Crime and punishment do not go together in the case of former fugitive billionaire oil trader Marc Rich. Pardoned by President Bill Clinton for crimes of tax evasion and illegal oil trading with
He was once a resident of Zug, which is still favoured by oil and chemical traders, some of whom are, like Rich, also ex-Phibro.
Now his life story is about to be made into a movie, based on one of his admiring biographies, "The King of Oil: The Secret Lives of Marc Rich," by Daniel Ammann (2009.)
The film rights have been picked up by Imagine Entertainment, according to this article in the New York Post.
A timely post, considering that Glencore, (the diversified commodity producer and trader that was formerly Marc Rich & Co. many lives ago) listed on London and Hong Kong stock exchanges yesterday.
The stag finished flat, valuing the company at $60B or so; about 15 times net profit and less than 0.5 times revenue.
Unfortunately, it was overshadowed by the IPO of LiknedIn in the US which made about 100% on debut. LinkedIn is now valued at 600 times net profit and 40 times revenue. Tech bubble II?