Pincus Green (born 1934) is an American oil and gas

commodities In economics, a commodity is an economic good, usually a resource, that has full or substantial fungibility: that is, the market treats instances of the good as equivalent or nearly so with no regard to who produced them. The price of a comm ...

trader. In 1983 Green and his business partner

Marc Rich Marc Rich (born Marcell David Reich; December 18, 1934 – June 26, 2013) was an international commodity, commodities Trader (finance), trader, hedge fund manager, financier, businessman, and financial criminal. He founded the commodities company ...

were indicted on charges of tax evasion relating to illegal trading with

Iran Iran, officially the Islamic Republic of Iran, and also called Persia, is a country located in Western Asia. It is bordered by Iraq and Turkey to the west, by Azerbaijan and Armenia to the northwest, by the Caspian Sea and Turkmeni ...

. However in 2001 Green and Rich received a presidential pardon from president

Bill Clinton William Jefferson Clinton ( né Blythe III; born August 19, 1946) is an American politician who served as the 42nd president of the United States from 1993 to 2001. He previously served as governor of Arkansas from 1979 to 1981 and agai ...

Early life

Green was born to an

Orthodox Jewish Orthodox Judaism is the collective term for the traditionalist and theologically conservative branches of contemporary Judaism. Theologically, it is chiefly defined by regarding the Torah, both Written and Oral, as revealed by God to Moses on M ...

family,Fortune Magazine: "The Lifestyle of Rich, the Infamous (Fortune Classics, 1986)" by Shawn Tully
May 22, 2011 the seventh of eight children, and raised in

Flatbush, Brooklyn Flatbush is a neighborhood in the New York City Borough (New York City), borough of Brooklyn. The neighborhood consists of several subsections in central Brooklyn and is generally bounded by Prospect Park (Brooklyn), Prospect Park to the north, ...

. His father was a distributor of confectionery. As a youth, Green attended Jewish parochial schools but dropped out of high school to support his family when he was 16.

Career

In 1953, at the age of 17, he got a job working the mailroom at the commodity trading firm,

Philipp Brothers Phibro is a global low-carbon commodity company, focused on renewable asstets' development, acquisitions, optimizations and related contract structuring. Phibro's strategy is based on a proven track record of combining market insight, disciplin ...

. In 1954, Philipps hired

in the mailroom and they soon became friends. Both quickly advanced in the company and eventually became top traders in Europe especially in oil trading, Rich in Spain and Green in the Phillips' office in Zug. In 1974, they left Philipp Brothers to form their own company, Marc Rich AG, headquartered in

Zug , neighboring_municipalities = Cham, Baar, Walchwil, Steinhausen, Unterägeri , twintowns = Fürstenfeld (Austria), Kalesija (Bosnia-Herzegowina) Zug (Standard German: , Alemannic German: ; french: Zoug it, Zugo r ...

Switzerland ). Swiss law does not designate a ''capital'' as such, but the federal parliament and government are installed in Bern, while other federal institutions, such as the federal courts, are in other cities (Bellinzona, Lausanne, Luzern, Neuchâtel ...

Indictment and pardon

Green along with his partner

, were indicted by

U.S. Attorney United States attorneys are officials of the U.S. Department of Justice who serve as the chief federal law enforcement officers in each of the 94 U.S. federal judicial districts. Each U.S. attorney serves as the United States' chief federal ...

and future

mayor of New York City The mayor of New York City, officially Mayor of the City of New York, is head of the executive branch of the government of New York City and the chief executive of New York City. The mayor's office administers all city services, public property ...

Rudolph Giuliani Rudolph William Louis Giuliani (, ; born May 28, 1944) is an American politician and lawyer who served as the 107th Mayor of New York City from 1994 to 2001. He previously served as the United States Associate Attorney General from 1981 to 198 ...

, on charges of

tax evasion Tax evasion is an illegal attempt to defeat the imposition of taxes by individuals, corporations, trusts, and others. Tax evasion often entails the deliberate misrepresentation of the taxpayer's affairs to the tax authorities to reduce the taxp ...

and illegal trading with

. 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 . In 1984, Clarendon paid the U.S. government $150 million to settle tax charges and Marc Rich AG's trading volume recovered. The three partners divided their responsibilities with Rich trading oil, Hackel trading metals and minerals, and Green responsible for shipping, finance, and administration. Green received a presidential

pardon A pardon is a government decision to allow a person to be relieved of some or all of the legal consequences resulting from a criminal conviction. A pardon may be granted before or after conviction for the crime, depending on the laws of the ju ...

along with Rich, from United States President

in 2001. It has been reported that Green has been in retirement since he underwent

heart surgery Cardiac surgery, or cardiovascular surgery, is surgery on the heart or great vessels performed by cardiac surgeons. It is often used to treat complications of ischemic heart disease (for example, with coronary artery bypass grafting); to corr ...

in late 1990. In 2005, his net worth was estimated by

Forbes magazine ''Forbes'' () is an American business magazine owned by Integrated Whale Media Investments and the Forbes family. Published eight times a year, it features articles on finance, industry, investing, and marketing topics. ''Forbes'' also repo ...

at US$1.2 billion.

Early life

Career

Indictment and pardon

See also

Other reading

References