Beef, dairy honchos pocket huge sums.
You can't make some stuff up. Ten years ago, America's biggest cattle killer, Brazilian firm JBS, was a $1-billion-in-sales, Brazil-only meatpacker. Today, with the help of more than $4 billion in loans from Brazil's national development bank, BNDES, “25% of the worldwide trade in beef comes from JBS,” the firm's boss told the Washington Post in mid-April.
That means, according to the Post, JBS is a “$40-billion behemoth that slaughters 90,000 head of cattle/day, employs 125,000 workers and exports to 150 countries. In the U.S. alone, it employs 75,000 and is projecting revenues of $28 billion this year.”
By the way, Reuters reported May 18 that “Brazil's state development bank BNDES will raise its stake in beef producer JBS SA to 30% from 17%.”
Wow, America's biggest beef packer is 30% owned by the Brazilian state bank? Stunning.
Stunning, too, is just how foolish you and I were for not getting into the checkoff game early and with both hands.
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