Marc Rich, the billionaire "King of Commodities" who was pardoned by President Bill Clinton over tax evasion, died from a stroke in Switzerland on Wednesday. He was 78.
Rich founded the trading group that eventually became Glencore Xstrata. He fled to Switzerland in 1983 to escape charges of wire fraud, racketeering, evading more than $48 million in income taxes and violating the U.S. embargo against Iran during the U.S. Embassy hostage crisis by trading Iranian oil.
Clinton infamously pardoned him in 2001 on his last day in office and came under fire for the decision; Clinton said in an interview years later that he regretted the move.
The chatter on Main Street (a.k.a. Google, Yahoo! and other search sites) is always of interest to investors on Wall Street. Thus, each day, TheStreet compiles the stories that are trending on the Web, and highlights the news that could make stocks move. -- Written by Brittany Umar.
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