Marc Rich, legendary commodities trader, dies

[Heidi]

Source: Reuters

(Reuters) - Marc Rich, father of modern oil trading and founder of the group that became Glencore Xstrata (GLEN.L), has died at the age of 78, the head of his philanthropic foundation said on Wednesday.

Many of the biggest players in oil and metals trading trace their roots back to Rich, whose triumph in the 1960s and 70s was to create a spot market for oil, wresting business away from the world's big oil companies.

Rich, however, was also a controversial figure. He was forced to flee the United States for Switzerland in 1983 after allegedly taking advantage of the 1980 U.S. embargo against Iran to make huge profits in illicit Iranian oil sale.

"Marc Rich passed away this morning at his home in Lucerne. He will be brought to Israel for burial," Avner Azulay, managing director of Marc Rich Foundation, said by telephone.

Read more: http://www.reuters.com/article/2013/06/26/us-marcrich-idUSBRE95P0CO20130626

[Democracyinkind]

1. I was just going to post this.

Kind of ironic that he died just when the criminal enterprise he spawned is getting scrutinized.

[warrant46]

3. Me too

The Criminal Enterprise is alive and well and being maintained by the same group of thugs, The Bankers, the Rich and the so called "Job Creators" like Walmart. Clinton's Pride and Joy NAFTA was the biggest Union busting act in the history of the republic. Slave wages for the poor who were only attempting to make enough money to have 2 meals a day.

[Democracyinkind]

4. I agree with what you write, but

by "criminal enterprise" I specifically meant Glencore and Xstrata, which came out of Marc Rich and Co. when its management threw him out. They are vampires feeding off on the poor in every underdeveloped corner of the world that still has some mineral wealth left. Which makes them a bit better than the banksters - who do it everywhere, minerals or not.

As a Swiss citizen, I am ashamed that we allow them to be based here. These fuckers need to be chased out of the country with sticks and stones.

[Heidi]

5. Good morning, Democracyinkind,

from Ticino!

[Democracyinkind]

6. Good "morning" to you too, Heidi

From Bern(e)

I'll resist making a joke about mornings being longer in Ticino Great to see that you're still posting! Enjoy your day!

[Heidi]

7. Hahahaha!

I can assure you that winter mornings down here are _infinitely_ long. I'm no fan of winter!

[4bucksagallon]

2. Pardoned by Clinton........Bill made some bad judgment calls.

They all do, but I am not going hold every mistake against him.

[warrant46]

8. Here is the Pardon Boy in all of his Glory

http://l1.yimg.com/bt/api/res/1.2/wX91Ai7d3v86EEltKShCjg--/YXBwaWQ9eW5ld3M7Zmk9aW5zZXQ7aD0zNDI7cT04NTt3PTUxMg--/

File picture of Swiss billionaire Marc Rich receiving the Award Honorary Doctorates from Bar-Ilan University in Tel Aviv May 15, 2007. REUTERS

[PoliticAverse]

11. and the pardon was recommended to Clinton by Eric Holder. n/t

[marble falls]

12. AND Rich's lawyer in his pardon was Scooter Libby.

[Nihil]

9. "Rich crooked gambler dies" is LBN?

Must be a quiet news day ...

[graham4anything]

10. My condolences to his family, with his wife Denise has given millions in charity for great causes

and watch, the CTs will start again.