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Marc Rich: Companies
built 179 days ago
Marc Rich was the mystery-man-in-exile who controlled the Ravenswood Aluminum Company (RAC) in Ravenswood, West Virginia. In the middle of the night back in October 1991, Rich’s private army of goons physically ejected hundreds of Steelworkers from their jobs and declared all 1,700 USWA Local 5668 members locked out. Rich’s underlings turned the plant into an armed bunker. Barbed-wire fences, boarded-up windows, an armored train full of hundreds of scabs, stormtroopers with attack dogs, and everything in sight illuminated with searchlights and covered with bullet-proof steel casing. Workers called it Fort RAC.
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How Marc Rich cheated the Pope's soybean company in Chicago out of billions of dollars using crooked federal judges. How Marc Rich is like another Israeli secret political police operative murdered by being thrown into the Atlantic Ocean. Lots more coming.
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Over the years, Rich has mentored scores of traders. Although the 70-year-old is past his peak in the business, according to industry experts, his protégés are thriving. "You could call it the University of Marc Rich," says a Senate investigator. As Alaskan and North Sea oil production declines, new supplies increasingly come from some of the most corrupt or politically unstable places on earth, such as Equatorial Guinea and Sudan. These are the new frontiers where major U.S. oil companies fear to tread because of sanctions, embargoes, and antibribery and anti-terrorism laws. But it's where these traders, many like characters out of the James Bond flick Goldfinger, make good money, especially when oil tops $60 a barrel.
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In 1983, Rudolph Giuliani, then U.S. Attorney in Manhattan, brought criminal charges against Rich, Green, and two of their companies for tax fraud, racketeering, tax evasion, and trading with the enemy. At the time it was the biggest tax-evasion case in U.S. history: The government accused the companies of failing to pay $48 million due on their illegal profits and charged Rich and Green personally with orchestrating the scam. If convicted on all counts, each would have faced 325 years in prison. In late 1984 their companies agreed to settle all charges for $171 million. The deal allowed Marc Rich & Co., or any company owned by Rich and Green, to trade freely in the U.S. But it did nothing to settle the criminal case. Instead of negotiating a plea bargain as they had done for their companies, or fighting the charges in court, Rich and Green chose exile.
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Thomas Frutig, who manages Mr. Rich's business interests based in Zug, opposed the merger on the ground that the deal, which would have given shareholders of each partner half the equity in the new company, undervalued Feldschlösschen's property portfolio. Mr. Rich's supporters put the value of the portfolio at $1 billion and said the deal had undervalued it by one-third or more. Mr. Frutig ... told shareholders at the meeting that Credit Suisse would be the real winner in the deal, and that Swiss Prime Site did not have the expertise to manage the properties.
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Rich’s wealth has been subject of speculation for years. His new company reportedly had revenues of $7 billion last year. He has a Swiss mansion filled with fine art; Picasso is a particular favorite. There is a plush villa on slopes of St. Moritz and a $10 million home in flashy and chic Marbella on the Spanish coast.
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