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Marc Rich (born Marcell David Reich; December 18, 1934 – June 26, 2013) was a Belgian-American commodities trader, financier, and businessman. He founded the commodities company Glencore, and was later indicted in the United States on federal charges of tax evasion, wire fraud, racketeering, and selling Iranian oil to Israel during the Iran hostage crisis. He fled to Switzerland at the time of the indictment and never returned to the United States.[1]

Key Information

He received a widely criticized presidential pardon from President Bill Clinton, on his last day in office. Rich had donated large sums to Israeli officials and organizations, which had pleaded extensively on his behalf. Rich's ex-wife Denise had also made donations to the Democratic Party.

Early life

[edit]

Rich was born in 1934 to a Jewish family in Antwerp, Belgium.[2][3] In 1941 his parents emigrated with their son to the United States to escape the Nazis.[2][4] They traveled via Vichy France,[5] Spain, Portugal, and the liner Serpa Pinto.[6]

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,[7] and later started a business trading agricultural products and helped found the American Bolivian Bank (Banco Boliviano Americano S.A).[7] Rich attended high school at the Rhodes Preparatory School in Manhattan.[8][9][10][11] 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.

Business career

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At Philipp Brothers, he eventually became a dealer in metals, learning about the international raw materials markets and commercial trading with poor, third world nations. He helped run the company's operations in Cuba, Bolivia, and Spain.[7] In 1974, he and co-worker Pincus Green set up their own company in Switzerland, Marc Rich + Co. AG, which would later become Glencore Xstrata Plc.[7][12] Nicknamed "the King of Oil" by his business partners, Rich was 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.[1] 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. It was this leveraged business model that became the template for modern traders, including Trafigura, Vitol, and Glencore".[4][a]

His tutelage under Philipp Brothers afforded Rich the opportunity to develop relationships with various dictatorial régimes and embargoed nations. 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.[14] 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 served.[12][15] According to Ammann, "he had no regrets whatsoever.... He used to say 'I deliver a service. People want to sell oil to me and other people wanted to buy oil from me. I am a businessman, not a politician.'"[14]

Later, following the overthrow of Mohammad Reza Pahlavi, the Shah of Iran, during the Iranian Revolution in 1979, Rich used his special relationship with Ayatollah Khomeini, the leader of the revolution, to buy oil from Iran despite the American embargo. According to Forbes Magazine, Asadollah Asgaroladi was also the secret business partner of Rich in helping bypass U.S. sanctions against Iran after the Iranian revolution.[16] Iran would become Rich's most important supplier of crude oil for more than 15 years. Rich sold Iranian oil to Israel through a secret pipeline.[17][18][19] Due to his good relationship with Iran and Ayatollah Khomeini, Rich helped give Mossad's agents contacts in Iran.[20]

He popularised the use of letters of credit in the oil trade.[21][22]

His real estate company, Marc Rich Real Estate GmbH, was involved in large developer projects (e.g., in Prague, Czech Republic).[23] Rich and Marvin Davis bought 20th Century Fox in 1981. Due to the indictment filed against Rich for violating U.S. trade sanctions against his deals with Iran while Rich was living in Switzerland, his assets including his holding in 20th Century Fox were frozen. Davis was permitted by authorities to purchase Rich's holding and subsequently sold this to Rupert Murdoch for $232 million during March 1984.[1]

Rich had ties to many mafia associates in the Soviet Union and, subsequently, the former Soviet Union, such as the Georgian-Israeli Grigori Loutchansky who owns the Austrian-based oil exporting company Nordex and who was involved in the Iridium satellite constellation,[b][c] and especially in the Russian Mafia, such as Marat Balagula, who was convicted of gasoline price fixing.[24][25][26][27][28]

Business Insider reported Rich had an estimated net worth of US$2.5 billion.[29]

U.S. indictment and pardon

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2001 The Controversial Pardon of International Fugitive Marc Rich

In 1983, Rich and partner Pincus Green were indicted on 65 criminal counts, including income tax evasion, wire fraud, racketeering, and trading with Iran during the oil embargo (at a time when Iranian revolutionaries were still holding American citizens hostage).[7][30] The charges would have led to a sentence of more than 300 years in prison had Rich been convicted on all counts.[30] The indictment was filed by then-U.S. Federal Prosecutor (and future mayor of New York City) Rudolph Giuliani. At the time, it was the biggest tax evasion case in U.S. history.[31]

Learning of the plans for the indictment, Rich fled[12] to Switzerland and, always insisting that he was not guilty, never returned to the U.S. to answer the charges.[d] Rich's companies eventually pleaded guilty to 35 counts of tax evasion and paid $90 million in fines,[7] although Rich himself remained on the Federal Bureau of Investigation's Ten Most-Wanted Fugitives List for many years,[33] narrowly evading capture in Britain, Germany, Finland, and Jamaica.[34] Fearing arrest, he did not even return to the United States to attend his daughter's funeral in 1996.[35]

On January 20, 2001, hours before leaving office, U.S. President Bill Clinton granted Rich a controversial presidential pardon.[32] Leonard Garment, Richard Nixon's acting Special Counsel who had replaced John Dean during Watergate, had both Rich and Rich's business partner Pincus Green as a client since spring 1985 with Scooter Libby representing them as their attorney for the pardon until spring 2000 when Jack Quinn became their attorney.[36][e] Several of Clinton's strongest supporters distanced themselves from the decision.[37] Former President Jimmy Carter, a fellow Democrat, said, "I don't think there is any doubt that some of the factors in his pardon were attributable to his large gifts. In my opinion, that was disgraceful."[38] Clinton himself later expressed regret for issuing the pardon, saying that "it wasn't worth the damage to my reputation."[12]

