Bernard P. Carey

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Bernard P. Carey Bernard P. Carey was a member of the Chicago Board of Trade from 1940 until his death in May of 2008. He served as chairman of the CBOT from 1963 to 1965. Both his father (Peter B. Carey) and nephew (Charles P. Carey) also served as chairman of the CBOT. Background While Carey was CBOT chairman the so-called "salid-oil scandal of 1963" hit the exchange. 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. 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. 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. Education References

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