NYU dropout started career in mail room of Philipp Brothers. Met long-term partner Pincus Green. Two built Phibro into then world's largest...
NYU dropout started career in mail room of Philipp Brothers. Met long-term partner Pincus Green. Two built Phibro into then world's largest commodities firm. Created spot oil market 1968, founded Marc Rich & Co. 1973. Fled to Europe 1983 after being indicted for manipulating U.S. oil system, trading with Iran during hostage crisis, evading $50 million in taxes. Became fugitive; pardoned by Clinton 2001. Resides in Switzerland. Has renounced U.S. citizenship, holds Israeli passport.
Glencore, the commodities company he founded, recently acquired the mining company Xstrata for around $30 billion, and has become a global giant in a number of commodities, including oil, iron ore and coal.
He is survived by two daughters, Ilona Schacter-Rich and Danielle Kilstock Rich.