6 Revealing Chapters in the Salad Oil Swindle Saga that Almost Shattered American Finance

The Salad Oil Swindle, one of the most infamous financial scandals of the 20th century, continues to captivate and educate. This bold fraud, orchestrated by Anthony "Tino" De Angelis, nearly toppled the American financial system. At its core, the scandal involved the manipulation of salad oil inventory, resulting in massive losses for major American corporations and banks. This article will examine 6 revealing chapters of this saga, each shedding light on the scandal's impact on American finance. The story begins in the early 1960s when De Angelis, a commodities trader, established a company called Allied Crude Vegetable Oil Refining Corporation. He built a vast empire based on the illusion of having enormous quantities of salad oil, which he used as collateral for loans. This introduction sets the stage for a detailed exploration of the scandal's key chapters.

1. The Rise of De Angelis

The first chapter centers on Tino De Angelis's rise to prominence. Growing up in poverty, De Angelis was driven to make a name for himself in the cutthroat business world. He entered the commodities market through a small meatpacking operation but soon became fascinated with the potential of the vegetable oil market. De Angelis's charisma and persuasive skills enabled him to secure substantial bank loans, paving the way for one of the most audacious financial frauds in history.