Philipp Brothers, now Phibro was at one time the world's biggest commodities trader. The company was founded in 1914 as Philipp Brothers. It was later bought by Englehard Minerals & Chemical Company and subsequently spunoff in 1981 as Phibro Corporation.[1] That same year, the company acquired Salomon Brothers, creating Phibro-Salomon[2]. In 1986, the combined company removed the Phibro name from the parent company. Eventually, the company was acquired by Travelers Group in 1997, which subsequently merged with Citicorp in 1998. It is now the commodities trading unit of Citigroup.
Phibro came to the notice of the public when its head Andrew J. Hall reportedly was seeking a $100 million dollar bonus from Citigroup which had been bailed out by US taxpayers in 2009. Reportedly Phibro was the main source of the $2 billion in pretax revenue Citigroup received in commodities trading.[3]
On October 9, 2009, Occidental Petroleum announced it would purchase Phibro from Citigroup for approximately $250 million.
See also
"Metal Men" (ISBN 978-0060970604, ISBN 006097060X) is a book about the Philipp Brothers company and revised in later editions to emphasize the role of Mark Rich.
References
- ^ http://blogs.wsj.com/deals/2009/10/09/10-things-you-didnt-know-about-phibro-and-andrew-hall/
- ^ http://www.fundinguniverse.com/company-histories/Salomon-Inc-Company-History.html
- ^ Segal, David (August 1, 2009), "$100 Million Payday Poses Problem for Pay Czar", New York Times, http://www.nytimes.com/2009/08/02/business/02bonus.html
External links
- Phibro official website
- Moneycentral quotes Phibro revenue figures from Wall Street Journal
- Hall fights for $100 million bonus Telegraph UK
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