Chapter 16

Foreign IPOs

Marc Rich, who as a kid escaped from the Nazis, would eventually become a top commodities trader. He started his career at Philipp Brothers, where he created the global spot market for crude oil. It meant that he had to cut deals with a variety of governments like Iran and Cuba. Despite the dangers, he made huge amounts of money and went on to create his own firm. It became Glencore.

However, in the early 1980s, the U.S. federal prosecutor, Rudolph Giuliani, brought tax evasion charges against Rich, who then fled the United States and was eventually granted a pardon by President Bill Clinton in 2001.

While Rich was a fugitive, his company actually continued to thrive and ultimately became the largest commodities trader ...

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