Clinton's critics alleged that Rich's pardon had been bought, as Denise Rich had given more than $1 million[39] to Clinton's political party (the Democratic Party), including more than $100,000 to the Senate campaign of the president's wife, Hillary Rodham Clinton, and $450,000 to the Clinton Library foundation during Clinton's time in office.[34]

Clinton also cited clemency pleas he had received from Israeli government officials, including then-Prime Minister Ehud Barak. Rich had made substantial donations to Israeli charitable foundations over the years, and many senior Israeli officials, such as Shimon Peres and Ehud Olmert, argued on his behalf behind the scenes.[40] Many leading figures of the Jewish world such as Abraham Foxman, the head of the Anti-Defamation League (ADL), whose organization had received over $250,000 from Rich over the years also wrote to President Clinton for Rich's pardon.[41][42] Among other leading Jewish leaders writing to Clinton were Shlomo Ben-Ami, Israel's former foreign minister; Michael Steinhardt, a philanthropist and CEO of Steinhardt Associates; and Rabbi Irving Greenberg, chairman of the United States Holocaust Memorial Council, which oversees the U.S. Holocaust Memorial Museum. Although none of the figures other than Foxman were investigated for their support of Rich's pardon,[42] Clinton later claimed on more than one occasion that pressure from Jewish communities and the Israeli government contributed to his decision to pardon Rich. He stated in an interview with The New York Times that "Israeli officials of both major political parties and leaders of Jewish communities in America and Europe urged the pardon of Mr. Rich."[43] He made similar comments off camera to CNBC's Geraldo Rivera that "Israel did influence me profoundly".[43]

Speculation about another rationale for Rich's pardon involved his alleged involvement with the Israeli intelligence community.[44][45] Rich reluctantly acknowledged in interviews with his biographer, Daniel Ammann, that he had assisted the Mossad, Israel's intelligence service,[2][17] a claim that Ammann said was confirmed by a former Israeli intelligence officer.[15] According to Ammann, Rich had helped finance the Mossad's operations and had supplied Israel with strategic amounts of Iranian oil through a secret oil pipeline.[2] Avner Azulay, a former high-ranking Mossad agent and executive director of two of Rich's philanthropic foundations in Israel since 1993, who played a central role in coordinating the pardon effort, was the one who persuaded Rich's ex-wife (divorced in 1996) Denise to personally ask President Clinton to review Rich's pardon request.[35][36][46] Azulay was also the one who asked Ehud Barak, whom he knew through his prior work at Mossad, to appeal to President Clinton on behalf of Rich for clemency. Barak subsequently raised the issue with Clinton on several occasions.[36] A former Mossad chief, Shabtai Shavit, had also urged Clinton to pardon Rich,[47] who he said had routinely allowed intelligence agents to use his offices around the world.[30]

Federal Prosecutor Mary Jo White was appointed by Attorney General John Ashcroft to investigate Clinton's last-minute pardon of Rich.[48] She stepped down before the investigation was finished and was replaced by James Comey, who was critical of Clinton's pardons and of then-Deputy Attorney General Eric Holder's pardon recommendation.[49] Rich's lawyer, Jack Quinn, had previously been Clinton's White House Counsel and chief of staff to Clinton's vice president, Al Gore, and had had a close relationship with Holder.[35] According to Quinn, Holder had advised that standard procedures be bypassed and the pardon petition be submitted directly to the White House.[50][f] Congressional investigations were also launched. Clinton's top advisors, Chief of Staff John Podesta, White House Counsel Beth Nolan, and advisor Bruce Lindsey, testified that nearly all of the White House staff advising the president on the pardon request had urged Clinton to not grant Rich a pardon.[46] Federal investigators ultimately found no evidence of criminal activity.[47]

As a condition of the pardon, it was made clear that Rich would drop all procedural defenses against any civil actions brought against him by the United States upon his return there. That condition was consistent with the position that his alleged wrongdoing warranted only civil penalties, not criminal punishment. Rich never returned to the United States.[12]

In a February 18, 2001, op-ed essay in The New York Times, Clinton (by then out of office) explained why he had pardoned Rich, noting that U.S. tax professors Bernard Wolfman of the Harvard Law School and Martin Ginsburg of Georgetown University Law Center had concluded that no crime had been committed, and that Rich's companies' tax-reporting position had been reasonable.[32] In the same essay, Clinton listed Lewis "Scooter" Libby as one of three "distinguished Republican lawyers" who supported a pardon for Rich. (Libby himself later received a presidential commutation from President George W. Bush, and later a presidential pardon from President Donald Trump for his involvement in the Plame affair.) During Congressional hearings after Rich's pardon, Libby, who had represented Rich from 1985 until the spring of 2000, denied that Rich had violated the tax laws but criticized him for trading with Iran at a time when that country was holding U.S. hostages.[52]

A New York Times editorial called the Marc Rich pardon "a shocking abuse of presidential power."[53]

On November 1, 2016, the FBI released documents related to the pardon, stating it was an FOIA release.[54]

Paradise Papers

[edit]

