Marc Rich, the controversial commodity trader, has died aged 78. He was credited with inventing the spot market for oil; previously buyers had been tied to long-term contracts. He also founded Glencore and Trafigura two global commodity giants.
What the commentators said
Despite his work revolutionising commodity trading, Rich will be best remembered for the "embargo-busting exploits, along with the tax-dodging that accompanied them", said The Economist. In 1983, he was indicted on more than 50 charges of trading with Iran during an embargo, wire fraud, racketeering and evading $48m in income taxes.
Rich fled to Switzerland, where, "thanks to an extensive public relations campaign, he achieved a level of social respectability in Swiss society not usually afforded to those facing 325 years in an American prison". He became known for his extensive philanthropy and art collection.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Yet money couldn't buy everything. Despite gaining a pardon from President Clinton, another controversy there were allegations Clinton's decision was influence by donations meant Rich felt it was not safe to return to the US. From his exile he "pined after America".
