Cargill says it's a victim in fraud scheme

  • Article by: DAVID SHAFFER , Star Tribune
  • Updated: September 24, 2012 - 9:09 PM

Minnetonka firm unwittingly purchased fake biodiesel credits.

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vikesgal0402Sep. 24, 1211:15 PM

Cargill is always playing "the victim". Here you have a private company worth billions of dollars and you mean to tell me that they can't vet out the brokerage firms they use to transact their trades? Last year it was the tainted turkey meat, Cargill was supposedly "victimized" in that process too. They laid off 2,000+ of employee talent last year and this year because they have mediocre talent left behind who are making these trading decisions and also in other areas in general. Cargill is a company that in some ways is a fraud.

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toryb1950Sep. 25, 12 1:00 PM

Cargill is not innocent on this one. This company is constantly not crossing it's T's or dotting its I's which is why they keep having problems. They need to clean house all across the board.

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ZombiehunterSep. 25, 12 3:09 PM

Did anyone else catch this in the article?

"A House bill aims to accelerate the EPA response and protect unwitting purchasers of invalid RINs from enforcement action."

So suddenly the House, which is controlled by Republicans, has a use for the EPA?

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rumtisSep. 26, 12 6:50 AM

What I am wondering is why is this even making the news? If I signed a contract with a broker for something and they couldn't provide what I paid for, I should think I could sue to get my money back. This is why exchange boards (like NYSE or Chicago Board of Trade) are set up in the first place. They provide vetting and will kick out a broker that would pull something like this. In return, buyers use the exchange since they know they will be dealing with responsible brokers. This article really isn't about "Boo hoo, Cargill got screwed." It's more about the fact that RINS are federally required (EPA fines you if you are not up to date) and there's no exchange out there yet that deals with them. Right now it's a "direct from the broker" world that has to go through the courts if there is a bad deal. Each broker is dependent on their own reputation to get deals done and the smaller brokers are feeling the hit because of it.

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