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Encyclopedia > Marc Rich

Marc Rich (born Marc David Reich on December 18, 1934) is an international commodities trader. He fled the United States in 1983 to live in Switzerland while being prosecuted on charges of tax evasion and illegally making oil deals with Iran during the hostage crisis. In the Gregorian Calendar, December 18 is the 352nd day of the year (353rd in leap years), at which point there will be 13 days remaining to the end of the year. ... 1934 (MCMXXXIV) was a common year starting on Monday (link will take you to calendar). ... Commodity is a term with distinct meanings in both business and in Marxian political economy. ... 1983 (MCMLXXXIII) was a common year starting on Saturday of the Gregorian calendar. ... This article contrasts tax evasion, tax avoidance, tax resistance and tax mitigation. ... The Iran hostage crisis was a diplomatic crisis that lasted from November 4, 1979, through January 20, 1981. ...


He received a presidential pardon from United States President Bill Clinton in 2001, which required him to pay a $100 million fine before the charges would be dropped. A pardon is the forgiveness of a crime and the penalty associated with it. ... The presidential seal was first used by President Hayes in 1880 and last modified in 1959 by adding the 50th star for Hawaii. ... William Jefferson Bill Clinton (born William Jefferson Blythe III[1] on August 19, 1946) was the 42nd President of the United States, serving from 1993 to 2001. ... 2001 (MMI) was a common year starting on Monday of the Gregorian calendar. ...

Contents

Life

Rich was born to a Jewish working class family in Antwerp, Belgium in 1934. The Rich family immigrated to the United States in 1942 to avoid the Nazis. Young Marc attended high school at the Rhodes School in Manhattan. He later attended New York University, but dropped out after one semester to go work for Philipp Brothers. Rich worked as commodities trader for his father, who sought to build an American manufacturing fortune through burlap sack production. Marc Rich later worked with Philipp Brothers, a dealer in raw metals, learning about the international raw materials markets and commercial trading with poor, third world nations. His tutelage under Brothers afforded Rich opportunities to strike deals with various dictatorial regimes and embargoed nations, such as Iran, using a special relationship with Ayatollah Khomeini. His company Marc Rich Real Estate GmbH is involved in large developer projects (e.g. in Prague, Czech Republic [1]). The word Jew ( Hebrew: יהודי) is used in a wide number of ways, but generally refers to a follower of the Jewish faith, a child of a Jewish mother, or someone of Jewish descent with a connection to Jewish culture or ethnicity and often a combination... For other uses, see Antwerp (disambiguation). ... 1934 (MCMXXXIV) was a common year starting on Monday (link will take you to calendar). ... Year 1942 (MCMXLII) was a common year starting on Thursday (the link is to a full 1942 calendar). ... National Socialism redirects here. ... The Borough of Manhattan, highlighted in yellow, lies between the East River and the Hudson River. ... New York University (NYU) is a major research university in New York City. ... For the Jamaican reggae band, see Third World (band). ... Ayatollah Khomeini founded the first modern Islamic republic Ayatollah Seyyed Ruhollah Khomeini (آیت‌الله روح‌الله خمینی in Persian) (May 17, 1900 – June 3, 1989) was an Iranian Shia cleric and the political... Nickname: City of a Hundred Spires Motto: Praga Caput Rei publicae Location within the Czech Republic Coordinates: Country Czech Republic Region Capital City of Prague Founded 9th century  - Mayor Pavel Bém Area    - City 496 km²  (191. ...


Crime

Main article: Iran hostage crisis

In 1983, Rich and partner Pincus Green were indicted by U.S. Attorney and future mayor of New York City Rudolph Giuliani, on charges of tax evasion and illegal trading with Iran. Both of them fled to Switzerland before a court appearance, and they remained on the FBI's Most Wanted List for many years. The Iran hostage crisis was a diplomatic crisis that lasted from November 4, 1979, through January 20, 1981. ... 1983 (MCMLXXXIII) was a common year starting on Saturday of the Gregorian calendar. ... Pincus Green Pincus Green (1936 - ) is an oil & gas commodities trader whose net worth is estimated by Forbes magazine at $1. ... It has been suggested that Executive Office for United States Attorneys be merged into this article or section. ... Nickname: Big Apple, Gotham, NYC, City That Never Sleeps, The Concrete Jungle, The City So Nice They Named It Twice Location in the state of New York Coordinates: Country United States State New York Boroughs The Bronx Brooklyn Manhattan Queens Staten Island Settled 1676  - Mayor Michael Bloomberg (R) Area    - City... Rudolph William Louis Rudy Giuliani III, KBE (born May 28, 1944) served as the Mayor of New York City from January 1, 1994 through December 31, 2001. ...


