Pincus Green

Last updated
Pincus Green
Pincus Green.jpg
BornJuly 5, 1934
Brooklyn, New York, U.S.
Nationality American

Pincus Green (born July 5, 1934) is an American oil and gas commodities trader. In 1983 Green and his business partner Marc Rich were indicted on charges of tax evasion relating to illegal trading with Iran, including deals that were done while the Ayatollahs were holding Americans hostage in Tehran. At the time, it was the largest tax-fraud case in US history. [1] [2] In order to avoid prosecution, Green and Rich fled the United States and moved to Switzerland. [3] However in 2001 Green and Rich received a controversial presidential pardon from president Bill Clinton which prompted fierce public criticism as well as a bipartisan Congressional investigation.

Contents

Early life

Green was born to an Orthodox Jewish family, [4] [5] [6] [7] the seventh of eight children, and raised in Flatbush, Brooklyn. [6] His father was a distributor of confectionery. [6] As a youth, Green attended Jewish parochial schools but dropped out of high school to support his family when he was 16. [6]

Career

In 1953, at the age of 17, he got a job working the mailroom at the commodity trading firm, Philipp Brothers. [6] In 1954, Philipps hired Marc Rich in the mailroom and they soon became friends. [6] Both quickly advanced in the company and eventually became top traders in Europe especially in oil trading, [6] Rich in Spain and Green in the Philipps' office in Zug. [5] In 1974, they left Philipp Brothers to form their own company, Marc Rich AG, [6] headquartered in Zug, Switzerland. [5]

Indictment and pardon

In September 1983, a federal grand jury in New York returned a 51-count indictment against Marc Rich, Pincus Green, and their companies. A superseding indictment adding an additional 14 counts for a total of 65 was filed in March 1984. It included a variety of serious charges such as evading taxes on more than $100 million in revenues, mail and wire fraud, racketeering and trading with an enemy, Iran, during the Iranian hostage crisis Green along with his partner Marc Rich, [8] were indicted by U.S. Attorney and future mayor of New York City Rudolph Giuliani. [5] Then they sold the U.S. affiliate of Marc Rich AG (renamed Clarendon Ltd) to Alec Hackel, a partner to Green and Rich. U.S. legal authorities determined that the sale was false and froze the assets of the company, which hurt Marc Rich AG's . [5] In 1984, Clarendon paid the U.S. government $150 million to settle tax charges and Marc Rich AG's trading volume recovered. [5] The three partners divided their responsibilities with Rich trading oil, Hackel trading metals and minerals, and Green responsible for shipping, finance, and administration. [5]

Green received a presidential pardon along with Rich, from United States President Bill Clinton in 2001. [9] The pardon was sharply criticized, with the New York Times calling it "a shocking abuse of presidential power". [10] An investigation by Salon found "an extraordinary tale of international influence peddling and wheeling and dealing" behind the pardon, [11] and Time Magazine noted that the pardon of Rich and Green "sparked an investigation into whether it was bought by the hefty donations Rich's ex-wife, Denise, had given to the Clintons and the Democrats." [12] The announcement of the pardon led to an investigation by the US Attorney's Office in New York and the FBI [13] and it also prompted the Congressional House Government Reform Committee to launch a bipartisan investigation, and in May 2002 the committee issued a report which stated:

Marc Rich and Pincus Green have a history of illegal and corrupt business dealings contrary to the security interests of the United States.

Rich and Green have had extensive trade with terrorist states and other enemies of the United States. Despite clear legal restrictions on such trade, Rich and Green have engaged in commodities trading with Iraq, Iran, Cuba, and other rogue states that have sponsored terrorist acts. By engaging in these activities, Marc Rich and Pincus Green demonstrated contempt for American laws, as well as the well- being of Americans who were harmed or threatened by these states....

...Because of the strength of the case against them, Marc Rich and Pincus Green fled the country rather than face trial. Rich's own lawyer told him that by fleeing the country, Rich had ``spit on the American flag'' and that ``whatever you get, you deserve.'' For the 17 years leading up to his pardon, Marc Rich was one of America's 10 most wanted international fugitives....

... In order to avoid extradition or apprehension by United States law enforcement, Marc Rich and Pincus Green attempted to renounce their United States citizenship. While this attempt was rejected by the United States, it demonstrated that Rich and Green had no loyalty to the United States and viewed their citizenship as a liability to be discarded at will.

Rich and Green's crimes were so serious that for seventeen years, the U.S. government devoted considerable resources to apprehending them and closing down their business activities. Rich and Green were such high-profile fugitives that on a number of occasions in the 1980s and 1990s, the United States Marshals Service attempted to arrest them in various foreign countries. A number of countries from the United Kingdom to Russia attempted to assist the United States in these efforts.

