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Speaker 1: Ridiculous Crime is a production of iHeartRadio En Elizabeth.

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Speaker 2: How are you doing?

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Speaker 3: Yeah? You know fair too Midland? I how about you?

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Speaker 3: How you doing? Hanging in there?

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Speaker 2: All right?

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Speaker 3: You know it's ridiculous, Yes, Okay, My man's Seth Rogan.

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Speaker 3: You see, he got nominated for a bunch of Emmys

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Speaker 3: for a show The Studio. Yeah, love that show, you

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Speaker 3: love that show? Well, you know, he also was in

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Speaker 3: I listen to a lot of old radio, as you know,

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Speaker 3: and one of the old radio shows I like is

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Speaker 3: called The Green Hornet. He made a movie back in

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Speaker 3: the day for The Green Hornet. Yeah, not one of

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Speaker 3: his better movies. So I went to it. I of

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Speaker 3: course is supporting the idea, but it wasn't that.

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Speaker 2: Great anyway, report him in whatever time.

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Speaker 3: Oh my god. But what I found out recently was

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Speaker 3: there was almost a magical villain character in The Green Hornet.

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Speaker 3: It was well, guess guess who would I be the

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Speaker 3: most thrilled would be a villain in The Green Hornet.

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Speaker 3: It's an actor I've talked about many times on this show,

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Speaker 3: my potential new bestie.

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Speaker 2: Nicholas Cage.

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Speaker 3: No, but Seth Rogen apparently thought that Nicholas Cage was

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Speaker 3: not right for the part.

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Speaker 2: Yeah, I'm a little distracting.

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Speaker 3: But it wasn't. He thought he was right for the

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Speaker 3: part initially until he started talking to Nicholas Cage about it,

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Speaker 3: and then he was like, no, I don't know. So

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Speaker 3: the way he tells it, he recounts the conversation he

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Speaker 3: had about the possibility of him being in the New

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Speaker 3: Green Hornet movie, and Nicholas Cage was like, I want

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Speaker 3: to play a bald guy but have hair tattooed on

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Speaker 3: my head and big prosthetic lips.

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Speaker 2: And oh wow.

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Speaker 3: Seth Rugan's like all right, And Nicholas Cage was not done.

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Speaker 3: He's like, I want to do a voice like Edward

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Speaker 3: g Robinson and he was like, Seth Rogan's like okay,

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Speaker 3: and then he's not done yet. Actually, wait, maybe not

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Speaker 3: the tattooed tear. That's something I might want to do

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Speaker 3: in real life, so it might be weird if I

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Speaker 3: also do it in a movie. And Seth Rogan's like, yeah,

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Speaker 3: that might make it weird. Yeah, he puts it. We

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Speaker 3: called the studio and we're like, I'm not sure we're

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Speaker 3: going to find common ground here. He's come up with

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Speaker 3: weird ideas for Nicholas Cage, which is saying something. Yeah,

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Speaker 3: Nicholas Cage talked himself out of a part that it

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Speaker 3: was like, I think probably made it.

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Speaker 2: He liked the he he likes the idea of Nicholas Cage,

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Speaker 2: not Nicholas Cage.

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Speaker 3: I think a lot of people have that experience until

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Speaker 3: Nicholas Cage is right there in front of them, like,

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Speaker 3: oh he's always turned up like this. It's not just

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Speaker 3: he's doing an act. This really is the man. I

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Speaker 3: love him as you know.

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Speaker 2: Yeah, and I I back to Seth Rogan, who I

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Speaker 2: love him? You haven't seen the studio so good? Oh

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Speaker 2: my god, yes, it's it's one of my favorite shows

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Speaker 2: of late Yeah.

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Speaker 3: Can I be really like, I don't know, sentimental and

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Speaker 3: like embarrassing. When I was back on Twitter, Seth Rogan

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Speaker 3: used to follow me and every time I ever liked

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Speaker 3: to tweet, I was like, we would make a couple

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Speaker 3: of days for me. I was like, wow, I funny

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Speaker 3: enough that Seth Rogan was like hell, yeah.

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Speaker 2: That's now and I have like six degree of separation.

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Speaker 3: Yeah. And also now I'm over social media, so all

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Speaker 3: I post is things where I try not to be

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Speaker 3: angry yet I don't beat that. I'm not funny, he

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Speaker 3: wore online. It's terrible.

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Speaker 2: Oh, Seth Rogan's still missing out. Uh do you know

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Speaker 2: what else is ridiculous?

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Speaker 3: Dude? I was hoping you did being.

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Speaker 2: A slippery little fellow. This is Ridiculous Crime, A podcast

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Speaker 2: about absurd and outrageous capers, heists and cons. It's always

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Speaker 2: ninety nine percent murder free and one hundred percent ridiculous.

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Speaker 2: Damn right, Abe Froeman Sausage King of Chicaga.

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Speaker 3: Remember that from How Could I Forget?

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Speaker 2: Good Stuff?

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Speaker 3: Good stuff? My sister? And I still you? Is that

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Speaker 3: in Chicago?

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Speaker 2: Oh? Yeah, well I love that. Well I have for

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Speaker 2: you today the Tale of the Salad Oil King of

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Speaker 2: New Jersey.

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Speaker 3: The salad oil King. This guy's so way is he

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Speaker 3: like an olive oil reporter?

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Speaker 4: O guy?

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Speaker 2: Oh no, no, no.

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Speaker 3: No, he's not one of those guys.

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Speaker 2: No. Well, he's ridiculous, okay, and pulled such a ridiculously

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Speaker 2: massive con. It's impressive.

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Speaker 3: Oh I love that.

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Speaker 2: I'm talking about Anthony Diangelis.

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Speaker 3: Do not know that Tino?

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Speaker 2: Call me Tino?

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Speaker 3: Out of Anthony, they got Tino. Santino leads to Tino.

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Speaker 2: No Tino.

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Speaker 3: I like that.

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Speaker 2: He was born in nineteen fifteen, grew.

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Speaker 3: Up in the Bronx okay, oh good time to rhymes were.

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Speaker 2: Tough, Yeah, exactly, immigrant family from Italy. There were five kids,

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Speaker 2: cold Water Walk up. His dad worked on the railroad

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Speaker 2: all the livelong day for real. Yeah, that was his job.

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Speaker 2: And like many children of immigrants, Tino had to go

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Speaker 2: to work early. He didn't have the luxury or of

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Speaker 2: higher education.

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Speaker 3: And you don't mean early in the day, I mean

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Speaker 3: early in his life.

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Speaker 2: Yeah, although not as early as some He when he

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Speaker 2: was seventeen he left school, so that's he got to

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Speaker 2: stay longer than like my grandpa did.

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Speaker 3: Yeah, he made it to high school and almost through

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Speaker 3: high schools exactly.

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Speaker 2: He got a job as a meat cutter with City

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Speaker 2: Provision Company in New York City.

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Speaker 3: So like a bulk butcher basically.

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Speaker 2: Yeah, and well, within a couple of years he was

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Speaker 2: the manager there. He oversaw two hundred something dudes. Yeah,

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Speaker 2: Tino the knife, he told the He told this Saturday

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Speaker 2: Evening Post in nineteen sixty four, quote, I had an

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Speaker 2: exceptional ability in knowing how to process hogs. Some of

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Speaker 2: my methods like cutting hogs while moving cut the cost

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Speaker 2: of processing hogs enormously.

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Speaker 3: Check out Henry Ford over here, I mean for real.

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Speaker 2: So he did this for a few years and then

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Speaker 2: he struck out on his own. He opened his own

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Speaker 2: meat butchering company. And he'd saved two thousand dollars for that,

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Speaker 2: which is about forty.

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Speaker 3: Five thousand today chunk of chain.

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Speaker 2: Is not too shabby but it still wasn't enough. So

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Speaker 2: he got a loan for ten grand, that's like the

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Speaker 2: equivalent of two hundred and thirty thousand dollars today. But

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Speaker 2: the business was a success. It took off. He was

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Speaker 2: pulling in money like no one could believe. One hundred

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Speaker 2: thousand dollars after one year, three hundred thousand after three years.

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Speaker 2: He's just raking it in. So by the time World

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Speaker 2: War two started, business is booming. He was the big

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Speaker 2: dog in the New York meat business. And in fact,

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Speaker 2: that's how he was able to avoid serving in World

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Speaker 2: War two.

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Speaker 3: Oh, because he's like an essential US He dodged.

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Speaker 2: The draft because his company was a major supplier of

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Speaker 2: pork to the US Army.

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Speaker 3: The love pork.

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Speaker 2: Then in the army he had to be there to

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Speaker 2: oversee the business that was his contribution.

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Speaker 3: To the war totally. He was a logistics man exactly.

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Speaker 2: So for many industries, war is good for business for

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Speaker 2: many many and this was true for Tino. He was

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Speaker 2: making money hand over fist. Now, there there were some

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Speaker 2: who said that his success was thinking to black market

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Speaker 2: meat sales. Oh, he was never charged or busted for that.

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Speaker 2: And by the time the war ended, nobody cared.

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Speaker 3: Oh, they didn't call him war profit.

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Speaker 2: Heers, No, nobody cared at that point. He had cash,

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Speaker 2: He took care of people. He had a million dollars

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Speaker 2: set aside for his family. Quote in case anything ever happened,

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Speaker 2: It's like eighteen million today stashed somewhere.

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Speaker 3: In case anything happened. I'd like to have at least

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Speaker 3: half of that for anything.

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Speaker 2: That A million dollars stash somewhere for rainy day fund.

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Speaker 2: Pretty nice. So while we didn't have shortages of food

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Speaker 2: here in the States at that time, they for sure

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Speaker 2: had shortages all across.

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Speaker 3: Europe total, especially Italy.

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Speaker 2: Oh yeah, factories and farms leveled, a generation of workers killed.

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Speaker 2: Supply chain logistics are a total mess. Enter Tino. Nineteen

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Speaker 2: forty seven, he won a contract with the government of

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Speaker 2: Yugoslavia oh, for a million dollars.

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Speaker 3: Tito liked his height. He took Tito and hand in hand.

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Speaker 2: So what were they gonna buy from him?

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Speaker 3: Were they gonna buy? Elizabeth?