On November 5, 2017, the Paradise Papers, a set of confidential electronic documents relating to offshore investment, revealed that the Appleby law firm had worked for Rich and Glencore on major projects in the past, even after his indictment in 1983.[55][56]

Legacy

[edit]

Glencore International AG was a corporate successor to "Marc Rich + Co AG." At the end of 1993, Rich lost control of the company when a disastrous attempt to corner the world zinc market led to a number of the Rich Boys[57] insisting he give up his majority stake. After a management buyout, Marc Rich + Co was renamed Glencore on 1 September 1994.[58] Ivan Glasenberg was appointed chief executive in 2002. Glencore merged in 2013 with Xstrata (formerly Südelektra Holding AG) to become Glencore Xstrata,[59][60] headquartered in Baar, Switzerland. Until the 2011 Glencore IPO,[61] and the Glencore/Xstrata merger of 2013,[62] Glencore was run as a private partnership. Following the merger, Glencore's website says that the company was founded in 1974 as Marc Rich + Co AG, and also refers to the management buyout from Marc Rich in 1993.[63]

In 2001, the Zug based Crown Resources AG, which is associated with Alfa Group, merged with the Zug-based Marc Rich & Co. Investment AG (MRI), which is the Swiss-based commodities trading arm of the Marc Rich Holding company, to create a commodities trading house.[64][65][66]

Trafigura Beheer BV, based in Netherlands, is another corporate successor, though not ever owned or directly managed by Rich. It was created in March 1993, the name acquired from an existing company registered in Amsterdam. Its founding partners, alongside Claude Dauphin, were former Marc Rich top brass. Trafigura AG is now the main office, and is located in Geneva, Switzerland.[67]

Citizenship

[edit]

Although Rich believed that he had relinquished his United States citizenship when he became a citizen of Spain, an appeals court ruled in 1991 that, for purposes of U.S. law, Rich remained a citizen and therefore was still subject to U.S. income taxes.[68][69] He also held Belgian, Bolivian,[70] Israeli, and Spanish passports.[13][68]

Support for Israel

[edit]

Rich was a strong supporter of Israel throughout his life, having donated around $150 million to institutions such as the Israel Museum, Tel Aviv Museum, research centers, theaters, as well as numerous other documented causes over the years.[71]

In 1985, Rich helped with the compensation to the families of the Israeli victims of the Ras Burqa massacre in the Sinai. He has contributed tens of millions of dollars for the absorption of Jewish immigrants from Ethiopia and Russia, he has contributed to Project Discovery, he has founded the museum wing for Israeli and international art in the name of his daughter Gabriela, who had died, he has contributed to the establishment of the new building of the Tel Aviv Cinematheque called "Marc Rich Israeli Cinema Center", and the establishment of the main library at IDC Herzliya University,[72] which bears his name. Rich was also an advocate for coexistence between Israelis and the Palestinians by establishing health and education programs in the West Bank and Gaza, as well as by fulfilling his commitment to making President's Conference contributions each year. Rich has also contributed to the Center for Sloan-Catherine, The Medical Research Center at Yale University, The Rabin Medical Center,[73] and the center of the Dana Farber Cancer Institute.[74]

The Marc Rich Library (c. 2016) at Reichman University

Rich created the Rich Foundation, one of the largest funds operating in Israel, which has invested more than $135 million in the last two decades.[75] The fund was established with the assistance of Avner Azulay, who wrote to Clinton for the Rich pardon, Rich's ex-wife Denise, and his business partners, Elka Acle and Pincus Green. The fund has contributed over the years to cultural, educational, and other Israeli programs in support of Humanities and Social Sciences at Tel Aviv University, the Israel Philharmonic Orchestra, the Tel Aviv Cinematheque, the city of Beersheba, the Reichman University,[76] the Shaare Zedek Medical Center, the Beit Berl settlement, the Tel Aviv Museum of Art, and the Israel Museum. Rich also financed the construction of the Bioengineering building at Bar Ilan University.[74]

Awards

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In May 2007, Rich received an honorary doctorate from Bar Ilan University, Ramat Gan, Israel, in recognition of his contribution to Israel and to the university's research programs.[77][78] He received the same honor from Ben-Gurion University of the Negev, Beersheba, Israel, on 18 November 2007.[79] The Chaim Sheba Medical Center at Tel Hashomer in suburban Tel Aviv, Israel, honored Rich with the Sheba Humanitarian Award 2008. Former recipients of this award include actor Michael Douglas, actress Elizabeth Taylor, and former U.S. President Gerald R. Ford.[citation needed]

Personal life and death

[edit]

In 1966, Rich married Denise Eisenberg, a songwriter and heir to a New England shoe manufacturing fortune. They had three children, one of whom, Gabrielle Rich Aouad, was diagnosed with leukemia and died aged 27, in 1996,[80] reportedly never having been visited by her father while in treatment.[81] Another daughter, Ilona Rich, married Kenny Schachter,[82] and lost her oldest son, Kai, to suicide in 2019.[83] Marc Rich and Denise divorced in 1996; she continued to use the name Denise Rich. Six months later, he married German-born Italian widow Gisela Rossi;[81] they divorced in 2005.[1]

After spending several years in Zug, Switzerland, Rich moved to Meggen, a city in the Canton of Lucerne, Switzerland, residing in a house called "La villa rose" (the pink villa) on the shores of lake Lucerne, where he zealously guarded his privacy. Rich owned property in the ski resort of St. Moritz, Switzerland, and in Marbella, Spain. He was an art collector, and friends said that he lived surrounded by Renoirs, Monets, and Picassos.[84]

