Ira Rennert: Difference between revisions

Revision as of 21:18, 3 July 2007

Revision as of 21:45, 3 July 2007

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[[Image:Rennert.jpg|thumb|300px|Ira Rennert mansion in Sagaponack, New York]]Doe Run, and used to own [[AM General]], manufacturer of the legendary Hummer. Ira Rennert, bought [[AM General]] for $133 [[million]] in [[1992]]. [[Ronald Perelman]], a Wall Street corporate raider, bought a 70 percent interest in [[AM General]] of [[South Bend]], [[Indiana]]. The deal reportedly cost close to US$1,000,000,000. The company makes the military [[Humvee]], as well as the Hummer H1 and H2 sold by [[General Motors Corporation|General Motors]]. The [[Renco Group]] has been criticized for their record on pollution and worker safety.

==Environmental concernsConcerns - United States ==

The [[Environmental Protection Agency]] slottedplaced Renco Group's holdings in 10th place on the nation's largest polluter list in 2003.<ref>[http://www.businessweek.com/magazine/content/03_07/b3820069_mz020.htm Ira Rennert's House of Debt - Business Week - February 17, 2003]</ref>

In 2005MagCorp,(its parent company was Renco Metals Inc.) faced nearly $900 million in fines when the [[Justice Department]] teamed with the EPA to sue U.S.the Magnesium (formerly MagCorp) and its parent corporation, Renco Metals Inc.,company for dumping toxic waste in ditches and ponds on the Great Salt Lake, Utah.<ref>[http://tv.ksl.com/index.php?nid=5&sid=205094 EPA sues Magnesium Company - KSL TV - May 14, 2005]</ref> The suit alleged PCB-laced sludge and dust were inchoked the plant's plumbing, wastewater ponds, landfill and ditches, where PCBs were found at 12 times above the limit allowed for accidental release by manufacturers.<ref>[http://tv.ksl.com/index.php?nid=5&sid=205094 EPA sues Magnesium Company - KSL TV - May 14, 2005]</ref> U.S. MagnesiumMagCorp claimed it was exempt from the federal [[Resource Conservation and Recovery Act]], which requires companies to monitor certain kinds of hazardous waste.<ref>[http://tv.ksl.com/index.php?nid=5&sid=205094 EPA sues Magnesium Company - KSL TV - May 14, 2005]</ref>

Rennert, the self-named "financial Houdini", miraculously found an out by nudging Magcorp into Chapter 11 bankruptcy. A bankruptcy judge allowed Rennert to restructure the company as U.S. Magnesium, and exempted it from previous legal liability.<ref>[http://www.forbes.com/forbes/2002/0722/044_print.html Man With Many Enemies - Forbes - July 2, 2002]</ref> U.S. Magnesium is the third largest magnesium producer in the world.

The [[Environmental Protection Agency]] slotted Renco Group's holdings in 10th place on the nation's largest polluter list in 2003.<ref>[http://www.businessweek.com/magazine/content/03_07/b3820069_mz020.htm Ira Rennert's House of Debt - Business Week - February 17, 2003]</ref>

In 2005, the [[Justice Department]] teamed with the EPA to sue U.S. Magnesium (formerly MagCorp) and its parent corporation, Renco Metals Inc., for dumping toxic waste in ditches and ponds on the Great Salt Lake.<ref>[http://tv.ksl.com/index.php?nid=5&sid=205094 EPA sues Magnesium Company - KSL TV - May 14, 2005]</ref> The suit alleged PCB-laced sludge and dust were in the plant's plumbing, wastewater ponds, landfill and ditches, where PCBs were 12 times above the limit allowed for accidental release by manufacturers.<ref>[http://tv.ksl.com/index.php?nid=5&sid=205094 EPA sues Magnesium Company - KSL TV - May 14, 2005]</ref> U.S. Magnesium claimed it was exempt from the federal [[Resource Conservation and Recovery Act]], which requires companies to monitor certain kinds of hazardous waste.<ref>[http://tv.ksl.com/index.php?nid=5&sid=205094 EPA sues Magnesium Company - KSL TV - May 14, 2005]</ref>