FoxNews.com
Marc Rich, the trader known as the "King of Commodities" whose controversial 2001 pardon by President Bill Clinton just hours before he left office unleashed a political firestorm of criticism in 2001, died on Wednesday. He was 78.
https://www.foxnews.com/us/2013/06/26/financier-pardoned-by-clinton-on-…
Marc Rich was--and still is--my favorite businessman of all time. Most revolutionary and powerful, albeit controversial, oil man to have ever lived. He managed to invent the crude spot trading market, found the commodity trading juggernaut Glencore, be exiled from the United States, and finally receive amnesty from Bill Clinton all in one lifetime.
Was he transparent in his dealings? Couldn't be further from it. Was he scrupulous in his dealings? He traded with Iraq and Iran during the Iranian hostage crisis, so most would think not (all of his/Glencore's controversy stem from breaching trading restrictions imposed by the US, sometimes with known terrorist factions, so it's up to you whether you think it's unethical. I could talk about this all day)>
Those who have never heard of Marc Rich need to look him up and read his story immediately, or better yet, his biography, The King of Oil (top five favorite books of all time).
Legend, RIP
MarcellusWallace, DrShakalu (sp), and anyone else who trades physical or manages forward risk wouldn't have jobs if not for this man
King of Oil was a great book; definitely second the recommendation to read it... RIP
Wow, rest in peace.
Just curious....what's the real reason Clinton pardoned him? Yeah he donated a lot of money but lots of people try to bribe a president with no luck. My guess is that Rich was connected to Mossad and served as a back channel to third world oil dictators, and the pardon was a reward for his cooperation. Can anyone confirm?
Oh shit, I can't believe I missed this thread. I was wondering how no one on WSO commented on his death. King of Oil was great, Metal Men is also worth reading. Absolutely my favorite legend in the industry.
There are a lot of theories. Those two seem to be favorites. Wish I knew.
Death is the great equalizer. A man at the top of his industry. In 10 years no one will remember his name and his name will dissolve into history. Every time I'm tempted to do something unethical to get ahead in my business I'm reminded that in the end none of it really matters. At the end of our lives all we have left is the legacy we left for those we were close to, and hopefully that legacy was integrity and good character.
i was never sure what to think of that guy. doing business with Iran even during a hostage crisis is pretty slimy but he always considered himself a businessman and not a politician.
a modern day Daniel Plainview
If you want a legacy, build a company. Don't trade other people's companies unless you are by far the best (read: Warren Buffett). Companies can last forever, the returns you earn only last for a couple of years
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