Rich died of a stroke on June 26, 2013, at a Lucerne hospital. He was 78 and survived by two daughters, Ilona Schachter-Rich and Danielle Kilstock-Rich. His body was buried in Israel.[30]

See also

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Notes

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References

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Bibliography

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Further reading

[edit]
Revisions and contributorsEdit on WikipediaRead on Wikipedia

Marc Rich

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Marc Rich (December 18, 1934 – June 26, 2013) was a Belgian-born American commodities trader who founded Marc Rich + Co. AG in 1974, a firm that pioneered spot trading in crude oil and grew into the global giant through innovative dealings in energy, metals, and grains. Indicted by U.S. authorities in 1983 on 65 counts including exceeding $48 million, wire and fraud, , and trading with during the in violation of sanctions, Rich fled to and renounced his U.S. citizenship rather than face trial. His practices, which often involved opaque transactions with pariah states like apartheid-era and post-revolutionary , generated billions in profits but drew accusations of sanctions evasion and ethical lapses, cementing his reputation as a controversial figure in . In his later years, following a controversial granted by President on January 20, 2001—amid scrutiny over ex-wife Denise Rich's substantial donations to Democratic causes—Rich focused on , donating over $150 million to Jewish cultural institutions, medical research, and arts organizations in and .

Personal Background

Early Life and Education

Marc Rich was born Marcell David Reich on December 18, 1934, in , , to a Jewish family whose patriarch supported them by peddling factory discards door-to-door. In 1942, amid the Nazi occupation of , the family fled to the and settled in , where Rich was raised from around age seven. Rich attended high school in , earning grades described as low "B" level, before enrolling at to study marketing. He dropped out of NYU in 1954 without completing his degree, forgoing further formal education to pursue employment in commodities trading. At age 18, a family acquaintance secured him an entry-level position in the mailroom at Philipp Brothers, a leading firm in the sector at the time.

Business Career

Entry into Commodities Trading

Marc Rich began his career in commodities trading in 1954 at the age of 20, joining Philipp Brothers—the world's largest raw materials trading firm at the time—as a mailroom trainee after dropping out of without completing a degree. His entry into the firm came amid a postwar boom in global trade, where Philipp Brothers dominated metals and other commodities, providing Rich with immediate exposure to international and dynamics. Rich advanced quickly under mentors such as Ludwig Jesselson, a key executive at the firm, leveraging his analytical skills to handle niche metals trading. In the early 1950s, following the , he developed a specialized market for mercury, sourcing supplies from and to meet U.S. and industrial demand, which generated significant profits for Philipp Brothers and established his reputation as a resourceful junior trader. This period honed Rich's understanding of opaque markets, price discrepancies, and long-term contracts, core elements of commodities dealing. By the mid-1960s, Rich transitioned to trading within the firm, focusing on petroleum products amid rising global energy needs and geopolitical shifts in production. He executed profitable deals by exploiting inefficiencies, such as discrepancies between fixed-price contracts and immediate delivery needs, often navigating restrictions on with certain suppliers. These early ventures, conducted from New York, positioned Rich as a pioneer in flexible trading strategies, though still under the constraints of Philipp Brothers' established .

Founding of Marc Rich + Co. and Key Innovations

In 1974, Marc Rich departed from Philipp Brothers, the commodities trading firm where he had worked since 1954 and eventually led its metals division, primarily due to frustrations over the company's reluctance to pursue more aggressive trading opportunities and its denial of a promised $1 million bonus for his oil deals. He co-founded Marc Rich + Co. AG that year in , , alongside partner , establishing it as an independent commodities trading house initially concentrated on oil and metals. The firm's headquarters in the tax-friendly Swiss canton allowed operational flexibility, and it quickly expanded by leveraging Rich's global network of suppliers and buyers, amassing significant volumes in physical commodity trades. A pivotal of Marc Rich + Co. was the development of the spot market for crude oil, which shifted trading from rigid, long-term contracts dominated by major integrated oil companies to flexible, immediate-delivery transactions that enabled and across disparate markets. Prior to this approach, oil was largely handled through posted prices and bilateral deals with limited liquidity; Rich's firm executed large spot cargoes, sourcing from state producers like the and reselling to refiners amid the volatility, thereby injecting competition and transforming oil into a tradable akin to financial assets. This model not only generated profits through volume and margins—reportedly handling over 10% of global oil trade by the early —but also laid the groundwork for modern derivatives and hedging instruments in commodities. The firm's strategies emphasized physical delivery, storage , and cross-border flows, innovations that extended beyond to metals like aluminum and grains, fostering a model where traders assumed for reward rather than mere brokerage. By 1975, these practices had propelled Marc Rich + Co. to annual revenues exceeding $1 billion, underscoring the efficacy of decoupling trading from producer-refiner integration.

