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The salad oil scandal, also referred to as the soybean scandal, was an American major corporate scandal in 1963 that caused over $180 million ($1.79 billion today) in losses to corporations including American Express, Bank of America and Bank Leumi, as well as many international trading companies. [1]
11 paź 2021 · Learn about the Salad Oil Scandal of the 1960s, a fraudulent scheme by Allied Crude Vegetable Oil Company to use water-filled tanks as collateral for loans and futures contracts. Find out how the scandal affected the soybean oil market, American Express, and other Wall Street firms.
In 1962 De Angelis' company, Allied Crude Vegetable Oil Refining Corporation, bilked 51 banks out of over $180 million ($1.79 billion today) in what became known as the Salad Oil scandal after he failed to corner the soybean oil market.
22 lip 2020 · Learn how Tino De Angelis, a former meat processor president, tried to corner the market for soybean oil in 1963 by filling his tanks with water and forging receipts. Find out how he was caught, convicted and continued to defraud investors after his release.
A book by Norman C. Miller about Tino De Angelis, who tried to corner the soybean oil market in 1963. The book is based on Miller's Pulitzer Prize-winning reporting of the scandal that swindled 51 investors out of $175 million.
6 sie 2024 · The Salad Oil Scandal was a notorious corporate fraud in the 1960s, involving executives at Allied Crude Vegetable Oil Company deceiving banks by using inflated soybean oil inventory as collateral for loans.
10 kwi 2019 · De Angelis filled some of his tanks with water, leaving only a thin film of oil on top in case of inspection—perhaps the most literal Wall Street slickster of them all.
