The Secret Club That Runs the World
Inside the Fraternity of Commodity Traders
-
-
1.0 • 1 Rating
-
-
- £3.99
-
- £3.99
Publisher Description
Kate Kelly, acclaimed journalist and author of Street Fighters, investigates the world of commodities traders
When most of us think of the drama of global finance, we think of stocks and bonds. But commodities? Crude oil and soya beans? Copper and wheat? What could be more boring?
That's exactly what the elite commodity traders want us to think. They don't seek the spotlight. They don't want to be as famous as Warren Buffett. Their astonishing wealth was created in obscurity, because they dwell in private companies or deep within large banks and corporations.
But if the individuals in the commodities boom have gone unnoticed, their impact has not. Prices of raw materials have exploded. Are the big traders jacking up the cost of petrol, food, and essentials bought by people around the world? How did such immense power end up in the hands of a few?
In this riveting book, Kate Kelly takes us inside the inner circle that affects so many things we all depend on. Following a trail from New York to London to Dubai, from hedgefunds and banks to brokers and regulators, she reveals the fullest ever picture of the men who gamble with our future every day.
Kate Kelly, author of the New York Times bestseller Street Fighters, covers Wall Street for CNBC. She spent ten years at the Wall Street Journal, where she won a Livingston Award and two Gerald Loeb awards. She lives in Brooklyn with her family.
PUBLISHERS WEEKLY
CNBC reporter Kelly (Street Fighters) offers brief portraits of successful traders from the lightly regulated world of commodity trading, where deals for oil, copper, and livestock are engineered for billions in profits. Much of the action described took place during a post-2001 boom that prompted major investment banks to get in on the action, and spurred regulators to try curbing the potential fallout from wild market swings that "created kings in the trading world's empowered class and drove other people and companies into financial ruin." Kelly presents mostly admiring portraits of obscure but rich financiers. There's a false familiarity with these elites, as seen in details of extravagant wedding costs, and efforts to provide balance through sketches of would-be reformers such as Gary Gensler, former head of the Commodity Futures Trading Commission, fail to round out the choppy narrative. Apart from references to $4 per gallon gasoline during speculation-fueled price spikes and rising costs to Coca-Cola after a bottleneck in aluminum supplies, Kelly does not fully demonstrate the practical costs to the rest of the world. The need for access to her subjects forces her, like much of the rest of the financial press, to pull her punches.
More Books Like This
More Books by Kate Kelly