Major Trades and Global Expansion

Marc Rich + Co. AG achieved prominence through high-volume oil trades during geopolitical disruptions in the 1970s. During the 1973-1974 Arab oil embargo imposed by , the firm facilitated oil supplies to the by leveraging complex routing and intermediary arrangements, capitalizing on shortages to generate substantial profits. In 1979, following the and supply disruptions, the company traded Iranian crude oil at markups reaching $14 per barrel above prevailing prices, contributing to earnings in the hundreds of millions amid global scarcity. These deals underscored Rich's approach to exploiting market dislocations for immediate, spot-based transactions rather than long-term contracts. The firm diversified beyond into metals and minerals, establishing market-leading positions in commodities such as mercury, aluminum, and silver through aggressive sourcing and hedging strategies. By the late , Marc Rich + Co. had become a major handler of Soviet exports and Nigerian crude, integrating upstream financing with downstream distribution to secure volumes from state producers. Annual trading volumes expanded rapidly, reflecting the firm's innovation in pricing mechanisms and that drew business from established majors. Global expansion accelerated post-founding, with headquarters established in , , in 1974 to leverage favorable tax and regulatory conditions. By 1982, the company operated 40 offices worldwide with approximately 450 employees, spanning key trading hubs in , , and emerging markets to facilitate cross-border flows. This network enabled handling of over $10 billion in annual commodities trades, positioning Marc Rich + Co. as the world's largest independent trader by volume in oil and metals before the 1983 U.S. . The structure emphasized decentralized operations, with local teams negotiating directly with producers and refiners to minimize transaction costs and maximize opportunities.

Sanctions-Busting Deals and Ethical Criticisms

Marc Rich + Co. engaged in oil purchases from during the U.S. trade embargo imposed after the 1979 and the subsequent hostage crisis, acquiring millions of barrels of crude between late 1979 and 1981 in defiance of the ban on transactions with the Iranian government. This activity, conducted through Swiss-based operations, allowed Rich's firm to capitalize on discounted prices amid global shortages, reportedly generating substantial profits by reselling the oil via intermediaries. The firm also circumvented by routing Iranian oil to apartheid-era , which faced a UN-mandated arms and trade embargo including oil restrictions from 1977 onward, positioning Marc Rich + Co. as the regime's largest clandestine supplier during the . Rich later described this South African oil trade as his company's "most important and most profitable" venture, utilizing offshore front companies and opaque shipping routes to obscure origins and evade detection. Similar tactics facilitated dealings with , another target of U.S. sanctions since 1960, where Rich's operations involved commodities exchanges prohibited for American-linked entities. These transactions drew sharp ethical rebukes for undermining diplomatic efforts to isolate pariah regimes; critics, including anti-apartheid activists, contended that Rich's oil supplies prolonged South Africa's internal repression and regional aggressions, effectively subsidizing abuses through economic lifeline provision. U.S. prosecutors highlighted the in a 1983 , accusing Rich of partly through sanctions evasion that prioritized profit over international norms. While Rich maintained that his neutral Swiss vantage enabled apolitical commerce—refusing to honor foreign sanctions—detractors viewed such dealings as emblematic of a "piratical" commodities sector, where evasion techniques like corporate cutouts normalized ethical shortcuts for gain. Rich expressed no remorse, framing the trades as savvy navigation of market dislocations rather than deliberate malfeasance.

U.S. Indictment and Charges

In September , Marc Rich and his business partner were indicted by a federal in the United States District Court for the Southern District of New York on 65 felony counts, including , wire fraud, mail fraud, under the Racketeer Influenced and Corrupt Organizations Act (RICO), conspiracy, and trading with an enemy state. The , filed on September 19 and unsealed the following day, accused Rich's firms—primarily Marc Rich & Co. International Ltd. and its affiliates—of evading over $48 million in U.S. corporate income taxes on approximately $100 million in concealed oil trading revenues between 1980 and 1981. U.S. Attorney Rudolph Giuliani, who oversaw the prosecution, described it as the largest case in U.S. history at the time. The tax evasion scheme allegedly involved misrepresenting the destinations and resale details of U.S.-sourced crude cargoes to exploit exemptions from the windfall profits tax imposed under the 1980 Crude Oil Windfall Profit Tax Act; prosecutors claimed the was falsely documented as sold to the —a transaction exempt from certain taxes and —but was instead rerouted to other buyers for substantially higher profits, with the gains hidden through fraudulent invoices and offshore entities. Additional charges stemmed from violations of U.S. trade sanctions, particularly the purchase of Iranian after the 1979 Islamic Revolution and U.S. embargo, while American hostages were held in , as well as dealings with other restricted nations including , apartheid-era , and . If convicted on all counts, Rich and Green faced potential sentences of up to 20 years per count, fines of $25,000 each, and possible life imprisonment if terms ran consecutively under RICO provisions. A superseding in March 1984 added further details but did not alter the core allegations against the individuals.

Flight, Extradition Resistance, and Continued Operations

In September 1983, a federal grand jury in New York indicted Marc Rich and his partner Pincus Green on 51 counts, including tax evasion exceeding $48 million, racketeering, wire fraud, and mail fraud, marking the largest such case in U.S. history at the time. Anticipating the charges, Rich fled the United States to Switzerland shortly before the indictment was unsealed on September 19. The U.S. government repeatedly sought Rich's from , but Swiss authorities refused, citing the absence of an extradition treaty covering non-violent economic offenses like , which is not classified as a criminal matter under Swiss law. In 1984, Rich renounced his U.S. , further complicating efforts, and provided a stable base of operations despite Rich remaining on the FBI's until his 2001 . U.S. attempts to obtain Swiss records or compel testimony faced jurisdictional blocks, as Swiss policy prioritized banking secrecy and limited cooperation on fiscal crimes. From his base in , , Rich sustained and expanded his commodities trading empire through Marc Rich + Co. AG, undeterred by the U.S. and subsequent fines imposed on affiliated entities. The firm, which he had restructured as a Swiss entity, continued global operations in oil, metals, and other , growing to handle approximately $30 billion in annual business across 125 countries by 1993. In 1994, Rich sold his majority stake to key lieutenants, including Claude Dauphin and Willy Michel, who rebranded the company as International AG, transforming it into one of the world's largest trading houses. This continuity in exile underscored Rich's strategic relocation to a jurisdiction with robust protections for , enabling the accumulation of an estimated fortune exceeding $2 billion.

