If you read only the obituaries, you will imagine Marc Rich as a flamboyant, tax-evading crook whose sins were unscrupulously pardoned by President Bill Clinton. Rich deserves better. In fact, he deserves credit as one of the greatest creators and sharers of wealth in business history.
His most visible legacy is Glencore Xstrata, one of the world’s largest natural resources companies. Glencore was formerly Rich’s private holding company: Marc Rich + Co.
Switzerland, home to Rich and to Glencore, has been enriched by their presence. Trading houses following in Rich’s footsteps are now a key part of Swiss growth and prosperity. A third of world trading in petroleum is handled by Swiss-based groups including Vitol, Gunvor and Mercuria.
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