It's the firm that kept on giving.
While firms like Citi once had a billionaire CEO (as did Bear Stearns and Lehman Brothers for a short while) this firm made six executives billionaires and a further five have a net worth of over £500m. In all, this firm's 2011 IPO is thought to have made around 500 employees / officers of the company millionaires. Only the Facebook IPO is likely to make more people more paper rich so quickly.
Of course, we're talking about commodities traders Glencore International. CEO Ivan Glasenberg and fellow executives Daniel Badenes, Alex Beard, Gary Fegel, Aristotelis Mistakidis and Tor Peterson become instant paper billionaires last year (some many times over), and it has now emerged that other firm executives have a fortune invested in the business too.
According to The Financial Times (which obtained the information from a London regulatory filing), Glencore's former co-head of aluminium trading, Steven Blumgart (who is soon to be leaving the firm) has a $575m stake in the business. Head of agriculture Chris Mahoney is said to be in with $960m, Nick Popovic, chairman of subsidiary Kazzinc $620m, Christian Wolfensberger (iron ore) $580m, Luis Alvarez (crude oil) $550m and Stuart Cutler (ferrochrome) $550m.
One banker told Here Is The City: 'If my maths are right, the collective net worth of these 12 guys in Glencore would be enough to pay over 15,000 bankers a $1m bonus each. Now I know how the 99% feel!'.
image: © Bullion Vault
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