Pardon and Political Dimensions

Lobbying Efforts and Connections

Marc Rich retained a team of prominent attorneys to lobby U.S. government officials for a presidential , leveraging their prior connections to both Democratic and Republican administrations. Jack Quinn, who served as to President from 1995 to 1996 and chief of staff to Vice President , spearheaded these efforts. Quinn contacted Department of Justice (DOJ) officials, including Deputy Attorney General Eric , to advocate for withdrawing Rich's 1983 indictment on charges of , , and trading with during the crisis. He facilitated direct appeals to the , bypassing the standard review process through the DOJ's Office of the Pardon Attorney, while maintaining that the DOJ was informed of the proceedings. Quinn also advised Rich's ex-wife, Denise Rich, to submit a personal letter to President requesting clemency, emphasizing procedural compliance in the process. Separately, I. Lewis "Scooter" , a Republican attorney who represented Rich from 1985 to 2000, lobbied prosecutors to reconsider the case, arguing that the charges misconstrued facts and law, and expressed reservations about Rich's past oil trades with without endorsing them. Libby's involvement highlighted a bipartisan dimension to the , as he later became to . These lobbying activities were supported by Denise Rich's financial contributions to Democratic causes, including $450,000 pledged in installments to the between July 1998 and May 2000, amid her broader support exceeding $1 million for the party. Although Denise Rich later invoked the Fifth Amendment during congressional inquiries and denied any expectation that donations would influence outcome, the timing and scale fueled perceptions of linkage in subsequent investigations. The combined efforts from Quinn, , and associated appeals succeeded on January 20, 2001, when granted on his final day in office, covering all federal charges against Rich.

The Clinton Pardon Decision

On January 20, 2001, President granted a full and unconditional to Marc Rich, absolving him of over 50 federal charges including , , wire fraud, and illegal oil trading with during the 1979-1981 hostage crisis. The action occurred on Clinton's final day in office, among 140 pardons and commutations issued that day, and permitted Rich, a since fleeing the U.S. in 1983, to potentially return without facing prosecution. Clinton's decision bypassed standard Justice Department review procedures, as of Attorney was not consulted on the Rich case. In a February 18, 2001, New York Times , outlined eight rationales for , including appeals from "present and former high-ranking Israeli officials" urging clemency due to Rich's philanthropic aid to during economic hardships, assertions by U.S. experts that the charges against Rich for nonpayment of taxes on trading profits were unprecedented and overly punitive compared to similar cases, and claims that federal prosecutors had rejected Rich's offers to surrender under acceptable terms while pursuing aggressively. He also cited Rich's cooperation with U.S. intelligence and the ten-year pursuit by authorities without resolution as factors diminishing the case's viability. The pardon process involved intensive lobbying, led by Rich's attorney Jack Quinn, Clinton's former White House Counsel, who contacted then-Deputy Attorney General Eric Holder and submitted extensive briefs arguing the indictment's flaws. Rich's ex-wife, Denise Rich, personally advocated for the pardon in multiple letters to Clinton and had donated $450,000 to the Clinton Presidential Library Foundation in 2000, alongside over $200,000 to Democratic committees in the preceding election cycle. These efforts, combined with Rich's prior $1 million annual pledges to Denise Rich's charitable foundation, fueled immediate scrutiny over potential influence peddling, though Clinton maintained the decision rested on merits independent of financial contributions.

Reactions, Investigations, and Diverse Perspectives

The pardon of elicited immediate and intense backlash across political lines, with even 's longstanding supporters expressing betrayal over the decision to forgive a indicted on serious charges including and trading with . Critics highlighted the appearance of impropriety, given Denise Rich's $450,000 in donations to the Foundation and the Democratic Party, alongside aggressive lobbying by figures connected to , where Rich had supported Jewish causes. , then-U.S. Attorney for the Southern District of New York and lead prosecutor in the original case against Rich, described himself as "stunned" by the pardon, viewing it as undermining years of legal efforts against a defendant who had fled jurisdiction. Congressional investigations commenced swiftly, with the House Committee on Government Reform holding hearings starting February 8, 2001, to probe the pardon process, including testimony on lobbying efforts and potential quid pro quo influences. The committee examined documents revealing multiple White House discussions on the application, despite opposition from federal prosecutors, and scrutinized whether contributions influenced the outcome, though no direct evidence of criminality emerged. Separately, the Department of Justice launched a review under Attorney General John Ashcroft, appointing Comey to oversee it; the inquiry, which included FBI involvement, concluded in 2005 without charges against Clinton, citing insufficient evidence of illegality but acknowledging procedural irregularities in bypassing standard Justice Department input. FBI files released in 2016 further detailed internal concerns over the pardon but reaffirmed the closure without prosecution. Perspectives diverged sharply: detractors, including officials and bipartisan lawmakers, argued the pardon exemplified executive overreach and eroded public trust in clemency powers, particularly for a non-repentant who continued operations abroad post-. Clinton countered that Rich posed no ongoing threat, had settled civil claims by waiving procedural defenses—enabling potential recovery of millions—and that the original charges reflected prosecutorial overzeal amid geopolitical sensitivities like oil trading during the embargo. Supporters, including some of Rich's attorneys, emphasized humanitarian factors such as his and assertions that the was politically motivated, though these defenses faced given Rich's refusal to return for and the gravity of the 65-count federal charges. The episode fueled broader debates on pardon transparency, with later analyses noting its lasting impact on scrutiny of executive clemency.