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Speaker 2: I love when you ask good questions. Lard, Oh, the

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Speaker 2: basics of cooking. You have salt, fat, acid, heat. Shout

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Speaker 2: out to Samine Masrot. You gotta have the fat if

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Speaker 2: you're gonna eat and keep people alive. So per the

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Speaker 2: book The Great Salad Oil Swindle by Norman Miller, quote,

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Speaker 2: according to Tino he made lifelong friends among the Yugoslavs

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Speaker 2: by this deal. The record shows otherwise.

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Speaker 3: Oh d wait. If you were asking yugoslav at that time,

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Speaker 3: they're like, we have a much different version of that book.

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Speaker 2: But by the way, is based on Miller's coverage of

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Speaker 2: Tino in the Wall Street Journal, and that eventually won

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Speaker 2: him a Pulletz serprise. Here's the thing. When the Yugoslavs

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Speaker 2: got the shipment of lard, it was not primo grease.

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Speaker 2: It was subpar. Their bits in it, I don't know.

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Speaker 2: It was an insult in essence. So they complained to

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Speaker 2: Tino and then they sue to get their money back.

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Speaker 3: We want that good grease.

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Speaker 2: Yeah, give me the good snicks. Tino paid him one

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Speaker 2: hundred thousand dollars to settle. Okay, like, fine, take the

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Speaker 2: bad grease. Here's one hundred grand, get out of my face.

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Speaker 2: So with that behind him, at Tino set his sights

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Speaker 2: on expansion. Nineteen forty nine, he got control of a

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Speaker 2: publicly traded company called aid Off Goeble Company. It was

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Speaker 2: a meat packing firm in New Jersey, Adolf and Gobel

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Speaker 2: aido Off Geoble, and he declared himself president. Okay, like

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Speaker 2: look at me. Then he landed a sweet contract with

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Speaker 2: the federal National School Lunch Program. Oh no, so he

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Speaker 2: would be supplying eighteen point nine million pounds of smoked

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Speaker 2: meat to be distributed in school cafeterias all across the country.

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Speaker 3: BA sausages for everybody, jam for days. Yeah, He's like,

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Speaker 3: do you like blogei? Do you like hot dog pancakes?

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Speaker 3: We've got blog for your kids.

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Speaker 2: There it is feeding school kids. That's a good American.

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Speaker 2: He's building a better tomorrow. But it seems like he

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Speaker 2: didn't think any more highly of the Americans than he

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Speaker 2: did of the Yugoslavia.

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Speaker 3: He's a good businessman.

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Speaker 2: In nineteen fifty two, the US government sued Tino. Seems

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Speaker 2: he sold subpar goods. Again the meat was so bad

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Speaker 2: they couldn't use it.

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Speaker 3: Oh wow.

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Speaker 2: Yeah, and more than two million pounds of meat that

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Speaker 2: were were uninspected, just in general.

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Speaker 3: So he's like sweeping the factory floor and just got

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Speaker 3: business for the case.

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Speaker 2: It's the bits, the scrap and the bits and so

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Speaker 2: like some didn't even go into inspection. They're like, we

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Speaker 2: can't even use this if it was good, but we

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Speaker 2: didn't bother.

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Speaker 3: We can smell check it. This is not good.

223
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Speaker 2: And then only that he overcharged the government by three

224
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Speaker 2: hundred and thirty seven, three hundred and seventy six dollars.

225
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Speaker 2: Oh okay, I thought you're gonna say percent no, like

226
00:10:43,280 --> 00:10:45,360
Speaker 2: you know, almost three hundred and forty grand. Yeah, he

227
00:10:45,480 --> 00:10:48,640
Speaker 2: overstated the weight of various shipments and that's but you

228
00:10:48,679 --> 00:10:51,920
Speaker 2: know what that equivalent is today four point one million dollars.

229
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Speaker 2: Like you you overcharged for four point you to the

230
00:10:55,760 --> 00:10:59,520
Speaker 2: government for the school kids, for the children's Tino. He

231
00:10:59,679 --> 00:11:01,960
Speaker 2: set that one out of court too. He paid a

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Speaker 2: million dollar fine.

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Speaker 3: Okay, I was just about asking no fine, no fees.

234
00:11:05,480 --> 00:11:08,240
Speaker 2: Oh yeah. And then his company that ate off Goebel

235
00:11:08,760 --> 00:11:12,120
Speaker 2: declared bankruptcy in nineteen fifty three and the board of

236
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Speaker 2: directors fired him.

237
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Speaker 3: That's going to happen, how you go.

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Speaker 2: And just to make sure he was spreading the pain

239
00:11:17,800 --> 00:11:20,839
Speaker 2: on both sides of the conflict. In May of fifty four,

240
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Speaker 2: the German government said it had also gotten inferior lard

241
00:11:24,559 --> 00:11:26,239
Speaker 2: from another of his companies.

242
00:11:26,800 --> 00:11:27,079
Speaker 3: Wow.

243
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Speaker 2: Yeah, So the US government investigated this found the accusations true.

244
00:11:31,720 --> 00:11:34,319
Speaker 2: Tino had to pay damages. Again, He's like.

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Speaker 3: What you don't like my lin he walks into the court.

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Speaker 2: Judges like you again, right, So he had to diversify

247
00:11:40,360 --> 00:11:42,760
Speaker 2: at this point. Yeah, So in nineteen fifty five he

248
00:11:42,880 --> 00:11:47,719
Speaker 2: chartered Allied Crude Vegetable Oil and Refining Corporation. Okay, that

249
00:11:47,840 --> 00:11:50,040
Speaker 2: is such a fifties corporation.

250
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Speaker 3: Made, yes, and a fifty like a fake win where

251
00:11:51,480 --> 00:11:53,280
Speaker 3: you're trying to like hide what you do, try to

252
00:11:53,320 --> 00:11:54,280
Speaker 3: sound like the other guys.

253
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Speaker 2: Yes, this would be an exporter doing business with foreign

254
00:11:59,679 --> 00:12:02,760
Speaker 2: country trees through aid programs that were arranged by the

255
00:12:03,200 --> 00:12:07,600
Speaker 2: Commodity Credit Corporation of the US government. And so Tino

256
00:12:07,840 --> 00:12:11,840
Speaker 2: leaned way into this. He made Allied Crude like the

257
00:12:12,000 --> 00:12:17,839
Speaker 2: dominant player in soybean oil and in cottonseed features. Wow, okay,

258
00:12:18,000 --> 00:12:22,160
Speaker 2: so Allied seed oils, Allied crude they traded, and basically

259
00:12:22,280 --> 00:12:25,640
Speaker 2: vegetable oil. Yeah exactly, And he was like aggressive in

260
00:12:25,720 --> 00:12:29,120
Speaker 2: expanding his company's steak in these markets. So by the

261
00:12:29,200 --> 00:12:32,600
Speaker 2: end of the fifties he was responsible. Tino was responsible

262
00:12:32,640 --> 00:12:36,360
Speaker 2: for three quarters of all edible oil shipped to Europe

263
00:12:37,360 --> 00:12:38,319
Speaker 2: Tino alone.

264
00:12:38,440 --> 00:12:38,840
Speaker 4: Damn.

265
00:12:39,040 --> 00:12:41,520
Speaker 3: Yeah, he's like that guy's responsible for all the cheese

266
00:12:41,559 --> 00:12:45,760
Speaker 3: on frozen cheese pizzas me. That's crazy.

267
00:12:45,880 --> 00:12:48,320
Speaker 2: Yeah. So he had figured out that there was this

268
00:12:48,480 --> 00:12:52,280
Speaker 2: fortune to be made from two government programs, farm price

269
00:12:52,360 --> 00:12:55,959
Speaker 2: supports and foreign aid. So there just so happened to

270
00:12:56,000 --> 00:12:58,720
Speaker 2: be a huge soybean surplus in the US at the time,

271
00:12:59,480 --> 00:13:01,679
Speaker 2: and his land was to buy up as many of

272
00:13:01,720 --> 00:13:05,280
Speaker 2: the beans as he could, process it all into soybean

273
00:13:05,280 --> 00:13:08,880
Speaker 2: oil and then ship the stuff overseas on government contracts.

274
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Speaker 2: Yeah I know, because there's the subsidies at home, and

275
00:13:11,600 --> 00:13:15,679
Speaker 2: he gets that, yeah exactly, and like he could pick

276
00:13:15,760 --> 00:13:19,520
Speaker 2: up some private contracts too. Soybean oil wasn't just for

277
00:13:19,679 --> 00:13:23,400
Speaker 2: human consumption. It was commonly called salad oil, but it

278
00:13:23,480 --> 00:13:26,319
Speaker 2: had industrial applications, like you could use it in paint

279
00:13:26,360 --> 00:13:28,920
Speaker 2: and stuff, so there was a high demand for.

280
00:13:28,840 --> 00:13:30,240
Speaker 3: It, a replacement for lindseed oil.

281
00:13:30,360 --> 00:13:34,000
Speaker 2: Yes, so Tino got to work. Between nineteen fifty eight

282
00:13:34,040 --> 00:13:37,959
Speaker 2: and nineteen sixty two he developed out this enormous salad

283
00:13:38,000 --> 00:13:43,559
Speaker 2: oil refinery in Bayonne, New Jersey. He leased one hundred

284
00:13:43,600 --> 00:13:46,760
Speaker 2: and thirty nine oil storage tanks for the place and

285
00:13:46,800 --> 00:13:50,760
Speaker 2: like massive tank Yeah refiners, some were like five stories tough.

286
00:13:51,480 --> 00:13:53,520
Speaker 2: He wasn't, of course, the only guy in the game.

287
00:13:53,760 --> 00:13:56,160
Speaker 2: There were other oily sorts who wanted in on this

288
00:13:56,280 --> 00:13:59,360
Speaker 2: cash cow, but Tino had plans for that too. He

289
00:13:59,440 --> 00:14:03,240
Speaker 2: paid way is high above his competitors, and his bids

290
00:14:03,240 --> 00:14:06,240
Speaker 2: to the government were always the very lowest. It's not

291
00:14:06,280 --> 00:14:08,760
Speaker 2: really a recipe for success in most cases.

