Marc Rich
Marc Rich | |
---|---|
Born | Marcell David Reich December 18, 1934 Antwerp, Belgium |
Died | June 26, 2013 Lucerne, Switzerland | (aged 78)
Citizenship | Belgium, Bolivia, United States, Israel, Spain |
Occupation | Founder of Glencore |
Known for | Banking, trading activities |
Spouses |
|
Marc Rich (born Marcell David Reich; December 18, 1934 – June 26, 2013) was an international
Early life
Rich was born in 1934 to a
His father opened a jewelry store in
Business career
At
His
Later, following the overthrow of
His real estate company, Marc Rich Real Estate GmbH, was involved in large developer projects (e.g., in
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
Business Insider reported Rich had an estimated net worth of US$2.5 billion.[27]
U.S. indictment and pardon
In 1983, Rich and partner
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,[31] narrowly evading capture in Britain, Germany, Finland, and Jamaica.[32] Fearing arrest, he did not even return to the United States to attend his daughter's funeral in 1996.[33]
On January 20, 2001, hours before leaving office, U.S. President Bill Clinton granted Rich a controversial
Clinton's critics alleged that Rich's pardon had been bought, as Denise Rich had given more than $1 million
Clinton also cited clemency pleas he had received from Israeli government officials, including then-Prime Minister
Speculation about another rationale for Rich's pardon involved his alleged involvement with the Israeli intelligence community.[42][43] 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.[33][34][44] 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.[34] A former Mossad chief, Shabtai Shavit, had also urged Clinton to pardon Rich,[45] who he said had routinely allowed intelligence agents to use his offices around the world.[28]
Federal Prosecutor Mary Jo White was appointed by Attorney General John Ashcroft to investigate Clinton's last-minute pardon of Rich.[46] 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.[47] 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.[33] According to Quinn, Holder had advised that standard procedures be bypassed and the pardon petition be submitted directly to the White House.[48][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.[44] Federal investigators ultimately found no evidence of criminal activity.[45]
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
A New York Times editorial called the Marc Rich pardon "a shocking abuse of presidential power."[51]
On November 1, 2016, the FBI released documents related to the pardon, stating it was an FOIA release.[52]
Paradise Papers
On November 5, 2017, the
Legacy
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.[62][63][64]
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.[65]
Citizenship
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.[66][67] He also held Belgian, Bolivian,[68] Israeli, and Spanish passports.[13][66]
Philanthropy
Rich was a strong supporter of Israel throughout his life, having donated around $150 million to institutions such as the
In 1985, Rich helped with the compensation to the families of the Israeli victims of the
Rich created the Rich Foundation, one of the largest funds operating in Israel, which is managed by Avner Azulay (who wrote to Clinton for his pardon), which has invested more than $135 million in the last two decades.
Awards
In May 2007, Rich received an
Personal life and death
Rich married
After spending several years in
Rich died of a stroke on June 26, 2013, at a Lucerne hospital. He was 78 and is survived by two daughters, Ilona Schachter-Rich and Danielle Kilstock-Rich. He was buried in Israel.[28]
See also
Notes
- ^ Ronald Greenwald, an Orthodox rabbi from Brooklyn, was Rich's commodity trader in New York.[13]
- ^ Roger Tamraz, a Lebanese-American who is close to Grigori Loutchansky, spearheaded the Baku to Ceyhan pipeline lobbying effort during the Clinton administration.[22] He also made a key donation to the Democratic Party.[22]
- ^ Loutchansky is close to Aslan Abashidze who is fiercely opposed to Eduard Shevardnadze.
- U.S. Justice Department ceased using statutes of the Racketeer Influenced and Corrupt Organizations Act (otherwise known as the RICO Act) in tax cases such as the one in which Rich and Green were indicted, and began relying instead on civil lawsuits.[30]
- ^ According to a House Committee on Government Reform report, however, "The arguments made by Garment, [William Bradford] Reynolds and Libby [in their testimony] focused on the claim that Rudy Giuliani of the SDNY was criminalizing what should have been a civil tax case. They did not make, compile, or in any other way lay the groundwork for, or make a case for a Presidential pardon. When former President Clinton stated that they 'reviewed and advocated' 'the case for the pardons,' he suggested that they were somehow involved in arguing that Rich and Green should receive pardons. This was completely untrue". (p. 162)[34]
- ^ Holder, however, during his Senate confirmation hearing to become Attorney General in 2009, denied that he had attempted to circumvent the standard procedures for consideration of presidential pardons.[49] Holder did say that he had "made mistakes" and "made assumptions that turned out not to be true" while managing the pardon request.[49]
References
- ^ ISBN 978-0-312-57074-3.
