The 2005 Volcker report names Glencore as one of four oil- trading companies that acceded to Saddam Hussein's demand that surcharges be paid, in violation of sanctions, for access to its oil riches.
Owning assets enables Glencore to see the whole production chain,'' says Ian Hannam, London-based managing director of capital markets at JPMorgan Cazenove Ltd.which is a banker to Glencore and advised on Xstrata's IPO.
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He felt he was somehow more special than the others.