292
00:14:08,800 --> 00:14:09,840
Speaker 3: Most times it doesn't work.

293
00:14:09,920 --> 00:14:13,800
Speaker 2: No, But by nineteen sixty two, Allied Crude was responsible

294
00:14:13,800 --> 00:14:16,920
Speaker 2: for three quarters of the US exports of soybean and

295
00:14:16,920 --> 00:14:17,760
Speaker 2: cotton seat oil.

296
00:14:17,880 --> 00:14:19,080
Speaker 3: That's when he made his profits.

297
00:14:19,160 --> 00:14:21,840
Speaker 2: Yes, do you know how much that is in volume?

298
00:14:21,960 --> 00:14:22,960
Speaker 2: Seventy five percent?

299
00:14:23,560 --> 00:14:25,520
Speaker 3: I was about ask Elizabeth, how much is that in

300
00:14:25,560 --> 00:14:26,280
Speaker 3: say volume?

301
00:14:26,400 --> 00:14:30,720
Speaker 2: Thank you? Three hundred and sixty one million pounds. It's

302
00:14:30,760 --> 00:14:31,480
Speaker 2: a lot of oil.

303
00:14:31,680 --> 00:14:33,640
Speaker 3: That is a bunch of oil.

304
00:14:33,680 --> 00:14:35,840
Speaker 2: You know what. I always like to say, Yeah, takes

305
00:14:35,880 --> 00:14:36,840
Speaker 2: money to make money.

306
00:14:37,000 --> 00:14:39,160
Speaker 3: Oh, they're gonna say, are you going to wear those pants?

307
00:14:39,320 --> 00:14:42,080
Speaker 2: I say that too, I say, well, when you're wearing pants.

308
00:14:42,440 --> 00:14:48,080
Speaker 2: So he was buying season, he's using money to make money.

309
00:14:48,080 --> 00:14:49,360
Speaker 2: So he's buying up bean.

310
00:14:49,560 --> 00:14:50,320
Speaker 3: Cornered in the market.

311
00:14:50,320 --> 00:14:54,160
Speaker 2: He's buying his workers, well, giving the US government sweet deals.

312
00:14:54,640 --> 00:14:58,440
Speaker 2: If he expanded enough, though, he could make that profitable.

313
00:14:58,560 --> 00:14:59,960
Speaker 3: Yeah, of course, very profit.

314
00:15:00,520 --> 00:15:04,640
Speaker 2: But he needed to finance this quick expansion, you know,

315
00:15:05,160 --> 00:15:07,240
Speaker 2: get that money in as fast as he could. So

316
00:15:07,280 --> 00:15:09,880
Speaker 2: he got these massive loans and he used the oil

317
00:15:09,920 --> 00:15:13,400
Speaker 2: as collateral. You can do that apparently. So on top

318
00:15:13,480 --> 00:15:17,160
Speaker 2: of all this, Allied Crude had a really strong relationship

319
00:15:17,200 --> 00:15:18,320
Speaker 2: with a strong company.

320
00:15:18,440 --> 00:15:19,920
Speaker 3: By the way, I would love to go into a

321
00:15:19,920 --> 00:15:21,680
Speaker 3: bank and talk to a bank manager and go I'd

322
00:15:21,680 --> 00:15:23,560
Speaker 3: like to get a very large loan of money. They're like,

323
00:15:23,560 --> 00:15:26,280
Speaker 3: what do you have. I'm like, I've got these boatloads

324
00:15:26,280 --> 00:15:31,080
Speaker 3: of oils, you guys, seed oils possibly a collateral, Yeah, totally.

325
00:15:31,800 --> 00:15:33,440
Speaker 2: Well, this is what let me tell you why they

326
00:15:33,560 --> 00:15:39,360
Speaker 2: signed on American Express. What so, Allied Crude had ties

327
00:15:39,360 --> 00:15:42,520
Speaker 2: with American Express that gave it a positive reputation, and

328
00:15:42,560 --> 00:15:46,080
Speaker 2: it wasn't because they ran around with AMEX cards, because see,

329
00:15:46,320 --> 00:15:50,840
Speaker 2: American Express had a warehousing division. In nineteen fifty eighteen,

330
00:15:50,920 --> 00:15:54,080
Speaker 2: oh went to American Express and asked about borrowing money

331
00:15:54,080 --> 00:15:56,400
Speaker 2: on his oil. He gave the old Razzle Dazzle, the

332
00:15:56,480 --> 00:15:59,360
Speaker 2: old Bobby Dazzler, and he did the hard sell on

333
00:15:59,440 --> 00:16:02,800
Speaker 2: his setup. According to him, he had the most modern

334
00:16:03,080 --> 00:16:06,960
Speaker 2: vegetable oil refinery ever built. This baby could take in

335
00:16:07,080 --> 00:16:09,720
Speaker 2: three million pounds of crude salad oil a day. That

336
00:16:09,880 --> 00:16:12,600
Speaker 2: yellow gold. So AMEX, they're all.

337
00:16:12,480 --> 00:16:14,080
Speaker 3: About it, right, sweet sweet yellow.

338
00:16:14,720 --> 00:16:18,560
Speaker 2: In nineteen forty four, they had introduced a new service.

339
00:16:19,120 --> 00:16:22,600
Speaker 2: They wanted to get bankers really pushing their travelers checks.

340
00:16:22,640 --> 00:16:24,800
Speaker 2: Do you remember when those were a thing? It was

341
00:16:24,800 --> 00:16:28,840
Speaker 2: like big for international travel, pre electronic credit or debit cards.

342
00:16:29,120 --> 00:16:31,720
Speaker 2: So each check was like for a pre printed fixed

343
00:16:31,800 --> 00:16:34,360
Speaker 2: round amount of like one of a bunch of different

344
00:16:34,400 --> 00:16:37,000
Speaker 2: major world currencies. So if you're going to France, you'd

345
00:16:37,000 --> 00:16:39,480
Speaker 2: get one for like one hundred francs each or whatever,

346
00:16:39,920 --> 00:16:42,120
Speaker 2: and it was more reliable than like a random check

347
00:16:42,160 --> 00:16:45,800
Speaker 2: from a random bank in another country. Yeah, and MX

348
00:16:45,920 --> 00:16:48,520
Speaker 2: is good for it, everyone knows so in exchange for

349
00:16:48,600 --> 00:16:53,479
Speaker 2: bankers pushing these checks on people, AMEX started offering supplemental

350
00:16:53,520 --> 00:16:56,560
Speaker 2: services that would be appealing to the finance set. They

351
00:16:56,640 --> 00:17:02,000
Speaker 2: started American express Warehousing Company. They would store, inspect, and

352
00:17:02,160 --> 00:17:05,720
Speaker 2: vouch for stuff like the oil that commodities dealers were

353
00:17:05,800 --> 00:17:09,360
Speaker 2: using as collateral for their bank loans. So, after all,

354
00:17:09,400 --> 00:17:11,560
Speaker 2: everyone knew, you know, AMEX is good for it.

355
00:17:11,720 --> 00:17:14,400
Speaker 3: I totally don't understand high finance where you can bring

356
00:17:14,480 --> 00:17:16,640
Speaker 3: seed oil into this like, oh, yeah, that's great.

357
00:17:16,760 --> 00:17:18,720
Speaker 2: Well, it's a it. You know, that's your it is

358
00:17:18,760 --> 00:17:19,280
Speaker 2: a commodity.

359
00:17:19,320 --> 00:17:20,280
Speaker 3: I get it. It's a yeah.

360
00:17:20,359 --> 00:17:21,400
Speaker 2: Well and you can see like.

361
00:17:21,359 --> 00:17:23,440
Speaker 3: Frozen orange juice and pork bellies.

362
00:17:23,160 --> 00:17:27,600
Speaker 2: Right right. So Tino he paid American express Warehousing twenty

363
00:17:27,680 --> 00:17:30,840
Speaker 2: thousand dollars a week for their services. Okay, part of

364
00:17:30,880 --> 00:17:34,439
Speaker 2: the services were inspections to attest to the amount of

365
00:17:34,440 --> 00:17:35,400
Speaker 2: oil in each tank.

366
00:17:35,640 --> 00:17:37,240
Speaker 3: All right, go put like the dipstick in.

367
00:17:37,400 --> 00:17:39,919
Speaker 2: Yeah, And that's what made the institutions cutting these loans

368
00:17:39,960 --> 00:17:42,640
Speaker 2: feel confident and Tino he was able to get more

369
00:17:42,680 --> 00:17:46,640
Speaker 2: loans based on his connection with AMEX. So he picked

370
00:17:46,680 --> 00:17:50,680
Speaker 2: up money from Bunch Limited, Daily Procter, and Gamble Bank

371
00:17:50,720 --> 00:17:54,560
Speaker 2: of America. In all, he had loans out with fifty

372
00:17:54,600 --> 00:18:00,800
Speaker 2: one different companies. Wow, yeah, everybody lends all aware of it.

373
00:18:00,880 --> 00:18:06,280
Speaker 2: The No, there was one problem, only one, one very big.

374
00:18:07,080 --> 00:18:10,640
Speaker 2: There was one very big problem. Tino didn't have all

375
00:18:10,680 --> 00:18:14,240
Speaker 2: that oil. Of course, he never did. He had the

376
00:18:14,320 --> 00:18:17,480
Speaker 2: paperwork for it, and he had the attestations that the

377
00:18:17,520 --> 00:18:20,160
Speaker 2: oil was in the tanks, but not the oil itself.

378
00:18:20,320 --> 00:18:24,280
Speaker 2: Oh oily, mother, Let's take a break. When we come back,

379
00:18:24,320 --> 00:18:25,560
Speaker 2: let's find that oil.

380
00:18:25,520 --> 00:18:52,360
Speaker 5: Was Elizabeth So Tino and his oil it so American Express.

381
00:18:52,480 --> 00:18:55,280
Speaker 2: They would send inspectors out to the tanks to check

382
00:18:55,320 --> 00:18:57,840
Speaker 2: on the stock of oil. Okay, I want you to

383
00:18:57,920 --> 00:19:01,199
Speaker 2: close your eye. Oh yes, and I want you to

384
00:19:01,200 --> 00:19:09,800
Speaker 2: picture it. You are eighteen years old. You're a young

385
00:19:09,840 --> 00:19:12,480
Speaker 2: guy in New Jersey. You've just got a job thanks

386
00:19:12,520 --> 00:19:13,800
Speaker 2: to your uncle Giuseppe.

