Marc Rich dies in Swiss exile
Controversial trader Marc Rich, who has died aged 78, will be best remembered for reforming the oil market - and his run-ins with the law.
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".
Sign up to Money Morning
Our team, led by award winning editors, is dedicated to delivering you the top news, analysis, and guides to help you manage your money, grow your investments and build wealth.
-
Best funds to add to your ISA or SIPP before the Budget
With Labour expected to increase taxes, ISAs and SIPPs could be a great way to protect yourself from CGT hikes. We look at the best funds to buy now
By Katie Williams Published
-
Starling Bank slapped with £29 million fine over ‘shockingly lax’ financial crime controls
The Financial Conduct Authority has fined Starling Bank £29 million over failings related to financial crime and its financial sanctions screenings
By Kalpana Fitzpatrick Published