- Glencore announces coordinated settlements with US, UK, Brazil
- Company expects to pay about $1.5 billion to settle probes
Glencore Plc admitted to bribery and market manipulation and said it will pay about $1.5 billion to settle US, UK and Brazilian probes that have hung over the commodities giant for years. The settlements will help remove a question mark that has long overshadowed the trader’s business. But the charges and admissions of guilt paint a damning, globe-spanning picture of how far the company, founded by U.S. fugitive Marc Rich, has been willing to go in pursuit of profit. NN: I have fought these pricks for years in our oil trades. Reality is they got off with a slap on the wrist. Like i say petty crime does not pay. Big crimes always pays… hence the trillion dollar funds and investment banks