market scandal,
102
–3

difficulties in proving,
185
–86

general belief in,
186

Gensler’s affirmation of,
86
–87,
95
–96

government scrutiny of,
15

Levin’s 2006 report and,
86

not based on manipulation,
9

Rice University study on,
98

rise in food prices and,
15
–16

rise in fuel prices and,
15

soybean-market manipulation and,
88
–89

volatility of,
16
–17

stocks, commodities overtaken by,
223
–24

Strothotte, Willy,
59
,
61

Stupak, Bart,
95
,
100

Sumerian commodity bets,
6

Summers, Lawrence,
94

Supercycle theory,
8

Trafigura (Trafi)

described,
118
–19

Ruggles hired by,
118

Ruggles’s work with,
119
–20

toxic-waste allegations faced by,
227

Trainer refinery

Delta purchase announced,
210

Delta purchase idea ridiculed,
208
–9

Delta interest in,
120
–21,
208

doubts about cost savings,
215

questions about pricing window,
211

Ruggles frozen out from,
214

turnaround of,
214

TransMontaigne Partners,
68

Trapp, Goran,
52
–54

United Jewish Israel Appeal,
163

US Airways, unsuccessful hedging by,
106

Vale mining, Xstrata purchase offer by,
163

Vereker, William,
172
,
173
,
178

Vitol Group,
29
–30,
31
–35

Volcker, Paul,
153

Volcker Rule,
153
,
169
,
182

Wall Street
(movie),
23
,
116

Ward, Anthony “Chocfinger,”
102
–3,
227

Weiner, Tim,
155

West Texas Intermediate (WTI)

all-time-high market,
41
–42

Andurand’s $8 billion position,
1
–4,
16
,
127
–32

CFTC backlash due to rising prices,
90

Emirates Airline hedge and,
80
,
81

Wetjen, Mark,
189

WPP compensation plans,
171

Xstrata.
See also
Davis, Mick; Glencore-Xstrata merger

acquisitions by,
162

coal price drop and,
170

executive pay controversy at,
170
–71

Glencore one-third stake in,
162
,
163
,
168

Glencore work for,
161
–62

Glencore’s sale of coal property to,
59

Qatar investment in,
168
–70

stalling on merger with Glencore by,
157
–58

Vale offer to purchase,
163

X2 Resources,
229

Youakim, Spiro,
169
,
177
,
180