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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
195:, 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
245:
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
273:
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
242:(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.
527:
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
250:, 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
27:
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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.
174:
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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724:
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.
262:. In 1981 the company was spun off as Phibro Corporation, and that same year the company subsequently acquired
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226:. The venture did not pay immediate benefits as the tin industry was dominated by the three "tin barons":
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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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630:"COMPANY REPORTS; Salomon Shows a Turnaround in Earnings"
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Phibro came to the notice of the public when its leader,
466:"10 Things You Didn't Know About Phibro and Andrew Hall"
417:"Phibro LLC: Private Company Information - BusinessWeek"
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791:
675:"Occidental Petroleum Announces Acquisition of Phibro"
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831:Guide to the Phillips Brothers Research Collection
656:"$ 100 Million Payday Poses Problem for Pay Czar"
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857:Financial services companies established in 1901
838:
768:
16:International physical commodities trading firm
747:The King of Oil: The Secret Lives of Marc Rich
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260:Engelhard Minerals & Chemicals Corporation
154:The origin of the company traces to 1901 when
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170:and then in 1909, Philipp's younger brother,
698:"Phibro bought by Former Wall Street banker"
481:
479:
552:"History of Salomon Inc. – FundingUniverse"
488:"Rise and fall of a commodities powerhouse"
162:, founded a small metal trading company in
607:"FACTBOX: A history of Citi's Phibro unit"
601:
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386:"East goes east, Memoir of a Global Head"
852:Companies based in Stamford, Connecticut
847:Commodity exchanges in the United States
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572:"Michael Farmer, Copper and Red Kite,"
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591:Debrett's Peerage and Baronetage 2019
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872:German companies established in 1901
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464:Corkery, Michael (October 9, 2009).
673:Occidental Petroleum (2009-10-09).
524:Espen, Storli (September 4, 2014).
486:Meyer, Gregory (February 2, 2015).
13:
715:
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14:
883:
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792:Javier Blas; Jack Farchy (2021).
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361:Storli, Espen (August 30, 2013).
628:Kenneth N. Gilpin (1993-02-04).
266:, creating Phibro-Salomon Inc.
209:Bergen-Belsen concentration camp
207:(Julius perished in 1944 in the
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689:
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654:Segal, David (August 1, 2009).
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530:. Routledge. pp. 202–220.
833:at the Leo Baeck Institute, NY
771:The History of a Trading Giant
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363:"Ludwig Jesselson (1910-1993)"
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1:
867:2016 mergers and acquisitions
862:2009 mergers and acquisitions
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240:Corporación Minera de Bolivia
126:is an international physical
696:Gregory Meyer (2016-01-26).
365:. Immigrant Entrepreneurship
271:Michael Farmer, Baron Farmer
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10:
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722:Copetas, A. Craig (1986).
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107:Energy Arbitrage Partners
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769:Waszkis, Helmut (1987).
798:Oxford University Press
130:firm. Phibro trades in
609:. Reuters. 2009-10-09
586:Morris Susan (2020).
554:. Fundinguniverse.com
236:Carlos Víctor Aramayo
199:German operations to
726:. Harper Perennial.
307:Occidental Petroleum
278:, which merged with
575:Rich Mind Rich Life
470:Wall Street Journal
300:commodities trading
232:Simón Iturri Patiño
203:due to the rise of
128:commodities trading
53:Commodities trading
21:
752:St. Martin's Press
423:on October 8, 2012
180:Siegfried Bendheim
97:Simon Greenshields
19:
807:978-0-19-007895-9
761:978-0-312-57074-3
733:978-0-06-097060-4
700:. Financial Times
537:978-1-317-81611-9
305:In October 2009,
228:Moritz Hochschild
197:Philipp Brothers'
193:Siegfried Ullmann
182:, an apprentice,
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421:the original
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248:World War II
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205:Nazi Germany
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160:Orthodox Jew
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136:oil products
123:
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81:Headquarters
34:Company type
704:19 December
681:19 December
639:19 December
613:19 December
449:24 December
427:19 December
415:Bloomberg.
335:19 December
176:World War I
140:natural gas
841:Categories
558:2014-04-29
316:References
93:Key people
20:Phibro LLC
288:Citigroup
284:Citigroup
269:In 1983,
201:Amsterdam
132:crude oil
744:(2009).
444:"Phibro"
442:Phibro.
400:June 26,
330:"Phibro"
282:to form
280:Citicorp
144:Stamford
85:Stamford
49:Industry
369:May 28,
216:Bolivia
168:Germany
164:Hamburg
150:History
112:Website
67:Founder
59:Founded
38:Private
804:
781:
758:
730:
534:
252:barter
234:, and
220:Potosi
184:German
124:Phibro
103:Parent
389:(PDF)
224:Oruro
158:, an
802:ISBN
779:ISBN
756:ISBN
728:ISBN
706:2010
683:2010
641:2010
615:2010
532:ISBN
451:2010
429:2010
402:2020
394:LBMA
371:2018
337:2010
222:and
62:1901
42:LLC
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Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.
