Metal Men: How Marc Rich Defrauded the Country, Evaded the by A. Craig Copetas

By A. Craig Copetas

Marc wealthy -- the main sought after white-collar legal in the US -- was once essentially the most winning steel investors on the planet. prior to there has been Michael Milken or Ivan Boesky, wealthy rose during the ranks to accumulate a multibillion greenback fortune within the halcyon days of high-flying commodities buying and selling. yet he did it by means of slicing corners and pulling the wool over the eyes of his opponents. finally his businesses pleaded to blame to 38 counts of tax evasion, paying $90 million in fines. wealthy fled to Switzerland, the place he confronted a possible detention center time period of over three hundred years if he ever lower back to the us. this can be a tale of greed, corruption, and funds long past wild, in actually astronomical proportions. Posing as a commodities dealer, A. Craig Copetas is going backstage to offer us a riveting, true-to-life portrait of Rich's corrupt global and his wonderful break out from the legislations.

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

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M. GMT. The market was precious and strategic metals had gone delirious. Robbins had been in the metal trade for over a decade. He had risen to superstar status by the age of thirty-two because of his canny ability to read and dissect market movements quicker and more accurately than the competition. Robbins had given closed-door intelligence briefings to United States congressmen on world metal stockpiles and had been the confidant of mineralrich Third World despots. But right now all his years of training and contacts added up to a hill of beans.

The brothers Philipp parlayed their contacts in Europe’s old-boy Jewish trading network to emerge as one of the major suppliers of metal to European industry during the prosperous years before World War I. Julius Philipp was the front man, an intoxicating broker with the charm to convince nineteenth-century mining companies that he should sell their ore once it left the Earth. Oscar “Opie” Philipp was the desk jockey, a short and rotund whip-song dealer who, it is said, could sell metal back to the mine his brother bought it from, and at a profit.

The lessons to the modern trader are: On the one hand, consider any trick to control a commodity and, on the other hand, make sure you can get away with it. ” Diminishing marginal utility has a way of popping up in times of great commercial prosperity. In good times, people have a tendency to overspeculate on what the market has to offer. They take exaggerated chances, do everything possible to be in on a quick-kill scheme—and metal dealing is guerrilla economics of the highest order: behind-the-lines business, in and out.

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