The Other McCain

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British Chocolate Millionaire’s Hedge Fund Buys 241,000 Tons of Cocoa Beans

Posted on | July 18, 2010 | 12 Comments

A real-life Willie Wonka:

Anthony Ward, 50, bought 241,000 tons of cocoa beans and now owns enough to manufacture 5.3 billion quarter-pound chocolate bars.
Mr Ward, who is worth around £36 million, holds so much of the market he could force manufacturers to raise the price of Britain’s favourite chocolate bars . . .
The transaction, the largest single cocoa trade in 14 years, was carried out last Friday by Armajaro Holdings, a hedge fund co-founded by Mr Ward. . . .
The former Chairman of the European Cocoa Association has amassed up to 15 per cent of the word’s cocoa stocks in the last ten years. . . .
Cocoa prices rose by 0.7 per cent as a result of the trade to £2,732 per metric tonne – the highest price for cocoa in Europe since 1977. It follows a series of weak harvests in Ghana and the Ivory Coast, the main areas where the crop is grown.

Yeah, this looks a smart deal for Ward now. But just wait until the Amalgamated Brotherhood of Oompa Loompas goes on strike.

Category: Economics, Great Britain, Uncategorized

Comments

12 Responses to “British Chocolate Millionaire’s Hedge Fund Buys 241,000 Tons of Cocoa Beans”

  1. Rob
    July 18th, 2010 @ 9:25 pm

    Well, I’m a guy so I don’t really need chocolate. I can live without it.

    Tangent: Could you guys PLEASE do an expose on John Dennis CA 8th? Just check out his FEC filling they are ridiculous!

  2. Rob
    July 18th, 2010 @ 5:25 pm

    Well, I’m a guy so I don’t really need chocolate. I can live without it.

    Tangent: Could you guys PLEASE do an expose on John Dennis CA 8th? Just check out his FEC filling they are ridiculous!

  3. Jeff Weimer
    July 18th, 2010 @ 10:21 pm

    So, is this like cornering the market in Frozen Concentrated Orange Juice?

  4. Jeff Weimer
    July 18th, 2010 @ 6:21 pm

    So, is this like cornering the market in Frozen Concentrated Orange Juice?

  5. pissed off
    July 18th, 2010 @ 10:35 pm

    stop this now!!! you greedy bastards!!! i hope you starve! and become homeless

  6. pissed off
    July 18th, 2010 @ 6:35 pm

    stop this now!!! you greedy bastards!!! i hope you starve! and become homeless

  7. Robert Stacy McCain
    July 18th, 2010 @ 10:47 pm

    So, is this like cornering the market in Frozen Concentrated Orange Juice?

    Best line from that movie: “Use your nightstick, officer!”

  8. Robert Stacy McCain
    July 18th, 2010 @ 6:47 pm

    So, is this like cornering the market in Frozen Concentrated Orange Juice?

    Best line from that movie: “Use your nightstick, officer!”

  9. Pamela
    July 21st, 2010 @ 12:09 am

    I am SOO glad we have our OWN cocoa farms in Africa and are the ONLY company in the world that have true HEALTHY CHOCOLATE!!!

  10. Pamela
    July 20th, 2010 @ 8:09 pm

    I am SOO glad we have our OWN cocoa farms in Africa and are the ONLY company in the world that have true HEALTHY CHOCOLATE!!!

  11. chocolate teapot
    July 23rd, 2010 @ 11:30 pm

    how much longer are super rich people going to be allowed to make the rest of us poorer? it wouldn’t be that bad if they needed the money, I thought the idea was to work hard to earn enough money to live off for the rest of your life, all the super rich are taking our retirement funds, for what their world is only good by comparison, in reality its as bad as everyone elses

  12. chocolate teapot
    July 23rd, 2010 @ 7:30 pm

    how much longer are super rich people going to be allowed to make the rest of us poorer? it wouldn’t be that bad if they needed the money, I thought the idea was to work hard to earn enough money to live off for the rest of your life, all the super rich are taking our retirement funds, for what their world is only good by comparison, in reality its as bad as everyone elses