Metal Men: Marc Rich and the 10-Billion-Dollar Scam

by A. Craig Copetas

Book Overview

Marc Rich -- the most wanted white-collar criminal in America -- was one of the most successful metal traders in the world. Before there was Michael Milken or Ivan Boesky, Rich rose through the ranks... This description may be from another edition of this product.

• Format: Hardcover
• Language: English
• ISBN: 0399130780
• ISBN13: 9780399130786
• Release Date: September 1985
• Publisher: Putnam Publishing Group
• Length: 224 Pages
• Weight: 1.60 lbs.

Customer Reviews

Mark Rich Metal trader and Tax evader

Mark Rich has to one of the worlds best businessmen. From this book the reader finds out that he traded everything. "but he trades like all metal traders in what ever products come out of the earth." He was once the most wanted white collar criminal in American. The fact that Mark Rich received a presidential pardon from U.S. President Bill Clinton on January 20, 2001, Clinton's last day in office. shows that Mr Rich was "untouchable". Mineral Resources Incorporated was a "boiler room" metal trading operation. Rich and his associate Pincus Green "choreograph their delusions to enrich his Empire" Rich said he practiced the Law of diminishing utility. 'Too much of anything will end up killing you dead." Allegedly they floated a rumor the president Reagan was dead stroke or something and this made the silver market jump. Rich was not unlike Charles W. Engelhard, Jr. who was said to have been the inspiration for the fictional character Auric Goldfinger in the Ian Fleming novel/movie Goldfinger.

Greed and revenge

A. Craig Copetas' book gives us a rare insight in the well curtained offices of big metal traders. His story centres on Marc Rich and his companion Pincus Green, who left in disgust their employer Philipp Brothers, at that moment a unit of Engelhard MC, because of the 'meagre' bonuses they received at the end of the year. These bonuses were in fact only a fraction of the revenues the two traders generated for the company.The new company they created attacked immediately and head-on the core businesses of their former employer.Craig Copetas shows us how Marc Rich's commodity trading business was based on 'deep' contacts (Henry Kissinger), market cornering, tax evasion, and profiting most of all by circumventing a US oil embargo against Iran.Attacked in court for unlawful trading and tax evasion Marc Rich's companies pleaded guilty to 38 counts to the tune of ninety million dollars, still a small portion of the amassed fortune. Fines of $50,000 a day were disbursed without the slightest difficulty.When he was finally condemned, Marc Rich had already settled down in Zug (Switzerland) with a Spanish identity card.He was ultimately pardoned (he risked a potential jail term of over three hundred years!) by President Bill Clinton (for generously supporting the Democratic Party?).This book is a keen look behind the curtain of a highly speculative and risky business, where the best informed traders corner the least informed ones. Options should limit the risks.For interested readers and traders alike.

Trading With The Enemy?

Mr. Copetas has written a highly readable and informative book. No doubt much of the information is true; however, the author appears to rely heavily on government documents for the prosecution of Mr. Rich when it come to writing about Marc Rich himself. Without Mr. Rich's input much of the book is open to speculation. The U.S. "justice" system is notorious for magically changing allegations into facts and hearsay and second-hand information into evidence. I also noticed the copyright dates and found it interesting that the same political party was in office both times and that members of both of these administrations, privately, have a vested interest in the oil business. Which prompts me to ask: Is Marc Rich a corporate criminal, did he defraud the country and evade the law, or is it a case of sour grapes with a private vendetta being carried out in a public forum? I question, too, the fact that Mr. Rich was indicted while Oliver North ran for public office after committing virtually the same "crime".It's mentioned that greed was a huge motivator and this I don't agree with. Profit is simply the by-product. Currently, I'm paper trading and honing my skills. Last December I placed a June DJIA put option costing me 2,100; in March, when the Dow fell I liquidated my option for 263,000. The excitement that's felt while everyone else is wringing their hands is incredible and the money was plowed right back into trading. Money is a marker, and trading is a test of skill and competition against yourself more than anything. Mr. Rich, in his business dealings, reminds me of J.P. Morgan when he started out; and I would willingly relocate to Switzerland and become a lehrling, so persuasive is Mr. Copetas' writings.

Metal Madness

Upon reading Metal Men I conclude that A. Craig Copetas is an amazing writer. Once I began reading the book , I couldn't put it down. This guy interviewed close associates of Marc Rich making the book very believable.I can't believe some of the people he interviewed ,actually talked about their experiences. He even went into the business to get a first hand account of metal trading, learning the business inside and out. I also enjoyed his style of writing , the words seem to flow like money through offshore accounts. The only bad thing about this book , is that it left me wanting more. Buy this book , you will be pleased. Definitley a 5 STAR!

One Quick Look Into The World Few Know About But The Brave!

This is without a doubt one of the finest books I have read from start to finish. Although the author did work in the business for a time being to research his subject, the world is bigger than any one person. Yet, the author came closer and reported more than ever before. It begins about the origins of metal trading and goes directly to writing about the people who learned it, changed it and became successful than any other's dreams in the persona of, Marc Rich And Pincus Green. It will explain how commodities works, trading in them is accomplished and the ability to go from Mail Rooms to Board Rooms because of hard work, smarts and guile to do it. The book explains how oil was once controlled by the "Seven Sisters Oil Companies (Exxon, Mobil, BP, Shell, Gulf, Chevron and Texaco), who have since merged among themselves. Everything about the product from ground to shipping to refining to market was dominated by them until Marc Rich and Pinky Green. This is just a portion of what the book is about with facts too real for fiction. Mr. Rich and Green built over a 30 billion dollar business in over 125 countries and is the true multi-national that the world have come to know today. What few will ever know is all of the quiet services performed by these men both in helping others, creating opportunity and in some cases keeping the world safe for democracy and national security. At the same time, powerful business men who once dominated this area do not take kindly to those who changed it to their benefit and others losses. As you read the book it is so easy to condemn Marc Rich and Pinky Green yet you cannot help to admire how they felt that they and only they would control their destiny. It is far harder to praise them when much of their work, donations and efforts were kept silent out of need, respect and charity. In any event, this book will open the eyes to those who read it carefully. It could be made into a movie far better than "Barbarians At The Gates" ever was in reality. I highly recommend this book if you can get your hands on it!