[Congressional Record Volume 152, Number 52 (Thursday, May 4, 2006)]
[House]
[Page H2105]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                           FALCONBRIDGE/INCO

  (Mr. MICHAUD asked and was given permission to address the House for 
1 minute and to revise and extend his remarks.)
  Mr. MICHAUD. Madam Speaker, last fall, Canadian nickel producers Inco 
and Falconbridge merged. Canadian regulators have approved the deal, 
and decisions from both the United States and EU regulators are 
pending.
  However, a minority shareholder of Falconbridge, Xstrata, is trying 
to scuttle the deal to maintain its control in the market. The 
controlling shareholder behind Xstrata is the secretive Swiss 
commodities trader Glencore.
  Last year, a CIA report raised allegations that Glencore paid 
millions in illegal kickbacks to Saddam Hussein's regime. Glencore was 
founded by Marc Rich, a man who faced jail for tax fraud, racketeering 
and arms trading. His influence and personnel are still involved in 
Glencore.
  Whatever one's view on the Inco-Falconbridge merger, when it comes to 
this commodity that is important for our military and to our commercial 
interests, the actions of Glencore clearly raises concerns that 
regulators and this House should monitor.

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