Pincus Green

Pincus Green
Born	(1934-07-05) July 5, 1934 Flatbush, Brooklyn, New York, U.S.
Occupation(s)	Commodities trader, financier
Years active	1953–c.1990
Known for	Co-founder of Marc Rich AG; controversial 2001 presidential pardon

Pincus Green (born July 5, 1934) is a prominent American trader specializing in oil and gas commodities. In 1983, Green, along with his business associate Marc Rich, faced indictment on charges of tax evasion linked to unlawful trading activities with Iran, including transactions conducted during the Tehran hostage crisis. This case represented the largest tax fraud prosecution in U.S. history. To evade legal action, both fled to Switzerland. In 2001, they were granted a highly controversial presidential pardon by President Bill Clinton, which provoked widespread public backlash and an investigation by a bipartisan Congressional committee.

Early life

Green was raised in an Orthodox Jewish household in Flatbush, Brooklyn, as the seventh child among eight siblings. His father worked as a candy distributor. Green attended Jewish parochial schools but left high school at age 16 to help support his family financially.

Career

At 17, in 1953, Green started his career in the mailroom of commodity trading company Philipp Brothers. The following year, he met Marc Rich, who had also joined the mailroom staff. Both men rapidly advanced to become leading traders across Europe, focusing primarily on oil markets, with Rich operating out of Spain and Green based in Zug. In 1974, they departed Philipp Brothers to launch Marc Rich AG, headquartered in Zug, Switzerland.

Indictment and pardon

In September 1983, a federal grand jury in New York charged Marc Rich, Pincus Green, and their affiliated companies with 51 counts; this number later increased to 65 charges encompassing tax evasion exceeding $100 million, mail and wire fraud, racketeering, and illicit trade with Iran during the hostage crisis. The prosecution was led by U.S. Attorney and future New York City Mayor Rudolph Giuliani. After selling Marc Rich AG’s U.S. subsidiary (renamed Clarendon Ltd) to Alec Hackel—a business partner of Rich and Green—the U.S. government froze Clarendon's assets due to allegations of a fraudulent sale, which affected Marc Rich AG’s operations. Clarendon resolved its tax disputes by paying $150 million in 1984, enabling Marc Rich AG’s trading activities to rebound. Within the partnership, responsibilities were allocated as follows: Rich oversaw oil trading; Hackel managed metals and minerals; Green directed shipping, finance, and administrative functions.

Green was granted a presidential pardon along with Rich by President Bill Clinton in 2001. The pardon was met with severe criticism; The New York Times described it as "a shocking abuse of presidential power." Investigative reports by Salon.com and Time raised concerns regarding possible influence peddling and donations connected to the pardon. The decision prompted investigations by the U.S. Attorney's Office and FBI, as well as a bipartisan inquiry by Congress. In May 2002, the House Government Reform Committee concluded that Rich and Green had engaged in illegal commerce with terrorist-designated nations—including Iraq, Iran, Cuba, among others—demonstrating blatant disregard for U.S. laws and national security interests.

The report outlined how both individuals fled the United States to avoid prosecution and sought to renounce their citizenship to prevent extradition. For seventeen years prior to receiving pardons, they were listed among America’s most wanted fugitives. The pardons attracted criticism for undermining law enforcement efforts and implying that wealth and influence could circumvent justice.

Following heart surgery in late 1990, Green reportedly retired from active business. By 2005, his net worth was estimated at approximately US$1.2 billion according to Forbes magazine.

See also

• List of individuals pardoned or granted clemency by the president of the United States