Saturday, July 25, 2009

Here We Go Again

That man ---> is Andrew Hall and the financial markets need him to hang in there. He runs Phibro LLC, an energy trading firm owned by Citigroup that constitutes a large part of Citi's commodity principal trading activity.

According to the Wall Street Journal, he is having a good year.

routinely adds several hundred million in trading profits to Citi's bottom line and last year Hall took home over $100 million. If his numbers hold up, Hall wants to make sure he gets what is owed him by contract - another $100+ million. Nobody in Washington and almost nobody outside Manhattan want to see him get it is my guess.

My view is that we need to know what the rules are. Are we honoring contracts or not? Do the true money makers need to move to China or the Cayman Islands?

If Citi signed the deal, they need to pay him. If the government doesn't let that happen, let's get that info out there asap.

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