Marc Rich

Marc Rich (1934–2013) was an American commodities trader who co-founded Marc Rich + Co., the trading firm that became Glencore.

Pincus Green: An American commodities trader who co-founded Marc Rich + Co. with Marc Rich. Green was Rich’s close business partner in building the firm.
Commodity trading: The buying and selling of raw materials and primary products, often across borders and through derivatives. Rich built his career by trading oil and other commodities across international markets.
Nazi persecution: The systematic discrimination, dispossession, and violence directed at Jews and other groups by Nazi Germany and its allies. Rich’s Jewish family fled Europe as Nazi persecution intensified.
Glencore: A multinational commodities trading and mining company formed from the successor business to Marc Rich + Co. Rich’s trading firm became the foundation of Glencore.
Ivan Glasenberg: A South African businessman who led Glencore as chief executive and later chairman. Glasenberg rose through the company Rich founded and led its later transformation.
Spot market: A market where assets are bought or sold for prompt delivery and settlement. Rich specialized in transactions that could respond quickly to changing oil supply.
Belgium: A country in Western Europe bordered by France, Germany, Luxembourg, and the Netherlands. Rich was born in Antwerp before his family emigrated to the United States.
Marc Rich pardon: Bill Clinton’s 2001 presidential pardon of Marc Rich, who had been indicted on federal tax and trading charges. The pardon became the most visible political controversy of Rich’s later life.
John Deuss: A Dutch oil trader and entrepreneur who built the Transworld Oil trading business. Deuss was a fellow independent oil trader operating in Rich’s world.
Oil futures: Exchange-traded contracts to buy or sell specified quantities of oil at a later date. Futures offered traders ways to manage price exposure alongside physical oil deals.

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