387
00:19:14,160 --> 00:19:14,840
Speaker 3: He knew a guy.

388
00:19:15,320 --> 00:19:17,440
Speaker 2: He got your cousin a job there last year. It's

389
00:19:17,480 --> 00:19:20,800
Speaker 2: a good gig, easy, and that's how you find yourself

390
00:19:20,840 --> 00:19:24,480
Speaker 2: staring out across Kill Van Kull, a tidal strait that

391
00:19:24,560 --> 00:19:28,679
Speaker 2: separates you in Bayonne, New Jersey, with stat mile seagulls

392
00:19:28,720 --> 00:19:31,520
Speaker 2: reel and dive in the air overhead as a forklift

393
00:19:31,640 --> 00:19:34,440
Speaker 2: makes its way to a warehouse behind you, Your cousin

394
00:19:34,480 --> 00:19:37,880
Speaker 2: calls you over to a small manager's shed. It's dwarfed

395
00:19:37,880 --> 00:19:41,520
Speaker 2: by giant wide cylinders. They're easily one hundred feet tall.

396
00:19:42,080 --> 00:19:45,200
Speaker 2: Inside the shed, a radio plays a Dean Martin tune,

397
00:19:45,480 --> 00:19:48,600
Speaker 2: but your cousin is standing outside holding a clipboard. He

398
00:19:48,640 --> 00:19:50,280
Speaker 2: tells you that the two of you are going to

399
00:19:50,280 --> 00:19:53,199
Speaker 2: be helping some inspectors today. They want to know how

400
00:19:53,280 --> 00:19:56,119
Speaker 2: much of this salad oil is in the tanks. Sounds good,

401
00:19:56,640 --> 00:19:58,399
Speaker 2: he tells you. The two of you will have to

402
00:19:58,400 --> 00:20:00,960
Speaker 2: climb to the top of these things. You stare up

403
00:20:01,000 --> 00:20:03,639
Speaker 2: at the closest tank, marveling at the sky above it.

404
00:20:04,280 --> 00:20:08,360
Speaker 2: The Atlantic Ocean's wind, whipping up from the Caribbean along

405
00:20:08,400 --> 00:20:10,880
Speaker 2: the warm southern coast on its way up to Canada

406
00:20:10,920 --> 00:20:14,760
Speaker 2: and Greenland and then Northern Europe, reaches like fingers through

407
00:20:14,760 --> 00:20:19,359
Speaker 2: the various bays, inlets and kills, pushing wispy clouds high

408
00:20:19,400 --> 00:20:22,600
Speaker 2: in the sky over your head. The juxtaposition of the

409
00:20:22,640 --> 00:20:27,280
Speaker 2: heavy industry surrounding you, oil tanks, rumbling trucks, and vast

410
00:20:27,320 --> 00:20:31,200
Speaker 2: warehouses and distant brick factories, and then the gentle rolling

411
00:20:31,280 --> 00:20:34,879
Speaker 2: hills over the kill to Staten Island. The graceful seabirds,

412
00:20:34,920 --> 00:20:38,200
Speaker 2: the open sky, the warm sun on your face. It's overwhelming.

413
00:20:38,760 --> 00:20:41,000
Speaker 2: The cousin clears his throat, looks at you with a grimace.

414
00:20:41,119 --> 00:20:44,160
Speaker 2: Heads up, he tells you they're here. A truck pulls

415
00:20:44,280 --> 00:20:46,800
Speaker 2: up and two men step out. They're both a bit

416
00:20:46,840 --> 00:20:49,679
Speaker 2: older and carry a good bit of weight. They're wearing

417
00:20:49,680 --> 00:20:53,240
Speaker 2: blue work jumpsuits with American express warehousing stitched on a

418
00:20:53,320 --> 00:20:56,800
Speaker 2: stiff patch on their breastpockets. They walk stiffly your way.

419
00:20:57,800 --> 00:21:01,360
Speaker 2: They like your cousin, hold clipboards. Your cousin reaches into

420
00:21:01,400 --> 00:21:04,480
Speaker 2: the shed, tossing his clipboard onto a desk. Then he

421
00:21:04,560 --> 00:21:07,480
Speaker 2: grabs a giant weighted tape measure and approaches the men,

422
00:21:08,080 --> 00:21:10,880
Speaker 2: with Dino still crooning in the background. They all greet

423
00:21:10,920 --> 00:21:14,760
Speaker 2: each other. Your cousin introduces you. Then he says, you're

424
00:21:14,840 --> 00:21:18,040
Speaker 2: that Dean Martin singing. He's got nothing on my cousin. Here,

425
00:21:18,520 --> 00:21:21,399
Speaker 2: my cousin, he is the voice. One day we'll all

426
00:21:21,440 --> 00:21:24,880
Speaker 2: know about him. You blush and shuffle your feet. You're

427
00:21:24,920 --> 00:21:27,439
Speaker 2: known in your family and the neighborhood. Is quite the singer,

428
00:21:27,640 --> 00:21:30,840
Speaker 2: a real voice. Your cousin motions for you to follow him,

429
00:21:30,840 --> 00:21:33,360
Speaker 2: and you' all head out towards the nearest tank. At

430
00:21:33,359 --> 00:21:35,080
Speaker 2: the base of the tank, one of the men says

431
00:21:35,080 --> 00:21:37,520
Speaker 2: that climbing up there is young men's work. The other

432
00:21:37,600 --> 00:21:40,199
Speaker 2: man chuckles. Your cousin tells you that the two of

433
00:21:40,240 --> 00:21:42,359
Speaker 2: you will scale the ladder to the top of the tank.

434
00:21:42,760 --> 00:21:44,880
Speaker 2: He'll go to the very top in the middle, you'll

435
00:21:44,880 --> 00:21:47,359
Speaker 2: stay at the edge. He'll drop the tape measure in

436
00:21:47,400 --> 00:21:50,080
Speaker 2: and get a filled percentage. He'll then shout it to you,

437
00:21:50,119 --> 00:21:52,360
Speaker 2: and you'll in turn shout it down to the men.

438
00:21:52,840 --> 00:21:54,800
Speaker 2: The two of you will repeat this on five or

439
00:21:54,800 --> 00:21:57,440
Speaker 2: six other tanks. Then you can probably call it a day.

440
00:21:57,800 --> 00:22:00,560
Speaker 2: It's ten am. This is a good gig. You and

441
00:22:00,600 --> 00:22:03,280
Speaker 2: your cousin scale the metal ladder, running up the side

442
00:22:03,320 --> 00:22:06,080
Speaker 2: of the tank. He drops the measuring tape in. The

443
00:22:06,119 --> 00:22:08,240
Speaker 2: two of you weight in silence until you hear the

444
00:22:08,320 --> 00:22:10,760
Speaker 2: dull thud of the weight hitting the very bottom of

445
00:22:10,760 --> 00:22:13,760
Speaker 2: the tank. Your cousin shines a flashlight into the hole

446
00:22:13,800 --> 00:22:18,280
Speaker 2: and reads the tape ninety percent full. He yells, ninety

447
00:22:18,320 --> 00:22:20,440
Speaker 2: percent fall. You yell down to the men.

448
00:22:21,000 --> 00:22:21,520
Speaker 3: One of them.

449
00:22:21,440 --> 00:22:23,560
Speaker 2: Scribbles on his clipboard while the other gives you a

450
00:22:23,600 --> 00:22:26,600
Speaker 2: thumbs up. You and your cousin descend, and then repeat

451
00:22:26,600 --> 00:22:29,280
Speaker 2: the process a few more times. When you're done and

452
00:22:29,359 --> 00:22:31,840
Speaker 2: watching the men cutter away in their truck, your cousin

453
00:22:31,880 --> 00:22:34,639
Speaker 2: turns to you. You both stand in the shade of

454
00:22:34,680 --> 00:22:37,600
Speaker 2: one of those enormous tanks. Can I tell you something?

455
00:22:37,640 --> 00:22:40,679
Speaker 2: He asks? Sure? You tell him there's no oil in

456
00:22:40,720 --> 00:22:43,800
Speaker 2: those tanks. I thought you said there were ninety percent full.

457
00:22:44,400 --> 00:22:46,359
Speaker 2: You tell him that when the weight hit the bottom,

458
00:22:46,440 --> 00:22:47,919
Speaker 2: it certainly didn't sound empty.

459
00:22:48,280 --> 00:22:48,639
Speaker 4: Nah.

460
00:22:48,680 --> 00:22:51,240
Speaker 2: He tells you it's a racket. And the only reason

461
00:22:51,280 --> 00:22:53,960
Speaker 2: I'm telling you is at one of these days you're

462
00:22:54,000 --> 00:22:56,600
Speaker 2: going to have to do the measuring or the moving.

463
00:22:57,080 --> 00:23:00,320
Speaker 2: The moving. You ask, oh, you got a lot to learn,

464
00:23:00,440 --> 00:23:05,200
Speaker 2: He tells you, the moving, the moving. So, Saren, let

465
00:23:05,240 --> 00:23:06,359
Speaker 2: me tell you how this all wr was.

466
00:23:06,440 --> 00:23:06,840
Speaker 3: Please.

467
00:23:07,000 --> 00:23:09,600
Speaker 2: So the workers they're telling the inspectors that the tanks

468
00:23:09,600 --> 00:23:13,640
Speaker 2: are basically full, and they were with water, so they'd

469
00:23:13,680 --> 00:23:16,120
Speaker 2: put like a foot or so of oil on top

470
00:23:16,160 --> 00:23:19,560
Speaker 2: of that water in case someone wanted a sample a scoop. Yeah,

471
00:23:19,600 --> 00:23:21,560
Speaker 2: But a lot of the tanks didn't have anything in

472
00:23:21,600 --> 00:23:24,000
Speaker 2: them at all, and they were connected by this like

473
00:23:24,160 --> 00:23:27,800
Speaker 2: absolute maze of pipes, and if there was an inspection

474
00:23:27,920 --> 00:23:30,240
Speaker 2: scheduled for the week ahead, the workers would slip into

475
00:23:30,280 --> 00:23:33,080
Speaker 2: the facility on a Sunday afternoon because there was like

476
00:23:33,200 --> 00:23:35,919
Speaker 2: not a lot of security. They'd pump oil or like

477
00:23:36,000 --> 00:23:39,320
Speaker 2: oil and water from one tank to another, and from

478
00:23:39,320 --> 00:23:41,520
Speaker 2: one that had been like recently inspected to one that

479
00:23:41,600 --> 00:23:44,000
Speaker 2: was due for inspection. So that's how they move it.

