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Pincus Green

From Wikipedia, the free encyclopedia
Pincus Green
BornJuly 5,1934
Brooklyn, New York, U.S.
NationalityAmerican

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.

Early life

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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

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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

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Green along with his partner Marc Rich,[8] were indicted by U.S. Attorney and future mayor of New York City Rudolph Giuliani, on charges of tax evasion and illegal trading with Iran.[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] It prompted the Congressional House Government Reform Committee to launch an investigation, and in May 2002 the committee issued a scathing report which stated,[11]

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.

It has been reported that Green has been in retirement since he underwent heart surgery in late 1990.[12]

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

See also

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Other reading

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  • 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.

References

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  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. ^ a b c d e f g Fortune Magazine: "The Lifestyle of Rich, the Infamous (Fortune Classics, 1986)" by Shawn Tully May 22, 2011
  6. ^ a b c d e f g h 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. ^ a b "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. ^ [1]
  12. ^ 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.
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