How cute. Look what bankster/oil trader did with your bailout money

[cali]

Andrew J. Hall, the former Citigroup (C) Inc. oil trader whose pay package of about $100 million ensnared him in the fight over compensation at bailed- out banks in 2009, is selling handmade lavender soap and grass- fed Angus beef from a farm in Reading, Vermont.

Hall, now chief executive officer of Occidental Petroleum Corp. (OXY)’s commodity-trading unit Phibro, has bought more than 2,400 acres in Reading, according to local real estate records. He has torn down at least half a dozen homes in the 666-person central Vermont town and opened an appointment-only art museum there last year. His holdings, including Newhall Farm, are valued at more than $13.8 million, the records show.

A Briton who graduated from Oxford University in 1973 with a degree in chemistry, Hall has worked at Phibro for more than 30 years. He wagered on skyrocketing oil prices last decade and is referred to as “God” by competitors, according to Tom Bower’s “Oil.” The 2010 book credits Hall with “perfecting the ‘squeeze,’ causing the oil market to change, and forcing other traders to buy from him at a premium.”

Citigroup, which acquired Phibro in 1998, awarded Hall about $100 million for his work in 2008, according to a person at the bank with knowledge of his compensation who asked not to be identified because the information isn’t public. That was the year Citigroup received a $45 billion taxpayer bailout.

<snip>

http://www.businessweek.com/news/2013-03-12/wall-street-100-million-man-makes-vermont-downton-abbey#p2

Of course Mr. Hall is worth far more than 100 million. Hell, this is a guy who owns a thousand year old castle in Germany that houses part of his vast art collection and a mansion in Southport, CT. He manages a multi-billion dollar Hedge fund named after the village where his castle is.

http://www.reuters.com/article/2012/02/09/us-hall-loss-idUSTRE8182D020120209

<snip>

Andrew J. Hall is a different kind of oil speculator who also wants a charter membership in the Billionaire Bailout Society. He doesn't pilfer his booty from the Kurds. Rather, his oil trading scams are picking our pockets by driving up the price of oil just enough for him to make a killing.

Hall once worked for (or is about to leave) Citigroup. He was due to walk off a $100 million as a result of a trading contract he had with that troubled bank. Unfortunately, Citigroup was heading for bankruptcy which would have left Mr. Hall with next to nothing. But we rescued both Citigroup and Mr. Hall with hundreds of billions in taxpayer dollars and guarantees.

Mr. Hall faced a ticklish problem as the new Pay Czar took the reigns over Citigroup salaries and poor Andrew's pay package. But our beloved Czar, a billionaire bailout bureaucrat, is a wise and kind ruler. He first announced that Mr. Hall's pay package was exempt because of an arbitrary cutoff date set by the Czar himself. (Czars, of course, can do such things.) Then when many of us raised holy hell about it, the Pay Czar "encouraged" Citigroup to sell Mr. Hall's unit to Occidental Oil. (Czar's can do such things, too.) So now Mr Hall will get his $100 million and then some, and we won't even know about it.

<snip>

http://www.huffingtonpost.com/les-leopold/please-welcome-peter-w-ga_b_356792.html

[gateley]

1. After plowing through what a weasel this guy is, I DO take away something positive:

He's obviously in it for the money. If he's thinking Lavender will be a big seller (supposed to be a soothing aroma) does that mean he sees the future of prescription anti-depressants/anti-stress meds waning?

And...

Grass fed beef means no GMO/Monsanto corn fed beef. Better for the environment, better for those who will eat the beef, one less farm using corn. Does this mean he realizes consumers are going to demand more healthful options?

So it's not positive about HIM (he's beyond redemption, in my book) but maybe an indicator of where this money guy may see the consumers moving toward?

Interesting article(s) -- thanks!

[cali]

2. well, you do look on the bright side

This is just feudal bullshit and it's something that is happening more and more in Vermont. It's at risk of becoming a high end amusement park for the wealthy.

[gateley]

3. I'm really sorry to hear that. I TRIED to hope!

Should have known --

[bullwinkle428]

4. When gas prices spiked in 2008, someone clearly had to be making a killing

on that rise. Thanks for putting a "human" (be that as it may) face on the murderer, so to speak.

[Brigid]

5. Hall should be in prison.

People are in there for far lesser crimes than he committed. Off to take my blood pressure meds now . . .

[Egalitarian Thug]

6. K&R Find & vote for new candidates that support sensible economic policy.

[cali]

7. no thanks. I'll stick with Bernie and Peter and my great reps to the statehouse

Pat's not so bad either.

[Egalitarian Thug]

8. Not you, everyone that lives in the other 49 states.