People want to sell oil to me and other people wanted to buy oil from me. According to Ammann, "he had no regrets whatsoever. He also counted Fidel Castro's Cuba, Marxist Angola, the Nicaraguan Sandinistas, Muammar Gaddafi's Libya, Nicolae Ceaușescu's Romania, and Augusto Pinochet's Chile among the clients he serviced. Rich would later tell biographer Daniel Ammann that he had made his "most important and most profitable" business deals by violating international trade embargoes and doing business with the apartheid regime of South Africa. His tutelage under Philipp Brothers afforded Rich the opportunity to develop relationships with various dictatorial régimes and embargoed nations. It was this leveraged business model that became the template for modern traders, including Trafigura, Vitol, and Glencore". As Andrew Hill of the Financial Times put it, "Rich's key insight was that oil – and other raw materials – could be traded with less capital, and fewer assets, than the big oil producers thought, if backed by bank finance. Nicknamed " the King of Oil" by his business partners, Rich has been said to have expanded the spot market for crude oil in the early 1970s, drawing business away from the larger established oil companies that had relied on traditional long-term contracts for future purchases. AG, which would later become Glencore Xstrata Plc. ![]() In 1974, he and co-worker Pincus Green set up their own company in Switzerland, Marc Rich + Co. He helped run the company's operations in Cuba, Bolivia, and Spain. He later attended New York University, but dropped out after one semester to work for Philipp Brothers (now known as Phibro LLC) in 1954 where he worked with Pincus Green.Īt Philipp Brothers, he eventually became a dealer in metals, learning about the international raw materials markets and commercial trading with poor, third world nations. Rich attended high school at the Rhodes Preparatory School in Manhattan. His father opened a jewelry store in Kansas City, Missouri, then moved the family to Queens, New York City in 1950, where he started a company that imported Bengali jute to make burlap bags, and later started a business trading agricultural products and helped found the American Bolivian Bank (Banco Boliviano Americano S.A). His parents emigrated with their son to the United States in 1941 via Vichy France to escape the Nazis. Rich was born in 1934 to a Jewish family in Antwerp, Belgium. ![]() He received a widely criticized presidential pardon from President Bill Clinton, on his last day in office Rich's ex-wife Denise had made large donations to the Democratic Party. He fled to Switzerland at the time of the indictment and never returned to the United States. He founded the commodities company Glencore, and was later indicted in the United States on federal charges of tax evasion, wire fraud, racketeering, and making oil deals with Iran during the Iran hostage crisis. Marc Rich (born Marcell David Reich Decem– June 26, 2013) was an international commodities trader, financier, and businessman.
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