Philanthropy and Civic Contributions

Establishment of Foundations

Marc Rich established the Swiss Foundation for the Doron Prize in 1986 to annually recognize and support individual initiatives and charitable endeavors in Switzerland. The foundation awards prizes for contributions in fields such as humanitarian aid, education, and social welfare, reflecting Rich's interest in fostering private philanthropy within his adopted country. In 1991, Rich founded the Marc Rich Foundation for , Culture and Welfare in , structured as a Stiftung under Swiss . This entity focuses on advancing , arts, culture, scientific research, and welfare programs, with grants directed toward institutions in and internationally, including significant support for Israeli causes. These foundations formed the core of Rich's philanthropic infrastructure, channeling funds from his commodities trading profits into targeted giving; collectively, his foundations disbursed over $150 million to charitable causes by the early . While primarily Swiss-based for legal and operational reasons, they enabled donations to diverse recipients, such as cultural institutions and research centers in , underscoring Rich's strategic approach to legacy-building amid his fugitive status.

Major Initiatives in Israel, Arts, and Science

The Marc Rich Foundation for Education, Culture and Welfare, founded in 1991, has directed substantial resources toward initiatives in , , and , with annual disbursements reaching approximately $6 million by the mid-2000s, positioning it among Israel's ten largest philanthropic entities. By 2001, Marc Rich had personally contributed around $100 million to Israeli cultural, medical, and educational institutions, reflecting a commitment to bolstering the country's infrastructure in these domains. In scientific research, the foundation funded Ph.D. scholarship programs at (formerly IDC ) to combat the brain drain of Israeli talent, encouraging scientists to remain or return to and fostering advanced academic pursuits. These efforts extended to broader support for research and education partnerships with leading universities, including the establishment of the Marc Rich Library at to enhance scholarly resources. For the arts, key contributions included the creation of the Marc Rich Israeli Cinema Center at the Cinematheque, which functions as a hub for cultural expression and artistic development, particularly aiding filmmakers from the Ethiopian-Israeli community. Additional support encompassed donations to the , such as the Gabrielle Rich Wing, promoting visual and within . These initiatives underscored Rich's role in nurturing Israel's creative sector alongside scientific advancement.

Citizenship, Residences, and Later Years

Acquisition of Multiple Citizenships

Marc Rich was born Marcell Reich on December 18, 1934, in , , to Polish-Jewish parents, granting him Belgian citizenship by birth under the principle of combined with his family's residency. His family fled Nazi persecution in 1941, immigrating to the when he was seven years old, where he later naturalized as a U.S. citizen in 1946 after establishing in New York. Facing impending U.S. federal in 1982 for charges including , wire , and trading with an enemy state, Rich acquired Spanish that year, reportedly through facilitated processes unavailable to ordinary applicants, enabling him to U.S. formally in 1984 while residing in to avoid under the U.S.-Spain . However, a U.S. appeals ruled in 1991 that his was invalid due to a diplomatic technicality involving incomplete clearance and expatriation procedures under U.S. law ( Section 349), maintaining his U.S. status for liability purposes despite his intent. Rich subsequently obtained Israeli citizenship in 1994, leveraging his extensive philanthropy toward Jewish causes and , including oil supplies during the 1973 and funding for institutions like the Marc Rich Library at the Weizmann Institute, which aligned with Israel's for Jews seeking or honorary status. He retained his Belgian citizenship throughout, as confirmed in multiple biographical accounts, providing him a layered portfolio of passports that facilitated global mobility amid ongoing U.S. legal pursuits. These multiple nationalities underscored Rich's strategy of jurisdictional , allowing residence in non-extradition havens like while conducting international commodities trading through entities such as .

Life in Switzerland and Spain

After relocating to following his 1983 departure from the , Marc Rich initially resided in before moving to Meggen in the , where he maintained his primary home, Villa Rose, overlooking . This lakeside mansion, valued at approximately 50 million Swiss francs, featured an extensive private art collection that included works by , , and , reflecting Rich's status as a prominent collector. provided a secure base, as its government declined U.S. requests, allowing Rich to lead a discreet yet opulent existence centered on family, art, and occasional pursuits like . Rich's Swiss life emphasized privacy and luxury, with additional properties such as a in the ski resort of , though Meggen remained his longstanding anchor until his death in a nearby Lucerne hospital on June 26, 2013, from a . He cultivated a low-profile routine amid the alpine setting, surrounded by family and select associates, while navigating occasional local scrutiny over his fugitive status and business ties. In , Rich owned El Rincón, a expansive seaside estate in on the , purchased during the 1980s as one of the limited destinations he could visit freely due to favorable extradition policies. This retreat, consisting of three modern houses shaded by Lebanese cedars and capable of hosting up to 40 guests, served primarily for vacations and relaxation, underscoring his access to Mediterranean leisure despite global travel restrictions. The property, estimated at 10 million Swiss francs by 2013, was placed on the market by his family following his .

