Newspaper article International Herald Tribune

Marc Rich, Financier Pardoned by Clinton

Newspaper article International Herald Tribune

Marc Rich, Financier Pardoned by Clinton

Article excerpt

Mr. Rich, the former fugitive oil trader and founder of the commodities trading giant Glencore International, died on Wednesday in Lucerne, Switzerland. He was 78.

Marc Rich, the former fugitive oil trader and founder of the commodities trading giant Glencore International, died on Wednesday in Lucerne, Switzerland. He was 78.

The cause was a brain stroke at a hospital, according to a statement from his spokesman.

Mr. Rich courted controversy throughout his colorful career, and was indicted by the United States in the early 1980s on charges of tax evasion and illegally trading with Iran.

After being one of the United States' most famous fugitives for the next two decades, Mr. Rich eventually received a pardon from President Bill Clinton on his last day in office in early 2001.

The pardon brought the oil trader back into the headlines after it was revealed that Mr. Rich's former wife, Denise Eisenberg, had given donations to the Democratic Party in 2000, according to official records.

Despite his notoriety, Mr. Rich, whose net worth was estimated at $2.5 billion, continued to work in the commodities industry, and founded Marc Rich & Company, the precursor of Glencore International, the commodities trader, which he later sold to the company's management team in 1993.

Mr. Rich was born in Antwerp, Belgium, but moved to New York with his family to escape the rise of the Nazis in Germany. He began his career as a metals trader in the early 1970s, and gained prominence during the 1973-4 oil crisis when he circumvented the Arab oil embargo to sell oil to American companies in desperate need of supplies at increasingly high prices.

He continued to buy oil from Iran after the country's Islamic revolution of 1979 despite American sanctions against the country, and remained unapologetic about his activities. …

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