That’s Rich


The latest Madoff victim is someone who actually deserves it. Marc Rich, the commodities trader who fled to Switzerland in the eighties to escape prosecution for evading more than $48 million in taxes and running illegal oil deals (and was later pardoned by President Clinton), had $10 to $15 million invested with Old Berns, his office confirmed today. Will Rich be applying for SIPC help to recover a percentage of funds? The idea makes even the Times snicker: “‘I don’t think you’ll ever see Marc Rich personally,’ said John F. Fornaciari, a Washington defense lawyer at Sheppard Mullin, who had to stifle a laugh thinking about the legal complications stemming from the flight from justice and the contested pardon.” [NYT]