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Floating Asset: The Salad Oil King Who Fooled American Express with Water

By George M. Miller
eBook
$29.99
By George M. Miller
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In 1963, Tino De Angelis controlled the world's soybean oil market. Or so it seemed. His company had tanks in New Jersey filled with millions of dollars' worth of oil—collateral for massive loans from American Express. But when inspectors came to measure the inventory, they didn't know the trick: oil floats on water.

"The Floating Asset" details the "Salad Oil Scandal," where De Angelis filled his tanks with sea water and pumped just a few feet of oil on top to fool the dipsticks. It's a cla...