Topic: Marc Rich

The history of commodity trading is highlighted through the career of Marc Rich, who made billions trading Iranian oil through a secretive pipeline in Israel. Rich was eventually indicted by prosecutor Rudy Giuliani for tax fraud and trading with Iran during the hostage crisis. He and his partner, Pinky Green, fled to Switzerland and continued their business as the world's largest commodity trading house until Rich was pardoned by Bill Clinton.

The hosts suggest that tensions in the Strait of Hormuz are being manufactured by global oil interests to drive up prices. They mention Marc Rich and Glencore as players in the international oil trade. They argue that Iran would not actually close the strait because it would harm their primary customer, China, and destroy their own economy.