Commodities kingpin and fugitive American ex-pat Marc Rich died today from a stroke at the age of 78 in a hospital in Lucerne, Switzerland. Rich was the founder in 1974 of Marc Rich & Co. AG, a pioneering oil-trading firm. Beginning with a management buyout in 1994, the firm eventually became what is today Glencore Xstrata, the world’s largest commodities trading house. The Belgian-born Rich started out at the bottom but became a powerful and shadowy figure in financial circles.
Marc Rich, a shrewd, swashbuckling oil trader who fled to Switzerland after being indicted on charges of widespread tax evasion, illegal dealings with Iran and other crimes, and who was later pardoned by President Bill Clinton in his last hours in office, setting off a whirlwind of criticism, died on Wednesday in Lucerne, Switzerland. He was 78.
Marc Rich, regarded as the father of modern oil trading, has died in the Swiss lakeside city of Lucerne at the age of 78.
Interview with Daniel Ammann, the author of “The King of Oil – The Secret Lives of Marc Rich” (starts at 22.10)’. Click on this link: BBC World Service
GLENCORE is a huge multi-national company making fantastic fortunes from crops to crude oil and copper. But now it is coming under fire from critics who accuse it of everything from exploiting child miners in Africa to destroying the environment.
The company set to remake Canadian agribusiness has a controversial past and reputation for risky bets. Read the rest of this entry »