480
00:23:44,720 --> 00:23:47,600
Speaker 2: This way. There's infinite oil in the tanks. And according

481
00:23:47,640 --> 00:23:50,480
Speaker 2: to the paperwork that's you know what it says, infinite

482
00:23:50,520 --> 00:23:55,600
Speaker 2: oil means infinite funding. So you could take out almost unlimited.

483
00:23:55,080 --> 00:23:56,879
Speaker 3: Loans on this against the oil.

484
00:23:56,960 --> 00:24:00,480
Speaker 2: It's endless collateral. Yeah, And so the lenders they weren't

485
00:24:00,560 --> 00:24:02,720
Speaker 2: checking with each other as to who's lending on what.

486
00:24:02,880 --> 00:24:05,720
Speaker 2: When it came to the tanks was yeah. And then

487
00:24:05,800 --> 00:24:09,120
Speaker 2: once Tino had loans out on three times as much

488
00:24:09,160 --> 00:24:13,040
Speaker 2: oil as the tanks could hold. So he was keeping

489
00:24:13,040 --> 00:24:16,119
Speaker 2: it all together though, right at least where that grift

490
00:24:16,480 --> 00:24:20,200
Speaker 2: was concerned. So in the early sixties, Tino had another company,

491
00:24:20,920 --> 00:24:25,320
Speaker 2: the Shortening Company of America Shortenings. Oh yeah, he cut

492
00:24:25,359 --> 00:24:27,679
Speaker 2: a lot of corners on that one. As told in

493
00:24:27,720 --> 00:24:31,359
Speaker 2: the Great Salad Oil Swindle quote, the shiny cans of

494
00:24:31,400 --> 00:24:35,359
Speaker 2: oil packed by Shortening Corporation with the words donated by

495
00:24:35,440 --> 00:24:38,800
Speaker 2: the people of the United States of America stamp proudly

496
00:24:38,880 --> 00:24:41,520
Speaker 2: on them, were to lead to one of Tino's more

497
00:24:41,560 --> 00:24:45,360
Speaker 2: memorable escapades. As the cans of oil arrived overseas, they

498
00:24:45,359 --> 00:24:49,719
Speaker 2: started springing leaks. Before long, warehouses from Brazil to India

499
00:24:49,800 --> 00:24:56,240
Speaker 2: were a wash in rancid salad oil. Yeah. So he

500
00:24:56,359 --> 00:24:58,800
Speaker 2: said that he was using heavy duty tins and he

501
00:24:59,000 --> 00:25:02,600
Speaker 2: charged them for that. But this is Tino. He was

502
00:25:02,680 --> 00:25:06,199
Speaker 2: using really cheap containers. They leak, they broke, really easily

503
00:25:07,480 --> 00:25:07,920
Speaker 2: falls out.

504
00:25:08,119 --> 00:25:08,760
Speaker 4: Yeah.

505
00:25:09,080 --> 00:25:11,720
Speaker 2: When it came to his salad oil scam, no one

506
00:25:11,760 --> 00:25:13,800
Speaker 2: could figure out how he was able to make the

507
00:25:13,880 --> 00:25:17,000
Speaker 2: money he was making by buying the soybeans at the

508
00:25:17,040 --> 00:25:19,199
Speaker 2: high prices he was and then selling the oil on

509
00:25:19,240 --> 00:25:23,120
Speaker 2: the cheap. So like rumors started to circulate. Some said

510
00:25:23,119 --> 00:25:26,280
Speaker 2: that Tino was running a mob front and he was

511
00:25:26,280 --> 00:25:28,480
Speaker 2: washing dirty vice money in salad oil.

512
00:25:28,600 --> 00:25:28,879
Speaker 3: Sure.

513
00:25:29,320 --> 00:25:31,800
Speaker 2: Now, while there was never any proof of this, I

514
00:25:31,880 --> 00:25:34,280
Speaker 2: will say that one of his co owners of a

515
00:25:34,400 --> 00:25:39,400
Speaker 2: Chicago refinery was Herman Topel, and Herman Topel had previously

516
00:25:39,440 --> 00:25:43,200
Speaker 2: been an owner of another fat rendering company called Twin Foods.

517
00:25:43,840 --> 00:25:46,800
Speaker 2: So back to the Great Salad Oil Swindle book quote,

518
00:25:47,359 --> 00:25:50,320
Speaker 2: this outfit had been put out of business by Chicago

519
00:25:50,400 --> 00:25:54,320
Speaker 2: police after they discovered that among the company's stockholders were

520
00:25:54,440 --> 00:25:57,760
Speaker 2: five mob figures who'd been identified by the Senate Rackets

521
00:25:57,760 --> 00:26:01,240
Speaker 2: Committee as members of the Cosa Nostra. The police said

522
00:26:01,240 --> 00:26:04,360
Speaker 2: at least five other Cosa Nostra hoodlums were employed by

523
00:26:04,400 --> 00:26:07,520
Speaker 2: Twin Foods, and they weren't spending their time rendering fat.

524
00:26:07,840 --> 00:26:11,040
Speaker 2: Twin Foods was a headquarters for quote, loan sharking, and

525
00:26:11,080 --> 00:26:14,160
Speaker 2: then the book says the lending of mob money at

526
00:26:14,240 --> 00:26:18,240
Speaker 2: usurist interest rates, arson plots, and the fencing of stolen goods.

527
00:26:18,600 --> 00:26:22,240
Speaker 2: The police suspected moreover, that the activities at Twin Foods

528
00:26:22,320 --> 00:26:23,359
Speaker 2: extended into murder.

529
00:26:23,720 --> 00:26:25,359
Speaker 3: I was wondering, if he's like down with like crazy

530
00:26:25,440 --> 00:26:29,640
Speaker 3: Joe Banano in the Chicago outfit New York, New.

531
00:26:29,560 --> 00:26:32,960
Speaker 2: Jersey, Right, so we have Herman Topel is the owner

532
00:26:33,000 --> 00:26:36,360
Speaker 2: of Twin Foods. Twin Foods gets shut down, Topel goes

533
00:26:36,359 --> 00:26:39,000
Speaker 2: to work with Tino. Of course, I mean, it's not

534
00:26:39,119 --> 00:26:40,480
Speaker 2: definitive proof, but come on.

535
00:26:40,400 --> 00:26:44,560
Speaker 3: But it is kind of an indictment. It's damming with allegations.

536
00:26:44,960 --> 00:26:48,520
Speaker 2: Association will say exactly, and you you are who you

537
00:26:48,560 --> 00:26:49,239
Speaker 2: associate with.

538
00:26:49,359 --> 00:26:50,240
Speaker 3: That's what I'm saying.

539
00:26:50,280 --> 00:26:53,399
Speaker 2: So meanwhile, people were starting to speak up. So in

540
00:26:53,480 --> 00:26:58,840
Speaker 2: nineteen sixty Donald Miller, CEO of American Express Warehousing, he

541
00:26:58,920 --> 00:27:01,320
Speaker 2: got a call from a tips to later referred to

542
00:27:01,400 --> 00:27:02,600
Speaker 2: as the voice.

543
00:27:03,480 --> 00:27:05,840
Speaker 3: Woo, here's a callback it is.

544
00:27:06,200 --> 00:27:08,879
Speaker 2: The voice said that he worked the night shift at

545
00:27:08,960 --> 00:27:12,479
Speaker 2: Allied in Bayone, New Jersey, late a seconds. Could you

546
00:27:12,480 --> 00:27:16,440
Speaker 2: wrap them out? The voice told Miller, quote, the biggest

547
00:27:16,440 --> 00:27:20,080
Speaker 2: hoax ever pulled is being pulled on American Express because

548
00:27:20,119 --> 00:27:22,399
Speaker 2: there is in fact water in the tanks, and we

549
00:27:22,440 --> 00:27:25,080
Speaker 2: are counting it as oil. Whenever we went to take

550
00:27:25,119 --> 00:27:27,520
Speaker 2: inventory at the tank, we would be dropping the weight

551
00:27:27,560 --> 00:27:30,040
Speaker 2: into this metal chamber which was filled with soybean oil,

552
00:27:30,280 --> 00:27:32,560
Speaker 2: but the balance of the tank had water in it.

553
00:27:33,280 --> 00:27:36,240
Speaker 2: So the voice told Miller that one of Allied's large

554
00:27:36,280 --> 00:27:40,080
Speaker 2: tanks had quote a metal chamber of some kind which

555
00:27:40,119 --> 00:27:42,040
Speaker 2: went from the top of the tank to the bottom

556
00:27:42,040 --> 00:27:44,119
Speaker 2: of the tank. It was under the hole where you

557
00:27:44,160 --> 00:27:47,439
Speaker 2: would normally drop a bomb, meaning the sampling device to

558
00:27:47,520 --> 00:27:50,760
Speaker 2: determine the quality of the contents of the tank. Whenever

559
00:27:50,800 --> 00:27:53,359
Speaker 2: we went to take inventory in that tank. He said,

560
00:27:53,600 --> 00:27:55,960
Speaker 2: we would be dropping the bomb down this metal chamber

561
00:27:55,960 --> 00:27:58,119
Speaker 2: which was filled with soybean oil. But the balance of

562
00:27:58,160 --> 00:27:59,320
Speaker 2: the tank had water in it.

563
00:28:00,160 --> 00:28:04,159
Speaker 3: Like a column right the whole year check So you

564
00:28:04,160 --> 00:28:05,840
Speaker 3: can drop the weight all the way down through oil,

565
00:28:05,960 --> 00:28:08,679
Speaker 3: through oil. The rest of the tank is I love that.

