The King of Oil: The Secret Lives of Marc Rich

would invest in wind energy, but also in nuclear energy. Global warming and the reduction of carbon dioxide emissions will be important issues in the future.
    You know the intricacies of the Middle East better than most other Western businessman. What is your opinion of the Iraq War?
The Iraq War was a mistake. It’s mind-boggling that a handful of politicians can lead a nation into full war for such skimpy reasons. Obviously Saddam Hussein was a bad guy, but there are plenty of bad guys in this world and the United States hasn’t bothered to remove them. It would seem that George W. Bush was driven by personal reasons, which makes the whole story worse, of course.
    What personal reasons do you think of?
Saddam Hussein provoked Bush. Bush rose to the bait. It was such a foolish thing to do. He didn’t control his emotions. Terrible. Terrible for a president.
    Was it a war for oil?
I don’t think so. You could have had the Iraqi oil cheaper simply by lifting the embargo, but the oil argument probably helped to convince some of the decision makers.
    Do you think the oil industry had an influence on the decision to invade Iraq?
The oil companies will take business when it’s offered to them, but I don’t believe the oil industry, as you call it, pushed for that war. I think that perception stems from the fact that some of the Republican hawks were connected to that industry.
    How do you judge President George W. Bush?
George W. Bush turned out to be a very bad president, disappointingly bad. His father was much better.
    What was bad about him?
The Iraq War was the worst, of course, but I don’t know a good thing he did.
    What do you think of Barack Obama?
It’s wonderful that there was a change. Barack Obama might be a good president. He already changed the atmosphere in the world. People again anticipate good things to come from America. I hope Obama will be a good president; it would be good for the world.
I would have preferred Hillary Clinton, though.
    Did or do you support Hillary Clinton financially?
No, I didn’t and I don’t.
    Barack Obama’s unlikely rise to power reminded me of you. You both came from humble origins and made it to the top.
Yes, but I’m not black, I’m only the black sheep.
    You both represent the classic American success story. The rest of the world admires the United States for making such opportunities possible.
The United States was an open country and still is an open country. I was able to do many things there that would have taken me longer elsewhere. Business-wise it was a good thing to do, but practically it was terrible. In retrospect I should have never gone with my company to the United States.
    What were, in your opinion, the three biggest mistakes of U.S. foreign policy over the last fifty years?
Cuba, Vietnam, Iraq, and the notion of being all-powerful and thus being able to disregard everybody else’s opinion and interests.
    And the three biggest successes?
I think the biggest success story of the Americans is their capability of renewal.
    Where do you see the roots of the global financial crisis?
Too much credit. Too much lending of money. The banks didn’t control the risk.
    Because of short-term thinking?
No question about it.
    Are you affected by the crisis?
Everybody is affected by this crisis.
    How much money did you lose?
I won’t tell.
    But you would say that it is the worst financial crisis ever for you personally?
Yes.
    How will we get out of it?
We will get out of it, but not so fast.
    How long will it take to overcome the crisis?
Three to five years, I think.
    Can the governments be part of the solution?
Probably. They tried. They provided the banks with capital and credits that the banks should pass on, but the banks don’t pass it on, so it was only partly successful.
    One of the consequences of the financial crisis will be more regulations and less free markets.
Could be.
    Would it be bad?
It goes in the wrong direction. I believe in the free market. Government regulation is often negative, restrictive, and impedes the normal flow of business. Political interventionism is the biggest threat to efficient markets.
    Will the world be more free or less free in five years?
Broadly speaking, people will always strive to be free. The quest for freedom is probably as old as humanity.
    Let me ask in a different way: Will we see more regulation and less liberalization?
Liberalization and regulation come and go in cycles; they are the product of the