Isn’t it ironic when one shrewd, notorious trader rips off another? Well, such is the case with Bernie Madoff and ex-fugitive Marc Rich. Even if a claim is made available for Rich’s stake, an indirect one, don’t expect him to show up in US court to claim it.
Morning Call: January 9
Many investors who have lost money as clients of the financier Bernard L. Madoff have done what anyone might be expected to do in that situation: seek recourse through the courts.
Marc Rich, who fled from the law, was pardoned by President Bill Clinton.
But one victim, Marc Rich, would seem unlikely to go that route because of his own legal issues. Mr. Rich is the commodities trader who fled to Switzerland in 1983 to escape prosecution on charges of financial crimes and later received a pardon from President Bill Clinton on the last night of his administration in 2001.
Monika Meili, a spokeswoman for Mr. Rich’s office in Zug, told Bloomberg News on Thursday, “We can confirm that the Marc Rich Group and Marc Rich have an insignificant exposure held indirectly, which has no material impact on the overall financial situation of the group.”
The loss was $10 million to $15 million, according to someone with long knowledge of Mr. Rich’s finances who insisted on anonymity because he had not been authorized to speak.