Tuesday, September 1, 2009

Disgraced business figure Marc Rich

The commodities trader born in Belgium as Marc David Reich, had his name changed to Marc Rich (a downright prophetic choice) after he immigrated to the United States with his family in 1942.

Rich married a shoe company heiress in 1966 and in the early 1970s, contrived to ignore the U.S. embargo on buying oil from Iraq and Iran. This occurred at a time when Iran was holding more than 50 American citizens hostage, and Rich's deals no doubt helped the Iranians and Iraqis purchase armaments. Having bought the oil on the cheap, he then sold it at enormous profit during a period of frightening U.S. gasoline shortages. He established a beneficial relationship with Iran's Ayatollah Khomeini and also founded a big real estate development company in Eastern Europe.

Rich came under indictment for tax evasion and illegal oil trading in 1983 and chose to remain in Switzerland rather than return to America and face charges. He gave up his U.S. citizenship, living the lifestyle of the rich and famous with residences on Lake Lucerne and in the Swiss resort town of St. Moritz and in Marbella, Spain.

Rich lives the very, very good life in Europe, continues doing business deals in Nigeria, South Africa and elsewhere, has been honored in Israel for his philanthropy there, and was a big contributor to the coffers of President Bill Clinton.

In one of his most questionable non-sexual acts as president, Clinton granted Rich a full pardon on Clinton's last day in office. Rich's beautiful ex-wife, Denise, had been a major contributor to Clinton and the Democratic Party and had lobbied hard for the pardon. The pardon, like Bill Clinton's unusual intern policy, was one of his most shameful acts.

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