The pardons of Rich and Green have sent a message that individuals can go from the FBI's most wanted list to a Presidential pardon if they spend money and have the proper connections. This message undermines U.S. efforts to apprehend fugitives abroad. [14]

It has been reported that Green has been in retirement since he underwent heart surgery in late 1990. [15]

In 2005, his net worth was estimated by Forbes magazine at US$1.2 billion. [8]

See also

Other reading

Related Research Articles

The Whitewater controversy, Whitewater scandal, Whitewatergate, or simply Whitewater, was an American political controversy during the 1990s. It began with an investigation into the real estate investments of Bill and Hillary Clinton and their associates, Jim and Susan McDougal, in the Whitewater Development Corporation. This failed business venture was incorporated in 1979 with the purpose of developing vacation properties on land along the White River near Flippin, Arkansas.

<span class="mw-page-title-main">Marc Rich</span> American commodities trader (1934–2013)

Marc Rich was an international commodities trader, financier, and businessman. He founded the commodities company Glencore, and was later indicted in the United States on federal charges of tax evasion, wire fraud, racketeering, and making oil deals with Iran during the Iran hostage crisis. He fled to Switzerland at the time of the indictment and never returned to the United States. He received a widely criticized presidential pardon from President Bill Clinton, on his last day in office; Rich's ex-wife Denise had made large donations to the Democratic Party.

Bill Clinton was criticized for some of his presidential pardons and acts of executive clemency. Pardoning or commuting sentences is a power granted by the Constitution to sitting U.S. presidents. Scholars describe two different models of the pardons process. In the 'agency model' of pardons the process is driven by nonpolitical legal experts in the Department of Justice. In contrast, Clinton followed the 'presidential model', viewing the pardon power as a convenient resource that could be used to advance specific policy goals.

<span class="mw-page-title-main">Clinton Presidential Center</span> Presidential library

The William J. Clinton Presidential Library and Museum is the presidential library of Bill Clinton, who served as the 42nd president of the United States from 1993 to 2001. It is located in Little Rock, Arkansas and includes the Clinton Presidential Library, the offices of the Clinton Foundation, and the University of Arkansas Clinton School of Public Service. It is the thirteenth presidential library to have been completed in the United States, the eleventh to be operated by the National Archives and Records Administration, and the third to comply with the Presidential Records Act of 1978.

<span class="mw-page-title-main">Edward Mezvinsky</span> American politician and convicted felon

Edward Maurice Mezvinsky is an American politician and lawyer from Iowa. He is a former U.S. Representative and felon. A Democrat, he represented Iowa's 1st congressional district in the U.S. House of Representatives for two terms (1973–77).

The presidency of Ronald Reagan was marked by numerous scandals, resulting in the investigation, indictment or conviction of over 138 administration officials, the largest number for any president of the United States.

Anthony Dean Rodham was an American consultant and businessman who was the youngest brother of Hillary Clinton and brother-in-law of former U.S. President Bill Clinton.

Glencore plc is a Swiss multinational commodity trading and mining company with headquarters in Baar, Switzerland. Glencore's oil and gas head office is in London and its registered office is in Saint Helier, Jersey. The current company was created through a merger of Glencore with Xstrata on 2 May 2013. As of 2015, it ranked tenth in the Fortune Global 500 list of the world's largest companies. In the 2020 Forbes Global 2000, Glencore International was ranked as the 484th-largest public company in the world. As of July 2022, it was the world's largest commodity trader. In 2023, the company was ranked 59th in the Forbes Global 2000.

<span class="mw-page-title-main">Ivan Glasenberg</span> South African-Swiss billionaire businessman

Ivan Glasenberg is a South African business executive and former chief executive officer of Glencore, one of the world's largest commodity trading and mining companies. He was the company's CEO from 2002 to 2021. Glasenberg has or had citizenship of South Africa and Australia. He became a Swiss citizen in 2011. He is also on the board of mining company Minara Resources Ltd.

<span class="mw-page-title-main">Scooter Libby</span> American lawyer and political advisor

Irve Lewis "Scooter" Libby is an American lawyer and former chief of staff to Vice President Dick Cheney known for his high-profile indictment and clemency.

<span class="mw-page-title-main">Phibro</span> International physical commodities trading firm

Phibro is an international physical commodities trading firm. Phibro trades in crude oil, oil products, natural gas, precious and base metals, agricultural products, commodity-related equities, and other products. Phibro’s headquarters are located in Stamford, Connecticut.

<span class="mw-page-title-main">Denise Eisenberg Rich</span> American singer-songwriter

Denise Rich is an American-born Austrian singer-songwriter, socialite, philanthropist and political fundraiser.

