Glencore buying Rio Tinto could burn hole in Hockey’s pocket.

In the SMH on December 20, 2014, Michael West draws attention to Glencore’s checkered history on paying tax and the consequences for Joe Hockey’s budget if Glencore acquired Rio Tinto.

Michael West said that ‘billions of dollars in tax payments are on the line, not to mention job losses and the spectre of this country seeding control over a large chunk of its natural resources to a secretive group of commodity traders ultimately run out of Switzerland.’

Glencore has a colourful history. According to an Australian public radio report the company was founded by Marc Rich and Company in 1974 by billionaire commodity trader Marc Rich who was charged with tax evasion and illegal business dealings with Iran in the US, but pardoned by President Clinton in 2001.

For link to Michael West’s article, see below.

http://www.smh.com.au/business/mining-and-resources/glencore-buying-rio-tinto-could-burn-hole-in-hockeys-pocket-20141219-12ao4a.html

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John Laurence Menadue is the publisher of Pearls & Irritations. He has had a distinguished career both in the private sector and in the Public Service.

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