Heinz Schimmelbusch: Difference between revisions
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'''Heinz Schimmelbusch''' (born 1944 |
'''Heinz Schimmelbusch''' (born 1944) was the Chief Executive of [[Metallgesellschaft]] AG, a German industrial conglomerate, that almost went bankrupt after losing an estimated $1.3 billion on speculative bets in oil futures markets.<ref name="iht.com">[http://www.iht.com/articles/2007/08/10/business/wbspot11.php Spotlight: Heinz Schimmelbusch's comeback - International Herald Tribune<!-- Bot generated title -->]</ref> |
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==Background and education== |
==Background and education== |
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Revision as of 16:44, 24 February 2012
Heinz Schimmelbusch (born 1944) was the Chief Executive of Metallgesellschaft AG, a German industrial conglomerate, that almost went bankrupt after losing an estimated $1.3 billion on speculative bets in oil futures markets.[1]
Background and education
Schimmelbusch was born in Vienna.[1] He received a doctorate in Economics from the University of Tübingen, Germany.[2]
Metallgesellschaft
Under the leadership of CEO Schimmelbusch, Metallgesellschaft entered the oil business by selling fuel to customers (such as gasoline stations) via its American subsidiary, MG Refining and Marketing in the form of fixed price long term contracts (up to 10 years).[3] Metallgesellschaft attempted to hedge its exposure to rising oil prices on the futures market.[1] Unfortunately, in 1993, oil prices began to drop and Metallgesellschaft's derivatives strategy turned into extensive paper losses.[3] The company's largest shareholder, Deutsche Bank found out and responded by ousting Schimmelbusch and liquidating Metallgesellschaft's positions which turned the virtual losses into real losses.[3]
See also
References
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