Bradley Charles Birkenfeld is an American private banker, convicted felon, and whistleblower. During the mid- to late-2000s, he made a series of disclosures about UBS Group AG clients, in violation of Swiss banking secrecy laws, to the U.S. government alleging possible tax evasion. Known as the 2007 "Birkenfeld Disclosure", the U.S. Department of Justice (DOJ) announced it had reached a deferred prosecution agreement with UBS that resulted in a US$780 million fine and the release of previously privileged information on American tax evaders.

Daniel Ammann is a Swiss journalist and author. He was educated at University of Zurich, UC Berkeley and Fondation Post Universitaire Internationale in Paris. He holds an MA in political science, history and constitutional law.

<span class="mw-page-title-main">Neil Eggleston</span> American lawyer (born 1953)

Warren Neil Eggleston is an American lawyer who served as the White House Counsel under President Barack Obama. Eggleston was the fourth person to hold this post during the Obama administration.

Michael Freund is an American-born Israeli political activist and non-profit executive who advocates on behalf of individuals and groups who self-identify as Jews or would-be Jews, including self-described descendants of the Lost tribes of Israel, crypto-Jews, hidden Jews, Jews forcibly assimilated under Communist rule, and converts to Judaism, attempting to regularize their legal status as Jews under Israeli law and secure permission for them to immigrate to Israel under the Law of Return. He founded the organization Shavei Israel. He is also a veteran syndicated columnist and feature writer for The Jerusalem Post

<i>The King of Oil</i> 2009 book by Daniel Ammann

The King of Oil: The Secret Lives of Marc Rich is a non-fiction book by Swiss investigative journalist Daniel Ammann. The book was initially released on October 13, 2009 by St. Martin's Press. It became an international bestseller and was published in nine languages.

The president of the United States is authorized by the U.S. Constitution to grant a pardon for a federal crime. The other forms of the clemency power of the president are commutation of sentence, remission of fine or restitution, and reprieve. A person may decide not to accept a pardon, in which case it does not take effect, according to a Supreme Court majority opinion in Burdick v. United States. In 2021, the 10th Circuit ruled that acceptance of a pardon does not constitute a legal confession of guilt, recognizing the Supreme Court's earlier language as authoritative.

Ludwig Jesselson was a German-born metal trader who served as president and CEO of Philipp Brothers.

References

  1. ↑ Berg, Eric N. (1983-09-20). "MARC RICH INDICTED IN VAST TAX EVASION CASE". The New York Times. ISSN   0362-4331 . Retrieved 2024-08-12.
  2. ↑ "Marc Rich indicted by grand jury - UPI Archives". UPI. Retrieved 2024-08-12.
  3. ↑ Tully, Shawn. "My encounters with Marc Rich". Fortune. Retrieved 2024-08-12.
  4. ↑ Reich, Walter (February 25, 2001). "Pardon Reignites Jewish Stereotypes". The Los Angeles Times .
  5. 1 2 3 4 5 6 7 Fortune Magazine: "The Lifestyle of Rich, the Infamous (Fortune Classics, 1986)" by Shawn Tully May 22, 2011
  6. 1 2 3 4 5 6 7 8 Sherman, William (March 18, 2001). "Rich Partner A Major Player in Minor Key". The New York Daily News . Archived from the original on September 5, 2017 – via Wayback Machine.
  7. ↑ Jewish Telegraph Agency: "At least 139 of the Forbes 400 are Jewish" By Jacob Berkman October 5, 2009
  8. 1 2 "Pincus Green, The 400 Richest Americans". Forbes.
  9. ↑ "Financier's Partner Remained Loyal Lieutenant Throughout". The New York Times. 2001-02-20. Retrieved 2010-05-22.
  10. ↑ "Opinion | An Indefensible Pardon". The New York Times. 2001-01-24. ISSN   0362-4331 . Retrieved 2024-08-12.
  11. ↑ Tapper, Jake (2001-02-14). "Anatomy of a pardon". Salon. Retrieved 2024-08-22.
  12. ↑ "Notorious Presidential Pardons - TIME". Time. 2008-11-25. ISSN   0040-781X . Retrieved 2024-08-22.
  13. ↑ "CNN Transcript - Breaking News: U.S. Attorney, FBI Confirm Probes of Marc Rich, Pincus Green Pardons - February 15, 2001". edition.cnn.com. Retrieved 2024-08-22.
  14. ↑ "Justice Undone: Clemency Decisions in the Clinton White House". US Congress, House Government Reform Committee. Retrieved 23 August 2024.PD-icon.svg This article incorporates text from this source, which is in the public domain .
  15. ↑ Ammann, Daniel (2009). The King of Oil: The Secret Lives of Marc Rich. New York: St. Martin's Press. ISBN   978-0-312-57074-3.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.