Marc Rich (born Marcell David Reich; December 18, 1934 – June 26, 2013) was an international commodities trader, hedge fundmanager, financier and businessman.[1] He was best known for founding the commodities company Glencore and for being indicted in the United States on federal charges of tax evasion and illegally making oil deals with Iran during the Iran hostage crisis. He was in Switzerland at the time of the indictment and never returned to the United States.[2] He received a controversial presidential pardon from U.S. President Bill Clinton on January 20, 2001, Clinton's last day in office.[3]
On January 20, 2001, hours before leaving office, U.S. President Bill Clinton granted Rich a highly controversial presidential pardon. Several of Clinton's strongest supporters distanced themselves from the decision.[23] Former President Jimmy Carter, a fellow Democrat, said, "I don't think there is any doubt that some of the factors in his pardon were attributable to his large gifts. In my opinion, that was disgraceful."[24]Clinton himself later expressed regret for issuing the pardon, saying that "it wasn't worth the damage to my reputation."[9]
Clinton's critics alleged that Rich's pardon had been bought, as Denise Rich had given more than $1 million[25] to Clinton's political party (the Democratic Party), including more than $100,000 to the Senate campaign of the president's wife, Hillary Rodham Clinton, and $450,000 to the Clinton Library foundation during Clinton's time in office.[21] Clinton explained his decision by noting that similar cases were settled in civil, not criminal court
About Arc Finance
Established in 2008, Arc Finance is a global nonprofit organization whose mission is to promote and expand access to financing for energy, clean water, and other basic needs that will build the income and assets of poor people around the world. Arc Finance focuses on linking energy enterprises with financial institutions to put clean energy products in the hands of the poor. Arc Finance provides the tools, technical services, catalytic investment, and connections that facilitate this process. See what else Arc Finance is doing at www.arcfinance.org.
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