Great Salad Oil Scandal

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The "Great Salad Oil Scandal" of 1963 was a stock market swindle that nearly crippled the New York Stock Exchange. It was carried out by Anthony “Tino” De Angelis, who traded vegetable oil (soybean oil) futures, an important ingredient in salad oil. [1]

De Angelis started the Allied Crude Vegetable Oil Refining Co. in 1955 to take advantage of the U.S. Government’s Food for Peace program. The goal of the program was to sell surplus goods to Europe at low prices. At first, De Angelis sold huge quantities of shortening and other vegetable oil products to Europe; when that was successful, he expanded into cotton and soybeans.

References

  1. The Great Salad Oil Swindle. Business Insider.