Pincus Green

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Pincus Green
Born1936 (age 82–83)
Brooklyn, New York, U.S.

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


Green was born to an Orthodox Jewish family,[1][2][3][4] the seventh of eight children, and raised in Flatbush, Brooklyn.[3] His father was a distributor of confectionery.[3] As a youth, Green attended Jewish parochial schools but dropped out of high school to support his family when he was 16.[3] In 1953, at the age of 17, he got a job working the mailroom at the commodity trading firm, Philipp Brothers.[3] In 1954, Philipps hired Marc Rich in the mailroom and they soon became friends.[3] Both quickly advanced in the company and eventually became top traders in Europe especially in oil trading,[3] Rich in Spain and Green in the Phillips' office in Zug.[2] In 1974, they left Philipp Brothers to form their own company, Marc Rich AG,[3] headquartered in Zug, Switzerland.[2]

Green fled the United States in 1983, along with partner Marc Rich,[5] after being indicted by U.S. Attorney and future mayor of New York City Rudolph Giuliani, on charges of tax evasion and illegal trading with Iran.[6][2] Soon after fleeing, 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 .[2] In 1984, Clarendon paid the U.S. government $150 million to settle tax charges and Marc Rich AG's trading volume recovered.[2] The three partners divided their responsibilities with Rich trading oil, Hackel trading metals and minerals, and Green, responsible for shipping, finance, and administration.[2]

Green received a presidential pardon along with Rich, from United States President Bill Clinton in 2001.[7] It has been reported that Green has been in retirement since he underwent heart surgery in late 1990.[8]

In 2005, his net worth was estimated by Forbes magazine at $1.2 billion USD.[5]

See also[edit]

  • Ammann, Daniel (2009). The King of Oil: The Secret Lives of Marc Rich. New York: St. Martin‘s Press. ISBN 0-312-57074-0.