Personal Life

Family, Marriages, and Relationships

Marc Rich married Denise Eisenberg, a songwriter from , in 1966 following a arranged by her father, six months after they met. The couple had three daughters: (eldest), Daniella, and Gabrielle (middle). Their marriage ended in a contentious finalized in 1996. That same year, Gabrielle Rich Aouad died at age 27 from acute myelogenous after undergoing a transplant, with her mother as the donor; this loss reportedly prompted Denise Rich to forgive her ex-husband despite prior bitterness. Rich married Gisela Rossi, an Italian national, in 1998; the union ended in divorce in 2005. No children resulted from this marriage, and no other significant relationships are documented in public records. Ilona Rich later married art dealer Kenny Schachter; their son, Kai Schachter, died by suicide in 2019 at age 19. Despite the divorce, Denise Rich retained the Rich surname, reflecting an enduring familial bond.

Health and Death

Marc Rich died on June 26, 2013, at the age of 78, in a in , , where he had resided for decades. The immediate cause was a , according to statements from his spokesman and the Marc Rich Group. No prior public reports detailed chronic health conditions or illnesses affecting Rich in his later years, though he maintained an active lifestyle in and oversight until shortly before his death.

Legacy and Impact

Innovations in Global Trade and Markets

Marc Rich is credited with pioneering market for crude oil during the , introducing immediate-delivery transactions that supplanted the industry-dominant long-term contracts controlled by major integrated oil companies. This shift enabled independent traders to access cargoes flexibly, improving , hedging capabilities, and price transparency in global exchanges, while reducing buyers' vulnerability to prolonged price locks amid volatile . By the late 1970s, spot trading volumes had surged, transforming oil from a rigid asset into a tradable integrated with financial instruments for and . In 1974, Rich founded Marc Rich + Co AG in Zug, , leveraging spot mechanisms to arbitrage discrepancies between sanctioned suppliers—such as Iranian oil post-1979 —and restricted buyers like apartheid-era , yielding profits estimated at $2 billion in a single 1980 deal through network positioning and discreet . His firm's strategies emphasized building bilateral relationships with state producers, providing upfront financing for extractions, and circumventing Western embargoes via flags-of-convenience shipping, which expanded trading volumes in metals, grains, and energy beyond traditional Western markets. These practices institutionalized independent commodity trading houses, prioritizing volume over margins and global connectivity over . Rich's model influenced the evolution of International AG, formed in 1994 after his 1993 exit, which adopted his integrated approach of trading, storage, and logistics to dominate physical flows, handling over 3% of global seaborne by the 2000s. Critics note that while these innovations democratized access and spurred efficiency—evidenced by the proliferation of similar firms like —they often relied on opaque dealings with pariah regimes, raising ethical questions about market integrity versus unrestricted commerce. Nonetheless, the framework persists in modern markets, where spot-derived underpin trillions in annual turnover. Marc Rich faced in September 1983 on 65 federal counts, including exceeding $48 million—the largest such case in U.S. history at the time—wire fraud, racketeering under RICO statutes, and violations of sanctions through oil trading with amid the 1979-1981 hostage crisis. Prosecutors argued these acts constituted deliberate criminal conduct, with Rich and partner evading taxes via sham transactions and fraudulent declarations, while continuing operations abroad after fleeing to and renouncing U.S. citizenship. Defenders, including Rich's legal team, contended the charges represented prosecutorial overreach, applying novel RICO interpretations to routine commodities practices that warranted civil penalties rather than criminal ones, noting that industry norms involved aggressive tax strategies not previously deemed felonious. In 1984, Rich's companies, including Marc Rich & Co., entered guilty pleas to related charges, paying approximately $200 million in back taxes, penalties, and fines, which resolved corporate liabilities but left personal indictments intact against Rich and Green. These developments fueled debates on whether the U.S. pursued accountability excessively, given the substantial financial restitution, or insufficiently, as Rich evaded for 18 years. The 2001 presidential by on his final day in office intensified legal scrutiny, as it nullified the indictments without or admission of guilt, prompting congressional hearings that highlighted procedural irregularities and potential influence from Rich's ex-wife Denise's $1 million+ donations to Clinton's library and campaigns. Critics, including former prosecutors, viewed the as undermining justice for a " financier" who flouted U.S. law, while supporters emphasized Rich's cooperation via payments and argued the case exemplified outdated barriers with . Morally, Rich's practices drew condemnation for enabling regimes through sanctions-busting trades, such as supplying oil to during its U.S. embargo, apartheid-era , and nations like , often involving alleged bribes to officials in multiple countries. These actions, while legal in host jurisdictions, prioritized profit over geopolitical ethics, with detractors labeling Rich a "" whose ruthlessness exacerbated global instability by underwriting pariah states. Proponents countered that such dealings filled market voids, stabilized supply chains in volatile commodities, and reflected pragmatic realism in an industry where state policies lagged private innovation; Rich's creation of spot oil markets, for instance, democratized access previously monopolized by majors. Empirical outcomes, including his firms' role in averting shortages, suggest causal contributions to economic resilience, though ethical critiques persist absent remorse or policy advocacy against client regimes. Philanthropic efforts post-indictment, exceeding $100 million to Jewish causes and , were dismissed by some as reputation laundering rather than genuine atonement.

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