566
00:28:08,920 --> 00:28:10,919
Speaker 3: I may never have turned pro as a singer, but

567
00:28:10,960 --> 00:28:11,840
Speaker 3: I definitely did sing.

568
00:28:11,960 --> 00:28:14,679
Speaker 2: You did you did? You got a voice, sonya. So

569
00:28:14,840 --> 00:28:16,840
Speaker 2: Miller he had to act, and he had that quickly.

570
00:28:17,359 --> 00:28:21,640
Speaker 2: So he demanded a surprise inspection. When the inspectors got there,

571
00:28:21,720 --> 00:28:24,800
Speaker 2: they discovered that all the tank openings were welded shut

572
00:28:25,000 --> 00:28:29,840
Speaker 2: except except for the measuring hatch. And they so they

573
00:28:29,840 --> 00:28:32,000
Speaker 2: couldn't get oil in there if they tried. And then

574
00:28:32,200 --> 00:28:35,080
Speaker 2: when they could actually check five of the tanks, and

575
00:28:35,119 --> 00:28:38,440
Speaker 2: they were full of water, but not always full of water.

576
00:28:38,520 --> 00:28:40,240
Speaker 2: So in the twenty four foot tanks.

577
00:28:40,400 --> 00:28:42,640
Speaker 3: Want to waste the water in twenty four foot.

578
00:28:42,400 --> 00:28:44,920
Speaker 2: Tanks, they had between like one and eight feet of water.

579
00:28:45,280 --> 00:28:48,040
Speaker 2: I mean, there's bound to be some water in these tanks.

580
00:28:48,080 --> 00:28:52,720
Speaker 2: Six inches was the acceptable amount. They were running up

581
00:28:52,720 --> 00:28:55,760
Speaker 2: to eight feet and so the inspectors they came back

582
00:28:55,760 --> 00:28:57,760
Speaker 2: after the weekend because they went like on you know,

583
00:28:57,840 --> 00:28:59,800
Speaker 2: Friday or whatever. They come back at the end of

584
00:28:59,840 --> 00:29:02,480
Speaker 2: the and by that time there's nothing suspicious in the

585
00:29:02,520 --> 00:29:05,880
Speaker 2: other tanks. The final report said that all the water

586
00:29:06,040 --> 00:29:09,600
Speaker 2: was due to quote broken steam pipes, and then business

587
00:29:09,600 --> 00:29:13,760
Speaker 2: between Allied and American Express continued uninterrupted. Are you kidding No,

588
00:29:13,760 --> 00:29:17,160
Speaker 2: I'm not kidding you. Here. Here's the thing. When a

589
00:29:17,200 --> 00:29:21,160
Speaker 2: guy stopped working for Tino and Allied most of the time,

590
00:29:21,320 --> 00:29:24,880
Speaker 2: his new gig would be as an American Express field

591
00:29:24,960 --> 00:29:29,240
Speaker 2: warehousing custodians, and they held the keys to the crazy

592
00:29:29,280 --> 00:29:31,640
Speaker 2: mess of pipes that connected the tanks like that were

593
00:29:31,680 --> 00:29:35,640
Speaker 2: both above and below ground these pipes. When inspectors came

594
00:29:35,720 --> 00:29:38,840
Speaker 2: that particular week, the workers just shifted the oil that

595
00:29:39,000 --> 00:29:41,280
Speaker 2: was in the supply from tank to tank, keeping one

596
00:29:41,320 --> 00:29:44,640
Speaker 2: step ahead the whole time, and the inspectors were none

597
00:29:44,680 --> 00:29:46,800
Speaker 2: the wiser. So by the end of the inspection week,

598
00:29:46,840 --> 00:29:50,520
Speaker 2: the inspectors they sign off even with that explanation for

599
00:29:50,600 --> 00:29:54,000
Speaker 2: extra water. Oh, we had a pipe burst. The welded openings,

600
00:29:54,040 --> 00:29:57,680
Speaker 2: yeah that was you know, we figured that out. So everything.

601
00:29:58,040 --> 00:30:01,840
Speaker 2: So around this time, Tino he's buying heavily in the

602
00:30:01,880 --> 00:30:05,480
Speaker 2: oil's futures market. And you know that's not risky. No

603
00:30:06,360 --> 00:30:07,280
Speaker 2: futures markets.

604
00:30:07,400 --> 00:30:08,800
Speaker 3: Oh, I'm making the space over here.

605
00:30:09,880 --> 00:30:13,960
Speaker 2: In August of nineteen sixty one, the Spanish government ordered

606
00:30:14,000 --> 00:30:17,520
Speaker 2: two hundred and seventy five million pounds of soybean oil

607
00:30:17,560 --> 00:30:18,160
Speaker 2: from Allied.

608
00:30:18,640 --> 00:30:18,920
Speaker 3: Huh.

609
00:30:18,960 --> 00:30:22,480
Speaker 2: It was the biggest single order of Tino's career.

610
00:30:22,720 --> 00:30:23,800
Speaker 3: Was there any reason for this?

611
00:30:24,160 --> 00:30:26,600
Speaker 2: Well, I'll get to that. So this is wheth thirty

612
00:30:26,640 --> 00:30:29,680
Speaker 2: six and a half million dollars today. That's a three

613
00:30:29,720 --> 00:30:33,960
Speaker 2: hundred and ninety four million dollars deal. Whoa right? And

614
00:30:34,000 --> 00:30:38,360
Speaker 2: that's when the soybean oil futures market came in handy.

615
00:30:38,920 --> 00:30:41,479
Speaker 2: So Tino or put in a heavy order on that,

616
00:30:41,880 --> 00:30:44,560
Speaker 2: and he only had because he only had fifty million

617
00:30:44,600 --> 00:30:48,240
Speaker 2: pounds of oil in the American express field warehousing tanks.

618
00:30:48,760 --> 00:30:50,640
Speaker 2: There's no way he could fill the order with that,

619
00:30:51,120 --> 00:30:53,120
Speaker 2: so it made sense to buy the futures. He went

620
00:30:53,200 --> 00:30:57,720
Speaker 2: in big. But then something happened. Let's pause there, let's

621
00:30:57,880 --> 00:31:00,400
Speaker 2: order some soybeans, and when we come back, I will

622
00:31:00,440 --> 00:31:02,880
Speaker 2: be charitable and tell you what the bad thing is,

623
00:31:23,680 --> 00:31:29,280
Speaker 2: zaren saren. So we have Tino unable to fulfill the

624
00:31:29,320 --> 00:31:32,600
Speaker 2: Spanish order from his New Jersey tanks. So he buys

625
00:31:32,680 --> 00:31:37,400
Speaker 2: heavily in soybean futures. And then the Spanish government decided

626
00:31:37,520 --> 00:31:40,880
Speaker 2: it didn't want the soybean oil. After all, they had

627
00:31:40,920 --> 00:31:43,240
Speaker 2: not paid the contract. It was all still in talks.

628
00:31:43,920 --> 00:31:47,800
Speaker 2: So Tino he's positive he knew what happened. He's like,

629
00:31:47,920 --> 00:31:51,080
Speaker 2: I know why they backed out. I don't Opus Day.

630
00:31:51,800 --> 00:31:52,480
Speaker 3: The churches.

631
00:31:53,000 --> 00:31:56,360
Speaker 2: He was certain that Opus Day killed the deal because

632
00:31:56,400 --> 00:31:58,520
Speaker 2: it would have made him too powerful in Spain.

633
00:31:58,600 --> 00:32:02,240
Speaker 3: It's like a small Catholic set to people oftentimes relate to,

634
00:32:02,280 --> 00:32:05,760
Speaker 3: like the nice templar and like the finances of the Vatican. Yeah,

635
00:32:05,760 --> 00:32:07,680
Speaker 3: he thinks they're running a coup on him from Spain.

636
00:32:07,760 --> 00:32:09,400
Speaker 2: Well, they don't want him to be too powerful in

637
00:32:09,440 --> 00:32:12,200
Speaker 2: Spain exactly. I mean that was my first instinct.

638
00:32:12,280 --> 00:32:14,440
Speaker 3: I would have it was my third right.

639
00:32:14,640 --> 00:32:18,080
Speaker 2: I'm now I'm going to blame Opus Day secretly having

640
00:32:18,080 --> 00:32:19,960
Speaker 2: it out for me and not wanting me to succeed,

641
00:32:20,680 --> 00:32:24,360
Speaker 2: Like they're threatened by me. They're the source of any

642
00:32:24,400 --> 00:32:27,920
Speaker 2: bad reviews I get for this. Oh yeah, it's not

643
00:32:27,960 --> 00:32:29,959
Speaker 2: that I annoy people. It said Opus Day doesn't want

644
00:32:30,000 --> 00:32:30,520
Speaker 2: me to shine.

645
00:32:30,760 --> 00:32:33,000
Speaker 3: Yeah, they are probably an agent of Opus day, trying

646
00:32:33,040 --> 00:32:34,040
Speaker 3: to bring you down exactly.

647
00:32:34,120 --> 00:32:36,640
Speaker 2: I know it all now. So this whole thing started

648
00:32:37,160 --> 00:32:41,560
Speaker 2: a downward spiral for Tino Opus day one Tino zero.

649
00:32:41,920 --> 00:32:44,840
Speaker 2: He spent the next couple of years speculating on futures,

650
00:32:44,840 --> 00:32:47,760
Speaker 2: but those never panned out. He was forced to get

651
00:32:47,800 --> 00:32:50,480
Speaker 2: loans to pay back money that he was never going

652
00:32:50,560 --> 00:32:53,680
Speaker 2: to have. Yeah, it wasn't Opus Day, by the way,

653
00:32:53,800 --> 00:32:56,520
Speaker 2: it wasn't. No, are you surprised a little bit?

654
00:32:56,640 --> 00:32:56,720
Speaker 6: No.

