Metal Men: How Marc Rich Defrauded the Country, Evaded the Law, and Became the World's Most Sought-After Corporate Criminal

Rating:
Summary: Greed and revenge
Review: 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.

Rating:
Summary: fascinating look below the surface of events
Review: 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.

Rating:
Summary: sounds somewhat biased
Review: The book was absolutely intrigueing and compelling just to learn about the inside workings of the metals and oil business. Needless to say, I worked at this company for a short period of time before the ____ hit the fan. I did not see any of the implied [prostituting] of secretaries or traders prostituting themselves for a deal. The author has gathered much information on the sequence of events, but found that he was presenting this story, not as a reporter, but a snotty bitter little man. Marc, did not have shifty eyes, and to say at 6ft, his presence was that of a tall and looming personality, makes me believe that this author is of short stature. There are many good and charitable things this man and his company have catered to, but not once did i see anything listed in this book. The people I worked for and with at this company, were a group of the nicest and most professional people I have worked for. I have since to find a company that performed in such a refined and distinguished manner. They werent the [type of people] Copetas has implied them to be. My being a secretary there, I took quite offense to the [prostituting] of the staff for info. This is business, but just someone working by a different set of rules. Broke some, now cant come to the country whose rules he broke. Unless, the Pardon sticks. And wouldnt that be something to really irk this author a little more than he already seems to be. His being a "journalist", I was surprised by his unprofessionalism in giving the facts. All the facts, and not his opinions.

Rating:
Summary: sounds somewhat biased
Review: The book was absolutely intrigueing and compelling just to learn about the inside workings of the metals and oil business. Needless to say, I worked at this company for a short period of time... I did not see any of the implied pimping of secretaries or traders prostituting themselves for a deal. The author has gathered much information on the sequence of events, but found that he was presenting this story, not as a reporter, but a snotty bitter little man. Marc, did not have shifty eyes, and to say at 6ft, his presence was that of a tall and looming personality, makes me believe that this author is of short stature. There are many good and charitable things this man and his company have catered to, but not once did i see anything listed in this book. The people I worked for and with at this company, were a group of the nicest and most professional people I have worked for. I have since to find a company that performed in such a refined and distinguished manner. They werent the whores Copetas has implied them to be. My being a secretary there, I took quite offense to the pimping of the staff for info. This is business, but just someone working by a different set of rules. Broke some, now cant come to the country whose rules he broke. Unless, the Pardon sticks. And wouldnt that be something to really irk this author a little more than he already seems to be. His being a "journalist", I was surprised by his unprofessionalism in giving the facts. All the facts, and not his opinions.

Rating:
Summary: sounds somewhat biased
Review: The book was absolutely intrigueing and compelling just to learn about the inside workings of the metals and oil business. Needless to say, I worked at this company for a short period of time... I did not see any of the implied pimping of secretaries or traders prostituting themselves for a deal. The author has gathered much information on the sequence of events, but found that he was presenting this story, not as a reporter, but a snotty bitter little man. Marc, did not have shifty eyes, and to say at 6ft, his presence was that of a tall and looming personality, makes me believe that this author is of short stature. There are many good and charitable things this man and his company have catered to, but not once did i see anything listed in this book. The people I worked for and with at this company, were a group of the nicest and most professional people I have worked for. I have since to find a company that performed in such a refined and distinguished manner. They werent the whores Copetas has implied them to be. My being a secretary there, I took quite offense to the pimping of the staff for info. This is business, but just someone working by a different set of rules. Broke some, now cant come to the country whose rules he broke. Unless, the Pardon sticks. And wouldnt that be something to really irk this author a little more than he already seems to be. His being a "journalist", I was surprised by his unprofessionalism in giving the facts. All the facts, and not his opinions.

Rating:
Summary: fascinating look below the surface of events
Review: The brevity of Copetas' book allows it to be mercifully readable. On the other hand, Metal Men is so condensed that federal prosecution of Marc Rich (who managed to become a Spaniard in order to avoid extradition) and Pincus Green (who became a Bolivian for the same reason) is difficult to follow. The best sections of the book are the juicy nuggets that leave the reader whetted for more information. This is especially true when Marc Rich's relationship with Henry Kissinger and Kissinger Associates is discussed. Marc refers to the good doctor as "K", perhaps an allusion to Franz Kafka's narrator in the book Schloss. How appropriate. Clearly there was, and perhaps still is, much mutual benefit in the relationship between two master players who operate at the same level in their respective games. Copetas would not be faulted if he enlarged on this particular topic. One might wish for more background on the peculiar relationship the wholesome country of Switzerland has had with mobsters, white collar crime of a certain calibre, and kleptocratic despots over the past decades, if not centuries. The enchanting Canton of Zug emerges as an especially infested banana republic within a national governmental system that sees all money as created equal, and equally welcome into its banking system, regardless of provenance. This is a far cry from the Switzerland of alpine cheeses, pure air, teutonic ski bums, and clinics for the super rich. More the Gnome Switzerland of secrets and Croesus grade wealth and grey teflon coated bureaucrats. Then there hints at generally unreported connections, such as a strong, if not well known, presence Swedes in Thailand. Swedes in Thailand ? We would like to know more. Perhaps additional insight into the underworld of international arms trade, which figured in some of Rich's dealings, as with the Ayotallah Khomeni. Somewhere in here we expect to find the thread of Iran-Contra, but that subject, too, is left to mere suggestion. Considering what Mr. Copetas appears to know, but has edited out for the sake of brevity or marketability, there is a much larger and more enlightening book waiting to be composed from his files. One doubts that such a work would be welcomed with open arms by much of the political establishment, but by golly it would make eye opening tome.

Rating:
Summary: Metal Madness
Review: 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!