- ^ SWI (swissinfo.ch). Archived from the originalon October 20, 2012. Retrieved September 13, 2012.
- ^ Reich, Walter (February 25, 2001). "Pardon Reignites Jewish Stereotypes". Los Angeles Times. Archived from the original on June 15, 2013. Retrieved February 18, 2020.
- ^ a b Hill, Andrew (June 26, 2013). "'King of Oil' who became a target for US". Financial Times. Archived from the original on May 7, 2015. Retrieved November 21, 2020.
- ^ Williams, Oliver (October 10, 2012). "NS business profile: Marc Rich, Glencore's fugitive founder". New Statesman (newstatesman.com). Archived from the original on January 30, 2013. Retrieved November 21, 2012.
- ISBN 978-0-312-57074-3.
- ^ a b c d e f Henry, David (June 26, 2013). "Marc Rich, fugitive commodities trader in the 1980s, dies at 78". Bloomberg L.P. Archived from the original on June 28, 2013. Retrieved March 8, 2017.
- ^ Koepp, Stephen (October 3, 1983). "Marc Rich's Road to Riches (part 1)". Time. Archived from the original on April 20, 2022. Retrieved April 19, 2022.
- ^ Koepp, Stephen (October 3, 1983). "Marc Rich's Road to Riches (part 2)". Time. Archived from the original on April 20, 2022. Retrieved April 19, 2022.
- ^ Koepp, Stephen (October 3, 1983). "Marc Rich's Road to Riches (part 3)". Time. Archived from the original on April 20, 2022. Retrieved April 19, 2022.
- ^ Koepp, Stephen (October 3, 1983). "Marc Rich's Road to Riches (part 4)". Time. Archived from the original on April 20, 2022. Retrieved April 19, 2022.
- ^ a b c d e Baghdjian, Alice (June 26, 2013). "Marc Rich, 'King of Oil' pardoned by Clinton, dies at 78". Reuters.
- ^ a b Hougan, Jim (July 19, 2012). "Rex Mundi" [King of the World]. Playboy. Archived from the original on March 31, 2012. Retrieved November 11, 2020 – via Investigative Notes website.
Originally published in Playboy with Anna Nicole Smith on its cover, February 1994 (vol. 41 no. 2) issue, table of contents.
{{cite news}}
: External link in
(help)|quote=
- ^ a b Rankin, Jennifer (June 26, 2013). "Marc Rich: controversial commodities trader and former fugitive dies aged 78". The Guardian. London.
- ^ a b Ammann, Daniel (November 23, 2009). "How I met the biggest devil". Huffington Post.
- ^ "Millionaire Mullahs". Forbes.
- ^ ISBN 978-0-312-57074-3.
- ^ Dattel, Lior; Domke, Ronit (June 27, 2013). "Marc Rich, the Man Who Sold Iranian Oil to Israel". Haaretz.
- ^ Mouawad, Jad (October 15, 2009). "Book on Marc Rich Details Oil Deals With Iran and Others". The New York Times.
- ^ "Marc Rich, king of commodities, died on June 26th, aged 78". economist.com/.
- ^ "Former U.S. fugitive has local ties" Archived September 28, 2007, at archive.today, Michael Mainville, The Prague Post, 28 February 2001
- ^ a b c Intelligence Online staff (March 8, 2001). "The U.S. Connection in Caucasus". Intelligence Newsletter (No. 401). Archived from the original on November 16, 2020. Retrieved November 21, 2020.
- ISBN 978-0316294744.
- ^ McAllester, Matthew (March 1, 2001). "Rich's Suspect Ties/Sources: Clinton Could have Learned Russian Mob Links". Newsday. p. A5.
- ^ Glover, Tony (May 1, 1994). "The EU's Baltic Extension". Eurobusiness. p. A1.
- Washington Times.
- ^ Perlberg, Steven (June 26, 2013). "How Marc Rich Got Insanely Rich, Broke The Law, And Lived A Life In Exile". Business Insider. Retrieved November 21, 2020.
