LYCOS RETRIEVER 
Marc Rich
built 218 days ago
The metals Marc Rich brokered prior to 1973 were strategic ones, from the aspect of national defense. Originally, such trading had to be done in the field, as it necessarily involved physical delivery of the metal at a specific location and time. Eventually... futures contracts were devised for most metals, allowing financial trading to take place at the commodities exchange. Before 1973, oil had never been traded on the futures markets. Things began to change in March of that year when President Nixon imposed price controls on oil. As reported in Time Magazine on March 19:
Source:
Marc Rich is one of the most successful traders of metals and other minerals. He is ... now living in Switzerland, wanted in the United States for tax evasion. While Copetas's book is ostensibly about Rich and his questionable dealings, it also gives a fairly interesting account of the metals trading industry itself: individualistic, barely regulated, tense, fast-paced, potentially lucrative, and often shady. The character and atmosphere of Phillip Brothers, the trading house where Rich got his start, and of Rich's own firm are nicely contrasted and delineated. Neither Rich nor the metal trading industry come off very well. For larger business collections.
Source:
Like Marc Rich + Co. holding, most of the Rich Boys have offices in the tiny Swiss canton of Zug, with its quaint stores, Gothic architecture, and low tax rates. These maverick middlemen typically don't own or operate oil refineries or wells. Instead, they buy oil from producers, line up buyers to refine it, and charter tankers to ship it. Oil trading is often nebulous and opaque. Title to a tanker's oil, for example, may change a dozen times before the ship reaches port.
Source:
Yesterday's report on ABC News Report that former American fugitive Marc Rich had his greedy fingers in Oil-for-Food is only the tip of the iceberg, according to The Bad Hair Blog. He's making deals with the Mullahs too.
Source:
During the Iranian oil embargo, Marc Rich made hundreds of millions of dollars by treasonously circumventing the U.S.-led restrictions. Rich did this with firms largely owned by the George Bush Family jointly with Richard Cheney and their confederates. Many of Rich's dealings were disguised as soybean and currency trading, on the Chicago Board of Trade and the Chicago Mercantile Exchange. Cheney as alleged U.S. Vice President reportedly secretly helps supply Iraq oil exploration and pumping equipment through overseas firms of Cheney/Bush's Halliburton Co., as well as units Dresser-Rand and Ingersoll-Dresser Pump. [The Washington Times, owned by the illicit empire of Rev. Sun Myung Moon, has covered up Rev. Moon's huge money ties to the George Bush Family. Details have been on-line by hard-hitting journalist Robert Parry.
Source:
Marc Rich -- the most wanted white-collar criminal in America -- was one of the most successful metal traders in the world. Before there was Michael Milken or Ivan Boesky, Rich rose through the ranks to amass a multibillion dollar fortune in the halcyon days of high-flying commodities trading. But he did it by cutting corners and pulling the wool over the eyes of his competitors. Eventually his companies pleaded guilty to 38 counts of tax evasion, paying $90 million in fines. Rich fled to Switzerland, where he faced a potential jail term of over 300 years if he ever returned to the United States. This is a story of greed, corruption, and money gone wild, in truly astronomical proportions.
Source:
MORE ABOUT
Marc Rich