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Term of the Day - September 14th, 2004
http://www.investopedia.com
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Term Of The Day: Salad Oil Scandal
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One of the worst corporate scandals of its time. It occurred
when 'Allied Crude Vegetable Oil Company' discovered that
banks would make loans secured by his salad oil inventory.
When the ships full of salad oil would arrive in the docks
inspectors would test it and confirm that the ship was full
of salad oil. But what the company didn't tell anyone is that
oil floats on water. The company filled salad oil tanks with
water and put a few feet of oil on top, fooling everyone.
The company would even transfer oil to different tanks while
taking inspectors out to lunch. In 1963 the scam was busted
when over $175 million worth of salad oil was missing.
Investopedia Says:
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One of the worst hit banks as a result of this scandal was
American Express, who lost nearly $58 million, which resulted
in a 50% drop in AMEX's stock
Related Links:
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Tutorial: Online Investment Scams
http://www.investopedia.com/university/scams/
Article: Protecting Yourself from the Swindlers
http://www.investopedia.com/articles/00/100900.asp
Article: Getting Ripped-off by a Professional
http://www.investopedia.com/articles/01/022101.asp
Article: High and Mighty Crooked
http://www.washingtonpost.com/wp-dyn/articles/A44476-2002Feb8.html
Article: Protect Yourself from Spooky Stuff like Enron
http://www.rgj.com/news/stories/html/2002/01/26/6753.php
Related Terms:
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Bre-X
http://www.investopedia.com/terms/b/bre-x.asp
Bucket Shop
http://www.investopedia.com/terms/b/bucketshop.asp
Ponzi Scheme
http://www.investopedia.com/terms/p/ponzischeme.asp
ZZZ Best
http://www.investopedia.com/terms/z/zzzzbest.asp
Have a Great Day!
The Investopedia Staff
http://www.investopedia.com
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