- ^ a b c d Martin, Douglas (June 26, 2013). "Marc Rich, Pardoned Financier, Dies at 78". NY Times. Retrieved June 26, 2013.
- ^ "The double life of Marc Rich - News - Special Coverage | NBC News". NBC News. February 12, 2001. Retrieved October 31, 2012.
- ^ a b c Clinton, W. J. (February 18, 2001). "My Reasons for the Pardons". The New York Times. Retrieved November 21, 2020.
- ^ "Pardon Probe: Marc Rich | PBS NewsHour | Feb. 8, 2001 | PBS". PBS. Archived from the original on January 19, 2014. Retrieved September 4, 2017.
- ^ a b Associated Press (June 26, 2013). "Pardoned financier Marc Rich dead at 78". CBS News.
- ^ a b c Cowan, Alison Leigh (April 11, 2001). "Plotting a pardon; Rich cashed in a world of chits to win pardon". New York Times.
- ^ House Committee on Government Reform.
- ^ Berke, Richard L. (February 23, 2001). "The Clinton pardons: the Democrats; This time, Clintons find their support buckling from weight of new woes". New York Times.
- ^ "Carter calls pardon of Rich 'disgraceful'". Los Angeles Times. February 21, 2001.
- ^ "Clinton's pardon of Marc Rich". PBS Newshour. January 26, 2001.
- ^ "Jewish philanthropist Marc Rich, a key donor to Israel, dies at 78". Haaretz. Reuters. June 26, 2013.
- ^ Safire, William (March 29, 2001). "Essay; The A.D.L. And Rich". The New York Times.
- ^ a b "Foxman Meets with Investigators, Admits ADL Took Money from Rich - Jewish Telegraphic Agency". www.jta.org. March 21, 2001.
- ^ a b "Jews feel Clinton scapegoating them in Rich affair - Jewish Telegraphic Agency". www.jta.org.
- ^ "CNN Transcript - Sunday Morning News: Clinton Editorial Defends Marc Rich Pardon - February 18, 2001". cnn.com.
- ^ "The real reason Bill Clinton pardoned Marc Rich", Joe Conason, Salon, January 16, 2009
- ^ a b "Hearings: Clinton aides opposed Rich pardon". ABC News. March 1, 2001. Retrieved June 26, 2013.
- ^ a b Associated Press (June 26, 2013). "Marc Rich dies at 78; last day pardon by Clinton provoked a flood of criticism". Washington Post. Archived from the original on June 28, 2013.
- ^ Novak, Viveca (April 14, 2001). "U.S. Attorney White keeps the iron hot". Time. Archived from the original on August 5, 2001.
- ^ "Letter from James Comey in respect of the nomination of Eric Holder to be Attorney General" (PDF). legaltimes.typepad.com.
- ISBN 978-0-312-57074-3.
- ^ a b "Holder admits 'mistakes' in Rich pardon". CNN. January 15, 2009.
- ^ "Breaking News, Daily News and Videos - CNN.com". CNN.
- ^ The New York Times: An Indefensible Pardon, JAN. 24, 2001
- ^ Taylor, Jessica (November 2016). "More Surprises: FBI Releases Files On Bill Clinton's Pardon Of Marc Rich". NPR.
- ^ Ben Doherty; Oliver Zihlmann (November 5, 2017). "Revealed: Glencore's secret loan to secure DRC mining rights". The Guardian. Retrieved November 6, 2017.
- ^ Bastian Obermayer; Edouard Perrin; Frederik Obermaier; Oliver Zihlmann; Petra Blum; Will Fitzgibbon (November 5, 2017). "Room Of Secrets Reveals Glencore's Mysteries: Law firm's internal files reveal oil, mineral and grain trader Glencore signed secret deals and loaned millions to a high-risk business partner". ICIJ. Retrieved November 6, 2017.
- ^ Pidd, Helen; Glaister, Dan; Smith, David; Cobain, Ian (May 19, 2011). "The rise of Glencore, the biggest company you've never heard of". The Guardian (U.K.). Retrieved January 30, 2017.
- ^ Hanners, Richard (June 15, 2017). "Chapter 48. Creative destructor" (PDF). montana-aluminum.com. Archived from the original (PDF) on April 20, 2022. Retrieved April 19, 2022.
- ^ "Glencore and commodity traders, Nowhere to hide". The Economist. September 12, 2015. Archived from the original on April 20, 2022. Retrieved January 30, 2017.
