Marc Rich dies in Swiss exile

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.

Try 6 free issues of MoneyWeek today

Get unparalleled financial insight, analysis and expert opinion you can profit from.

Start your trial

Sign up for MoneyWeek’s free twice-daily newsletter.

Join more than 165,000 subscribers and keep yourself informed with latest financial news, insights and expert analysis to help you understand what really matters when it comes to your finances.

Join more than 165,000 subscribers and keep yourself informed with latest financial news, insights and expert analysis to help you understand what really matters when it comes to your finances.

Sign up

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".