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Brothers, thanks to its exclusive relationship with COMIBOL, became the largest tin merchant in the world. Experience earned in
Bolivia - maneuvering through the various changes in government and dealing with a succession of administrative officials - allowed Philipp Brothers to develop a model for operating in high political risk environments which it applied globally. During
206:, moved to the New York office where he and Bendheim served as general partners with a minority interest held by London. Responsibilities in New York were divided with Bendheim responsible for chemicals and Ullmann for metals, scrap, and ore including their mining operations in Bolivia. In 1934, Julius moved
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In 1952, at the urging of
Philipp Brothers and riding a wave of nationalizations of mining assets in South America, the Bolivian government nationalized all mining assets in the country (tin at the time was 80% of Bolivia's exports and 40% of GDP). Despite having its Bolivian mine taken over, Philipp
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joined Anglo
Chemical, which was part of Phibro-Salomon, as head of global base metal trading until 1989. Phibro Energy, Inc. was established in 1984, absorbing the oil department of Philipp Brothers. In 1986, the combined company removed the Phibro name from the parent company. In 1993, Phibro
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transactions whereby the US government would trade excess agricultural products for tin supplies that they had little immediate need for but would continue to stockpile while
Bolivia would benefit by keeping its mines operating and simultaneously obtain a negotiable commodity. Using experience
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where he established
Philipp Brothers, Inc. while Oscar Philipp continued to operate the London office as he had previously obtained British citizenship. In 1923, another apprentice and second cousin to Bendheim,
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reportedly was seeking a $ 100 million bonus from
Citigroup, which had been bailed out by U.S. taxpayers in 2009. Reportedly Phibro was the main source of the $ 2 billion in pretax revenue Citigroup received in
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253:(COMIBOL), the state-owned national mining company of Bolivia, as its primary financier and selling agent. By 1936, Philipp Brothers was responsible for 4.5% of all Bolivian tin exports.
538:
Tin and Global
Capitalism, 1850-2000: A History of "the Devil's Metal" - Chapter 8 - The Birth of the World's Largest Tin Merchant: Phillip Brothers, Bolivian Tin, and American Stockpiles
261:, nearly all Bolivian tin was sent to the US - which did not have any domestic sources - for the war effort. In the 1950s, after US demand for tin declined, Philipp Brothers arranged
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garnered in
Bolivia via barter transactions, secured lending, and exclusive marketing contracts, Philipp Brothers became the largest metals merchant in the world in the 1960s.
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established a metal trading company in London under the name of
Philipp Brothers. Julius continued to run the German operation out of Hamburg. In 1914, with the advent of
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Energy, Inc. became the Phibro Energy
Division of Salomon Inc. It was renamed simply "Phibro" in 1996, and in 1997, Salomon was acquired by
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Metal Men: How Marc Rich Defrauded the Country, Evaded the Law, and Became the World's Most Sought-After Corporate Criminal
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to be the one country with the most potential; and Phillip Brothers summarily opened offices in the tin-mining centers of
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announced it would acquire Phibro from Citigroup, estimating its net investment at approximately $ 250 million.
273:. In 1981 the company was spun off as Phibro Corporation, and that same year the company subsequently acquired
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In 1926, Ullmann traveled to South America to stake out possible sources of metals and found
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In January 2016, it was purchased by Energy Arbitrage Partners for an undisclosed sum.