- ^ "Glencore Timeline". Glencore. November 23, 2018. Archived from the original on November 23, 2018. Retrieved April 19, 2022.
- ^ MacLellan, Kylie; Barreto, Elzio (May 4, 2011). "Glencore $11 billion IPO to make billionaires of bosses". Reuters. Archived from the original on April 20, 2022. Retrieved January 30, 2017.
- ^ Blas, Javier (May 2, 2013). "Glencore finishes takeover of Xstrata". The Financial Times. Archived from the original on August 2, 2018. Retrieved January 30, 2017.
- ^ "Glencore: Who We Are, About Us, Our Story". Glencore. March 25, 2018. Archived from the original on October 10, 2016. Retrieved March 25, 2018. Alternate archive
- SWI (swissinfo.ch). February 21, 2001. Archived from the originalon April 20, 2022. Retrieved April 19, 2022.
- Baltimore Sun.
- ^ Honigsbaum, Mark (May 12, 2001). "The rich list: He cornered the market in mercury, aluminium and silver. He bust sanctions to sell oil to the world's most notorious states. He was one of the FBI's most wanted men. But was winning a controversial pardon Marc Rich's smartest coup?". The Guardian. Retrieved April 19, 2022.
- ^ "Claude Dauphine (1951-2015) A tribute from Trafigura". Trafigura. September 30, 2015. Archived from the original on April 20, 2022. Retrieved January 30, 2017.
- ^ a b Reaves, Jessica (February 13, 2001). "The Marc Rich Case: A Primer". Time.com. Archived from the original on February 24, 2001. Retrieved August 26, 2017.
- ^ Action S.A. v. Marc Rich & Co., 951 F.2d 504, 507 (2nd Cir. 1991).
- ^ Orth, Maureen (June 13, 2001). "The Face of Scandal". Vanity Fair. Archived from the original on June 11, 2020. Retrieved August 26, 2017.
- ^ Sadeh, Shuki (March 17, 2013). "How foreign donors reshaped Israel: A who's who". Haaretz. Retrieved November 30, 2013.
- ^ "The Marc Rich Library – IDC Herzliya". portal.idc.ac.il.
- ^ source at The Rabin Medical Center 30 January 2017 accessed 30 January 2017
- ^ a b "הארץ - חדשות, ידיעות מהארץ והעולם - עיתון הארץ" – via Haaretz.
- ^ "Jewish Philanthropist Marc Rich, a Key Donor to Israel, Dies at 78". Haaretz. Reuters. June 26, 2013.
- ^ "IDC Herzliya - Study Abroad in Israel". www.idc.ac.il.
- ^ "Pardoned billionaire to get honorary degree from Bar-Ilan University", Haaretz, 15 May 2007
- ^ The Rich Foundations: "Marc Rich receives honorary doctorate" Archived June 22, 2007, at the Wayback Machine
- ^ News @ BGU Winter 2008, "Six Honored for Their Outstanding Accomplishments" Archived May 28, 2008, at the Wayback Machine, 11 April 2008
- ^ "Denise Rich", New York Social Diary
- ^ "HOME - Kenny Schachter". March 10, 2016. Retrieved February 24, 2023.
- ^ "Wealthy art dealer's 21-year-old son hangs himself at home after his model girlfriend dumped him". August 24, 2019.
- ^ "The Face of Scandal", Maureen Orth, Vanity Fair, June 2001
Bibliography
- ISBN 978-0-312-57074-3.
- Copetas, A Craig (1985). Metal Men: Marc Rich and the 10-Billion-Dollar Scam. New York: ISBN 0-399-13078-0.
Further reading
- Lardner Jr., George (November 24, 2008). "A Pardon to Remember". The New York Times. Retrieved October 19, 2016. – Detailed account leading up to the pardon.
- "Justice Undone: Clemency Decision in the Clinton White House", Report of the House Committee on Government Reform, March 14, 2002, retrieved October 19, 2016
- "Marc Rich: Hero or villain?", BBC News, February 15, 2001, retrieved October 19, 2016
- Vickers, Marcia (July 17, 2005), "The Rich Boys", Businessweek, archived from the originalon May 31, 2018, retrieved October 19, 2016
- Doward, Jamie (April 17, 2011), "Glencore denies copper tax allegations", The Guardian, retrieved October 19, 2016