While the focus was on the level of debt that can or cannot be sustained by Glencore one should also ask what amount of taxes are paid by the Commodity trading houses - most of them based in tax-friendly Switzerland. A lot of criticism was recently directed at the tax avoidance schemes employed by Amazon and Starbucks, to name just a few prominent names. But who really knows where the trading houses book their profits?
Last week, the SEC’s Office of the Investor Advocate – which is also known
as the “OIAD” – announced that it had delivered this 24-page report to
Congress ...
17 hours ago