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citizen, and minor partner, avoided internment by the British government by moving to
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The World For Sale: Money, Power, and the Traders Who Barter the Earth's Resources
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in 1998. With the merger, Salomon became an indirect, wholly owned subsidiary of
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In 1967, it was acquired and became the Philipp Brothers Division of
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641:"COMPANY REPORTS; Salomon Shows a Turnaround in Earnings"
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Phibro came to the notice of the public when its leader,
477:"10 Things You Didn't Know About Phibro and Andrew Hall"
428:"Phibro LLC: Private Company Information - BusinessWeek"
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686:"Occidental Petroleum Announces Acquisition of Phibro"
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842:Guide to the Phillips Brothers Research Collection
667:"$ 100 Million Payday Poses Problem for Pay Czar"
868:Financial services companies established in 1901
27:International physical commodities trading firm
758:The King of Oil: The Secret Lives of Marc Rich
271:Engelhard Minerals & Chemicals Corporation
165:The origin of the company traces to 1901 when
181:and then in 1909, Philipp's younger brother,
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709:"Phibro bought by Former Wall Street banker"
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563:"History of Salomon Inc. – FundingUniverse"
499:"Rise and fall of a commodities powerhouse"
173:, founded a small metal trading company in
618:"FACTBOX: A history of Citi's Phibro unit"
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397:"East goes east, Memoir of a Global Head"
863:Companies based in Stamford, Connecticut
858:Commodity exchanges in the United States
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583:"Michael Farmer, Copper and Red Kite,"
602:Debrett's Peerage and Baronetage 2019
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883:German companies established in 1901
475:Corkery, Michael (October 9, 2009).
684:Occidental Petroleum (2009-10-09).
535:Espen, Storli (September 4, 2014).
497:Meyer, Gregory (February 2, 2015).
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803:Javier Blas; Jack Farchy (2021).
372:Storli, Espen (August 30, 2013).
639:Kenneth N. Gilpin (1993-02-04).
277:, creating Phibro-Salomon Inc.
220:Bergen-Belsen concentration camp
218:(Julius perished in 1944 in the
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665:Segal, David (August 1, 2009).
541:. Routledge. pp. 202–220.
844:at the Leo Baeck Institute, NY
782:The History of a Trading Giant
374:"Ludwig Jesselson (1910-1993)"
1:
878:2016 mergers and acquisitions
873:2009 mergers and acquisitions
251:Corporación Minera de Bolivia
137:is an international physical
707:Gregory Meyer (2016-01-26).
376:. Immigrant Entrepreneurship
282:Michael Farmer, Baron Farmer
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733:Copetas, A. Craig (1986).
118:Energy Arbitrage Partners
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780:Waszkis, Helmut (1987).
809:Oxford University Press
141:firm. Phibro trades in
620:. Reuters. 2009-10-09
597:Morris Susan (2020).
565:. Fundinguniverse.com
247:Carlos Víctor Aramayo
210:German operations to
737:. Harper Perennial.
318:Occidental Petroleum
289:, which merged with
586:Rich Mind Rich Life
481:Wall Street Journal
311:commodities trading
243:Simón Iturri Patiño
214:due to the rise of
139:commodities trading
64:Commodities trading
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763:St. Martin's Press
434:on October 8, 2012
191:Siegfried Bendheim
108:Simon Greenshields
818:978-0-19-007895-9
772:978-0-312-57074-3
744:978-0-06-097060-4
711:. Financial Times
548:978-1-317-81611-9
316:In October 2009,
239:Moritz Hochschild
208:Philipp Brothers'
204:Siegfried Ullmann
193:, an apprentice,
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16:(Redirected from
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432:the original
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259:World War II
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216:Nazi Germany
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171:Orthodox Jew
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147:oil products
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92:Headquarters
45:Company type
715:19 December
692:19 December
650:19 December
624:19 December
460:24 December
438:19 December
426:Bloomberg.
346:19 December
187:World War I
151:natural gas
852:Categories
569:2014-04-29
327:References
104:Key people
31:Phibro LLC
299:Citigroup
295:Citigroup
280:In 1983,
212:Amsterdam
143:crude oil
755:(2009).
455:"Phibro"
453:Phibro.
411:June 26,
341:"Phibro"
293:to form
291:Citicorp
155:Stamford
96:Stamford
60:Industry
380:May 28,
227:Bolivia
179:Germany
175:Hamburg
161:History
123:Website
78:Founder
70:Founded
49:Private
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792:
769:
741:
545:
263:barter
245:, and
231:Potosi
195:German
135:Phibro
114:Parent
400:(PDF)
235:Oruro
169:, an
813:ISBN
790:ISBN
767:ISBN
739:ISBN
717:2010
694:2010
652:2010
626:2010
543:ISBN
462:2010
440:2010
413:2020
405:LBMA
382:2018
348:2010
233:and
73:1901
53:LLC
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Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.