On January 20, 2001, hours before leaving office, President Bill Clinton granted Rich a presidential pardon. Since Rich's former wife and mother of his three children, socialite Denise Rich, had made large donations to the Democratic Party and the Clinton Library during Clinton's time in office, Clinton's critics alleged that Rich's pardon had been bought. Clinton explained his decision by noting that similar situations were settled in civil, not criminal court, and cited the clemency pleas from Israeli government officials, including Prime Minister Ehud Barak. Federal Prosecutor Mary Jo White was appointed to investigate. She stepped down before the investigation was finished and was replaced by James Comey. Though Comey was critical of Clinton's pardons, he could not find any grounds on which to indict him. January 20 is the 20th day of the year in the Gregorian calendar. ... 2001 (MMI) was a common year starting on Monday of the Gregorian calendar. ... The presidential seal was first used by President Hayes in 1880 and last modified in 1959 by adding the 50th star for Hawaii. ... William Jefferson Bill Clinton (born William Jefferson Blythe III[1] on August 19, 1946) was the 42nd President of the United States, serving from 1993 to 2001. ... A pardon is the forgiveness of a crime and the penalty associated with it. ... The Democratic Party is one of two major political parties in the United States, the other being the Republican Party. ... Ehud Barak (Hebrew: אֵהוּד בָּרָק) (born Ehud Brog on February 12, 1942, in Mishmar HaSharon kibbutz,[1] then British Mandate of Palestine) is an Israeli politician and was the 10th Prime Minister of Israel from 1999 to 2001. ...


Marc Rich, after spending several years in the canton of Zug, moved his domicile to Meggen, a city part of the Swiss canton of Lucerne, where he zealously guards his privacy, but managed to be hunted down by a 60 Minutes TV crew once and he agreed to a one-time only interview. He resides in a property called "La villa rose" (the pink villa) on the shores of the Vierwaldst├Ąttersee (also known as Lake Lucerne). Rich also owns property in the ski resort of St. Moritz, Switzerland and in Marbella, Spain. The twenty-six cantons of Switzerland are the states of the federal state of Switzerland. ...   (-German; French: Zoug; Italian: Zugo) is one of the 26 cantons of Switzerland. ... Location within Switzerland View of the city from Lake Lucerne Another view across Lake Lucerne The Lion Monument Lucerne (German: (help· info)) is a city in Central Switzerland with a population of 60,274 (December 31, 2003), capital of the Canton of Lucerne. ... 60 Minutes is an investigative television newsmagazine on United States television, which has run on CBS News since 1968. ... Lake Lucerne (German: Vierwaldstättersee, lit. ... St. ... Street in Marbella, Spain 2005. ...


His business partner, Pincus Green, is known to be the "logistics" brain of their company.[citation needed] Pincus Green Pincus Green (1936 - ) is an oil & gas commodities trader whose net worth is estimated by Forbes magazine at $1. ...


Legacy

Whilst Marc Rich certainly didn't invent commodity trading he was its major architect and engineer. Centred in London, the global oil trade can be said to improve the efficient use of fixed assets such as terminals, ships, refineries and production which oil majors and governments are not incentivised to put to best use. His obvious corporate legacy is Glencore, a company he founded, domiciled in Baar (close to Zug, Switzerland) but centred in London, where the arts of trading were discerned and practiced. Glencore also spawned and nourished (unwittingly) many imitations. The Oil Markets are now awash with trading companies such as Trafigura and Projector, attempting to profit both through the direction of risk capital towards vanilla trading of commodities on exchanges and in OTC markets but also in the more opaque deals for which Marc Rich was infamous. [citation needed] Glencore International AG (formerly called Marc Rich & Co. ... Founded in 1993, Trafigura is a company that deals with trading metals as well as oil. ... Projectors are used for displaying an image on a projection screen or similar surface for the view of an audience. ... In essence financial risk is any risk associated with money. ...


Citizenship

While most sources agree that Marc Rich voluntarily relinquished his U.S. citizenship, there is one contrary opinion [2] that "Rich assumed an oath in Spain would remove his US citizenship. The Spanish naturalization oath he took included an explicit renunciation of US citizenship. Due to a variety of circumstances the court judged that he was still a US citizen."


Since he is still considered a US citizen, Forbes ranks Rich as the 242nd richest American with a 2006 net worth of $1.5 billion [3]. This article or section does not cite its references or sources. ... For the Manfred Mann album, see 2006 (album). ...


If a person with a "dual" citizenship is convicted of a serious crime, he or she may be deported to the other country of citizenship upon release from prison


See also

President Bill Clinton was widely criticized for some pardons and other acts of executive clemency; collectively, this controversy has sometimes been called Pardongate in the press. ... The following is a partial list of people pardoned by Bill Clinton. ... BCCI in London was closed by the Bank of England in 1991 after evidence emerged of fraud and money laundering. ... The Rich Boys refers to an elite circle of elite oil and mineral trading figures under the tutelage of one-time fugitive financier Marc Rich, as identified in a July, 2005 investigative report by journalist Marcia Vickers for BusinessWeek magazine. ...

External links


 
 

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