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...early October, Citigroup sold its commodities-trading division Phibro to energy company Occidental Petroleum. Citi was motivated to dispose of the unit because of pressure from regulators to curtail the pay of Phibro's top trader Andrew Hall, who made $100 million last year, and reportedly has a contract that would award him roughly the same amount in 2009. Oxy declined to comment on Hall's compensation. But the energy giant says Hall will remain with the unit at Oxy. Hall had threatened to leave Citi if his pay was cut, which means Oxy is probably honoring his contract. Says...
...around $30 a barrel, and coming out of a recession few thought prices would rise anytime soon. So Hall bought so-called long-dated oil-futures contracts that would pay off if the price of oil topped $100 at some point in the next five years. Because Hall made a bet oil would reach a price that few could imagine was possible, he was able to buy the contracts cheaply. It was a risky move. If the price of oil never reached $100, the contracts would expire worthless. Instead, when oil topped $100 in 2008, Hall's Phibro division made...
When the price of oil recovered Hall made as much as $40 million on that one trade alone. Hall has also reportedly been buying gold this year. Another good move. Inflation fears recently pushed gold above $1,000 an ounce. "Most commodity traders would love to have Hall's ability to call the large trends," says Stein. "He had a long-term view of the market and he was right...
Meanwhile, human beings have also been working to counteract the effects of their development and growth as well as man-made climate change. Measures like the U.S. Endangered Species Act, habitat-protecting nature reserves and hunting prohibitions are all designed to slow the rate of extinction and preserve dwindling species. But a new paper in the journal Biological Conservation says we may not be trying hard enough. A team of Australian researchers led by environmental scientist Lochran Traill finds that current conservation policy tends to underestimate the number of individuals needed in a population of endangered species to keep...
That's Not Entertainment Glenn Beck is a charlatan [Sept. 28]. he has made himself rich off people's fears without making the slightest constructive comment about national issues. Instead, he has spread innuendo to keep his audience happy. He's a TV evangelist who makes altar calls and then drives away in his Cadillac. Alan Moen, ENIAT, WASH...