Odd Lots: Counterfeiting Scandals Keep Hitting the Commodities Market

On Bloomberg’s Odd Lots Joe Weisenthal and Tracy Alloway explore the most interesting topics in finance, markets, and economics.

Earlier this year, it emerged that the London Metals Exchange had been holding a bunch of bags filled with stones instead of the nickel needed to back trades for major commodities players, including Trafigura. Before that, commodities trader Mercuria was given painted rocks instead of the copper it expected. In short, the commodities world is no stranger to fraud. But what is it about the business of trading, moving and storing commodities that makes it so susceptible to scandal? In this episode, we speak to Mercury Group Chief Executive Officer Anton Posner and President Margo Brock, both commodities collateral specialists, about recent episodes of counterfeiting in the commodities world, why they seem to keep happening and what could be done to prevent further instances from occurring.

Genre: Business

Duration: 00:47:02

Rights: Inflight & Transportation – Worldwide, TV/VOD – EMEA

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