655
00:32:56,880 --> 00:33:00,200
Speaker 2: See, there had been a forecast of a really like

656
00:33:00,360 --> 00:33:04,240
Speaker 2: super bad olive crop in Spain and thus very little

657
00:33:04,240 --> 00:33:07,560
Speaker 2: olive oil, which means they must have been desperate to

658
00:33:07,760 --> 00:33:11,040
Speaker 2: order salad oil because like they cook, everything's done with

659
00:33:11,080 --> 00:33:13,560
Speaker 2: olive oil. They're like, all right, well we'll take that garbage.

660
00:33:14,120 --> 00:33:16,480
Speaker 2: But then the olive oil crop was a boom. They

661
00:33:16,480 --> 00:33:19,440
Speaker 2: didn't need to import this crap oil. Olive oil is

662
00:33:19,480 --> 00:33:22,680
Speaker 2: so superior, by the way, I love it. So that's

663
00:33:22,720 --> 00:33:24,000
Speaker 2: why they backed out of the deal.

664
00:33:24,320 --> 00:33:28,440
Speaker 3: So so Spain took the olive oil. That was like No.

665
00:33:28,600 --> 00:33:30,720
Speaker 2: Spain was like, look, we're not going to get any

666
00:33:30,720 --> 00:33:34,280
Speaker 2: olive oil this year. It looks terrible for us. Let's

667
00:33:34,280 --> 00:33:36,080
Speaker 2: get let's put it in order. And then all of

668
00:33:36,120 --> 00:33:37,600
Speaker 2: a sudden, they're like no, no, no, we're going to have

669
00:33:37,640 --> 00:33:40,440
Speaker 2: like a we got and they're like, okay, cancel the order.

670
00:33:40,640 --> 00:33:42,760
Speaker 2: Thank god we didn't pay it in New Jersey.

671
00:33:42,880 --> 00:33:43,080
Speaker 3: Yeah.

672
00:33:43,600 --> 00:33:46,240
Speaker 2: Just we're so glad we haven't put any money into that.

673
00:33:47,120 --> 00:33:49,200
Speaker 2: And I'm so glad Opus Day told us to do it.

674
00:33:49,640 --> 00:33:52,560
Speaker 2: So Tino he's now he's got it. He's got to

675
00:33:52,680 --> 00:33:55,000
Speaker 2: make some money here. So he tried to cut deals

676
00:33:55,000 --> 00:33:58,400
Speaker 2: with India and Indonesia for food for peace.

677
00:33:59,560 --> 00:34:01,720
Speaker 3: Get back to the US aid program, right, and that's.

678
00:34:01,640 --> 00:34:03,720
Speaker 2: What he was, like, that sweet you know cash money

679
00:34:03,760 --> 00:34:06,480
Speaker 2: there those stumbled. Part of the problem was that the

680
00:34:06,600 --> 00:34:11,440
Speaker 2: US Agriculture Department switched the emphasis on edible oil donations

681
00:34:11,480 --> 00:34:15,480
Speaker 2: to forward relief agencies from vegetable oil to butter oil.

682
00:34:16,120 --> 00:34:18,080
Speaker 2: And I'm guessing that this is around the time they

683
00:34:18,080 --> 00:34:21,320
Speaker 2: needed to bolster the dairy industry in the States. Ah okay,

684
00:34:21,480 --> 00:34:26,040
Speaker 2: so they went from like bolstering soybeans to propping up dairy. Sure,

685
00:34:26,280 --> 00:34:30,120
Speaker 2: so Allied sold some vegetable oil to Turkey, but not

686
00:34:30,200 --> 00:34:34,040
Speaker 2: as much as the futures traders had expected. Yeah, prices dropped.

687
00:34:34,239 --> 00:34:35,320
Speaker 2: Tino lost money.

688
00:34:35,920 --> 00:34:38,359
Speaker 3: He couldn't short himself like he couldn't buy like the.

689
00:34:38,560 --> 00:34:42,920
Speaker 2: Yeah in nineteen sixty two, Tino, he's still a large

690
00:34:43,000 --> 00:34:46,680
Speaker 2: player in commodities market. Oh yeah, And that's why he

691
00:34:46,760 --> 00:34:51,280
Speaker 2: thought he could corner the soybean oil market completely big plans.

692
00:34:51,719 --> 00:34:55,520
Speaker 2: He wanted to answers, I should always go bigger.

693
00:34:55,560 --> 00:34:58,080
Speaker 3: Of course. He wanted to use business I don't think right.

694
00:34:58,200 --> 00:35:02,080
Speaker 2: No, he wanted to use all those commodity inventories that

695
00:35:02,480 --> 00:35:06,160
Speaker 2: he had loans on from Wall Street banks finance. He

696
00:35:06,280 --> 00:35:09,560
Speaker 2: was going to drive up the price of his vegetable

697
00:35:09,600 --> 00:35:13,040
Speaker 2: oil holdings and that would raise the value of the inventory,

698
00:35:13,200 --> 00:35:16,160
Speaker 2: bring in a profit from all these future contracts. And

699
00:35:16,200 --> 00:35:18,960
Speaker 2: he kept talking about, oh you know, in his mind

700
00:35:19,520 --> 00:35:21,520
Speaker 2: he was just on the brink of a ton of

701
00:35:21,560 --> 00:35:24,120
Speaker 2: major contracts like it was that he could it was

702
00:35:24,160 --> 00:35:25,200
Speaker 2: so close he could taste it.

703
00:35:25,560 --> 00:35:26,959
Speaker 3: Rather turned here there.

704
00:35:27,120 --> 00:35:29,279
Speaker 2: Oh yeah, it's just just a matter of just one

705
00:35:29,320 --> 00:35:31,120
Speaker 2: little thing. And if I can keep up his day

706
00:35:31,120 --> 00:35:36,239
Speaker 2: off my tail. But these were massive purchases, massive purchases,

707
00:35:37,120 --> 00:35:40,080
Speaker 2: and he needed big bucks behind them. And he got

708
00:35:40,080 --> 00:35:43,759
Speaker 2: those big bucks. He got loans from two big name,

709
00:35:43,920 --> 00:35:48,560
Speaker 2: old school, well respected Wall Street brokers, Ira Hopped and J. R.

710
00:35:48,600 --> 00:35:51,720
Speaker 2: Williston and bean. Okay, those sound fancy.

711
00:35:52,000 --> 00:35:55,000
Speaker 3: Of course to someone like me on education, that sounds

712
00:35:55,040 --> 00:35:57,239
Speaker 3: like you must be rich.

713
00:35:58,080 --> 00:36:01,600
Speaker 2: They also handled his few futures trading with commissions to

714
00:36:01,680 --> 00:36:04,279
Speaker 2: the tune of like one hundred thousand dollars a month.

715
00:36:04,800 --> 00:36:05,600
Speaker 2: So they're loving it.

716
00:36:05,920 --> 00:36:06,480
Speaker 3: That's fluid.

717
00:36:06,560 --> 00:36:09,719
Speaker 2: And for collateral they took those warehouse receipts for the

718
00:36:09,760 --> 00:36:13,680
Speaker 2: non existent oil. They then turned around and used that

719
00:36:13,719 --> 00:36:17,800
Speaker 2: paper to get loans from Chase, Manhattan and Continental Illinois banks,

720
00:36:17,800 --> 00:36:20,640
Speaker 2: all loans up and down everything. It's just a big paper,

721
00:36:20,920 --> 00:36:21,200
Speaker 2: you know.

722
00:36:21,680 --> 00:36:23,000
Speaker 3: Just pushing paper around each other.

723
00:36:23,280 --> 00:36:25,839
Speaker 2: House of cards. So, according to the New York Times,

724
00:36:25,880 --> 00:36:29,760
Speaker 2: in nineteen sixty three, Allied Quote held contracts to deliver

725
00:36:29,840 --> 00:36:33,160
Speaker 2: at a future date between eighteen thousand and twenty thousand

726
00:36:33,280 --> 00:36:37,120
Speaker 2: railroad tank cars of vegetable oil. Each contract is equal

727
00:36:37,200 --> 00:36:40,800
Speaker 2: to a single tank car containing sixty thousand pounds of oil.

728
00:36:41,080 --> 00:36:44,000
Speaker 2: It's a lot of oils are that is oily. So

729
00:36:44,080 --> 00:36:46,880
Speaker 2: by the end of August of nineteen sixty three, Tino

730
00:36:47,520 --> 00:36:52,439
Speaker 2: owned seventy nine percent of the cottonseed oil futures contracts

731
00:36:52,760 --> 00:36:56,120
Speaker 2: on the Produce Exchange and twenty percent of the soybean

732
00:36:56,160 --> 00:36:59,960
Speaker 2: oil contracts on the border trade. This is an insane amount.

733
00:37:00,000 --> 00:37:01,520
Speaker 3: This is way more than cornering the market.

734
00:37:01,560 --> 00:37:04,440
Speaker 2: Ye are are the market. And then there was strong

735
00:37:04,600 --> 00:37:09,120
Speaker 2: pressure on futures prices, so the agg Department was reducing

736
00:37:09,280 --> 00:37:12,680
Speaker 2: estimates on exports. Tino had to walk away from buying

737
00:37:12,760 --> 00:37:15,280
Speaker 2: futures for a while prices were in for a sharp drop.

738
00:37:15,760 --> 00:37:18,480
Speaker 2: He's gonna lose. Yeah, he's gonna lose everything plus some,

739
00:37:18,960 --> 00:37:22,520
Speaker 2: including his reputation and his pride. So, like an elder

740
00:37:22,600 --> 00:37:26,160
Speaker 2: bank robber, he figured he'd take one last score, one

741
00:37:26,480 --> 00:37:27,120
Speaker 2: final hit.

742
00:37:27,440 --> 00:37:29,520
Speaker 3: Bro, You've been so lucky for so long.

743
00:37:29,600 --> 00:37:32,920
Speaker 2: I figured if he kept on buying futures contracts, demand

744
00:37:32,960 --> 00:37:35,320
Speaker 2: for the oil would somehow just materialize.

745
00:37:35,400 --> 00:37:37,360
Speaker 3: Oh, so he would basically trigger people to believe the

746
00:37:37,360 --> 00:37:38,399
Speaker 3: market was stronger than it will.

747
00:37:38,440 --> 00:37:40,360
Speaker 2: Well, if you build it, they will come.

748
00:37:40,360 --> 00:37:41,719
Speaker 3: Of course. Why didn't I think like that.

