Bernard P. Carey
Bernard P. Carey[1] was a member of the Chicago Board of Trade from 1940 until his death in May of 2008. He served as chairman[2] of the CBOT from 1963 to 1965.[3][4] Both his father (Peter B. Carey) and nephew (Charles P. Carey) also served as chairman of the CBOT.[5] Background[edit]While Carey was CBOT chairman the so-called "salid-oil scandal of 1963" hit the exchange.[6] A former New Jersey meatpacker named Anthony ("Tino") DeAngelis had bought soybean oil contracts after fraudulently obtaining $175 million in bank loans. Using warehouse receipts for vegetable oil as collateral, he fooled inspectors with storage tanks with a couple feet of oil on the top and the rest water.[7][8] Carey called the orderly liquidation of the soybean oil contracts "one of my proudest moments at the Board of Trade" in a 2005 interview in Crain's Chicago Business.[9] Carey was featured in a chapter of "My Word is My Bond", a 2008 book by Arlene Michlin Bronstein featuring interviews with 21 influential members of the Chicago Board of Trade.[10][11] Education[edit]References[edit]
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