Pincus Green
| Pincus Green | |
|---|---|
| Born | 1936 (age 80–81) Brooklyn, New York, U.S. |
| Nationality | American |
Pincus Green (born 1934) is an American oil and gas commodities trader.
Biography[edit]
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 confectionaries.[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 trading volume.[2] In 1984, Clarendon paid the U.S. government $150 million to settle tax charges and Mark 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 controversial 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.
References[edit]
- ^ Los Angeles Times: "Pardon Reignites Jewish Stereotypes" by WALTER REICH February 25, 2001
- ^ a b c d e f g Fortune Magazine: "The Lifestyle of Rich, the Infamous (Fortune Classics, 1986)" by Shawn Tully May 22, 2011
- ^ a b c d e f g h New York Daily News: "Rich Partner A Major Player in Minor Key" by William Sherman March 18, 2001
- ^ Jewish Telegraph Agency: "At least 139 of the Forbes 400 are Jewish" By Jacob Berkman October 5, 2009
- ^ a b "Pincus Green, The 400 Richest Americans". Forbes.
- ^ Article at www.counterpunch.org 3 October 2016 accessed 30 January 2017
- ^ "Financier's Partner Remained Loyal Lieutenant Throughout". The New York Times. 2001-02-20. Retrieved 2010-05-22.
- ^ Ammann, Daniel (2009). The King of Oil: The Secret Lives of Marc Rich. New York: St. Martin‘s Press. ISBN 0-312-57074-0.
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- 1936 births
- Living people
- American billionaires
- American financiers
- American people convicted of tax crimes
- American white-collar criminals
- Clinton administration controversies
- American commodities traders
- American Jews
- Fugitive financiers
- Recipients of American presidential pardons
- American crime biography stubs
- American business biography, 1930s birth stubs
- 20th-century American businesspeople