749
00:37:41,880 --> 00:37:46,960
Speaker 2: In September of nineteen sixty three, the Soviets sunflower crop failed.

750
00:37:47,320 --> 00:37:50,120
Speaker 2: Oh this kicked off whispers that they'd be in the

751
00:37:50,160 --> 00:37:53,840
Speaker 2: market for US vegetable oil, and that jumped to the market.

752
00:37:53,960 --> 00:37:58,080
Speaker 2: In six weeks, soybean oil climbed from nine dollars twenty

753
00:37:58,160 --> 00:38:01,800
Speaker 2: per pound to ten dollars three. There's a huge spike

754
00:38:01,880 --> 00:38:02,520
Speaker 2: in six weeks.

755
00:38:02,600 --> 00:38:03,319
Speaker 3: It's a huge one.

756
00:38:03,400 --> 00:38:07,080
Speaker 2: And in those six weeks, American Express warehousing receipts for

757
00:38:07,200 --> 00:38:11,320
Speaker 2: soybean oil pledged for loans to Allied went from seven

758
00:38:11,400 --> 00:38:14,719
Speaker 2: hundred and fifty two million pounds to nine hundred and

759
00:38:14,840 --> 00:38:19,560
Speaker 2: thirty seven million pounds. That was the amount of all

760
00:38:19,680 --> 00:38:23,080
Speaker 2: the stalks of all the soybean oil in the country,

761
00:38:23,120 --> 00:38:26,400
Speaker 2: all the oil. Impossible. Yeah, it's he's he's saying he

762
00:38:26,520 --> 00:38:28,520
Speaker 2: has more than all the oil that exists.

763
00:38:28,560 --> 00:38:29,680
Speaker 3: Who is he? Sam Altman?

764
00:38:30,880 --> 00:38:35,000
Speaker 2: So eight hundred million pounds of that that he's claiming

765
00:38:35,080 --> 00:38:37,600
Speaker 2: doesn't even exist. So when you do the math on it,

766
00:38:37,640 --> 00:38:42,000
Speaker 2: Tino had taken the American Express for sixty million dollars. Yeah, Elizabeth,

767
00:38:42,280 --> 00:38:44,720
Speaker 2: that's six hundred and thirty three million dollars today.

768
00:38:44,880 --> 00:38:45,680
Speaker 3: Are you kidding me?

769
00:38:45,760 --> 00:38:48,560
Speaker 2: No, I'm not kidding you. American Express.

770
00:38:48,600 --> 00:38:51,000
Speaker 3: I can't imagine American Express is gonna be cool with this, Like,

771
00:38:51,000 --> 00:38:52,800
Speaker 3: I'm surprised they haven't had this man murdered.

772
00:38:52,920 --> 00:38:56,879
Speaker 2: Right, So would the Soviets be buying salad oil from

773
00:38:56,920 --> 00:38:57,760
Speaker 2: their sworn enemy?

774
00:38:58,160 --> 00:39:00,840
Speaker 3: Imagine they'd be trading for it. They can't give you rubles,

775
00:39:01,000 --> 00:39:02,200
Speaker 3: you know what I mean? They're not going to buy

776
00:39:02,239 --> 00:39:03,920
Speaker 3: from the capitalists.

777
00:39:03,400 --> 00:39:07,200
Speaker 2: Of course not. Yeah, that was rubbish. That was absolute rubbish.

778
00:39:07,400 --> 00:39:10,320
Speaker 2: And the Soviets they had to make a statement denying,

779
00:39:10,640 --> 00:39:16,839
Speaker 2: did you say. As a result, as a result, commodity

780
00:39:16,880 --> 00:39:21,479
Speaker 2: prices on soybean and cottonseed oil crater. According to Time

781
00:39:21,600 --> 00:39:26,480
Speaker 2: magazine quote, the commodities exchanges began pressuring Ira Hopped, by

782
00:39:26,520 --> 00:39:29,600
Speaker 2: far the biggest broker for DeAngelis, to put up another

783
00:39:29,719 --> 00:39:33,240
Speaker 2: fourteen point one million dollars in margin to cover Tino's

784
00:39:33,320 --> 00:39:37,880
Speaker 2: vast contracts. The hop brokers frantically called Tino for the money,

785
00:39:38,040 --> 00:39:42,000
Speaker 2: but Tino could not make it, so Hopped went bankrupt.

786
00:39:42,520 --> 00:39:45,320
Speaker 2: He bankrupted this huge Wall Street Yeah.

787
00:39:45,440 --> 00:39:47,560
Speaker 3: I imagine had been a Wall Street brokerage for a very

788
00:39:47,600 --> 00:39:48,960
Speaker 3: long time. Generations possible.

789
00:39:49,080 --> 00:39:53,120
Speaker 2: Yes, Allied Creued Vegetable oil refining company. They filed for

790
00:39:53,160 --> 00:39:55,919
Speaker 2: bankruptcy on November nineteenth, nineteen sixty three.

791
00:39:56,120 --> 00:39:58,080
Speaker 3: This is like trading places. The plot line is trading

792
00:39:58,120 --> 00:40:00,320
Speaker 3: trices like all the Floyd Future and killing somebody on

793
00:40:00,360 --> 00:40:00,920
Speaker 3: the wall streets.

794
00:40:00,920 --> 00:40:06,280
Speaker 2: The futures market crashed. Soybean oil closed at nine eighty

795
00:40:06,320 --> 00:40:10,760
Speaker 2: seven on Friday, November fifteenth, nine dollars on Monday, seven

796
00:40:10,760 --> 00:40:13,319
Speaker 2: to seventy five on Tuesday, it's just in free fall.

797
00:40:13,800 --> 00:40:17,480
Speaker 2: All of Tino's loan values were gone. The New York

798
00:40:17,760 --> 00:40:21,279
Speaker 2: Produce Exchange halted all trading on cottonseed oil. Dang dang,

799
00:40:21,560 --> 00:40:24,439
Speaker 2: so this like they filed for bankruptcyed November nineteen. Oka

800
00:40:25,120 --> 00:40:29,000
Speaker 2: of nineteen sixty three. President John F. Kennedy was assassinated

801
00:40:29,360 --> 00:40:31,160
Speaker 2: on Friday, November twenty second.

802
00:40:31,239 --> 00:40:33,480
Speaker 3: Yeah, it was just a guess that. Just a couple

803
00:40:33,560 --> 00:40:36,000
Speaker 3: days later, Bigger Now shocked.

804
00:40:35,800 --> 00:40:38,239
Speaker 2: The markets and they closed early, and they didn't open

805
00:40:38,360 --> 00:40:42,800
Speaker 2: until Tuesday, November twenty six. According to Business Insider quote,

806
00:40:43,040 --> 00:40:45,640
Speaker 2: the closure of the New York Stock Exchange gave the

807
00:40:45,680 --> 00:40:49,760
Speaker 2: exchange some breathing space to address the problems DeAngelis had created.

808
00:40:50,280 --> 00:40:53,400
Speaker 2: If the New York Stock Exchange didn't resolve this problem,

809
00:40:53,600 --> 00:40:57,080
Speaker 2: not only would the collapse discourage investment by small investors,

810
00:40:57,360 --> 00:41:01,319
Speaker 2: but the US Securities and Exchange Commission would interner, reducing

811
00:41:01,360 --> 00:41:05,480
Speaker 2: the New York Stock Exchange is power. The NYSE solved

812
00:41:05,480 --> 00:41:09,200
Speaker 2: the problem by imposing a twelve million dollar assessment on

813
00:41:09,320 --> 00:41:13,160
Speaker 2: exchange members and used the money to make Ira Hopton

814
00:41:13,239 --> 00:41:18,239
Speaker 2: company customers whole creditors were not as lucky. American Express

815
00:41:18,280 --> 00:41:21,759
Speaker 2: and other lenders lost millions. For the first time, the

816
00:41:21,840 --> 00:41:25,720
Speaker 2: New York Stock Exchange had assumed responsibility for a member

817
00:41:25,800 --> 00:41:29,480
Speaker 2: firm's failure. When the stock market reopened on Tuesday, it

818
00:41:29,600 --> 00:41:32,399
Speaker 2: quickly recovered and moved up for the rest of the year.

819
00:41:33,280 --> 00:41:37,160
Speaker 3: Damn, So it's a stockholder all.

820
00:41:37,000 --> 00:41:39,759
Speaker 2: The members, Yeah, exactly, taxed all the members in order

821
00:41:39,840 --> 00:41:43,440
Speaker 2: to save themselves. So with everything in shambles, the creditors

822
00:41:43,520 --> 00:41:47,000
Speaker 2: finally did a real investigation into the New Jersey tanks.

823
00:41:47,600 --> 00:41:52,520
Speaker 2: Like with Fresh Inspectors, anyone associated with Allied or American

824
00:41:52,560 --> 00:41:55,799
Speaker 2: Express not there, so we know that there weren't one

825
00:41:55,840 --> 00:41:58,799
Speaker 2: point eight billion pounds of salad oil up in there.

826
00:41:58,920 --> 00:41:59,600
Speaker 3: How much was this.

827
00:42:00,000 --> 00:42:03,759
Speaker 2: Nearly one hundred million pounds And as re laid in

828
00:42:03,840 --> 00:42:08,040
Speaker 2: the Great Salad Oil Swindle Quote Inspectors opened a big

829
00:42:08,120 --> 00:42:12,360
Speaker 2: faucet which was supposed to hold three million, five hundred

830
00:42:12,360 --> 00:42:15,719
Speaker 2: and seventy five thousand dollars worth of soybean oil and

831
00:42:15,960 --> 00:42:20,960
Speaker 2: salt water poured out for twelve days, The tanks, floating

832
00:42:21,040 --> 00:42:25,440
Speaker 2: roof sank and sank and sank, until finally the false

833
00:42:25,520 --> 00:42:28,319
Speaker 2: chamber welded into the underside of the roof, which held

834
00:42:28,360 --> 00:42:31,240
Speaker 2: a few hundred pounds of soybean oil came to rest

835
00:42:31,280 --> 00:42:34,799
Speaker 2: at the bottom of the tank. After finally checking all

836
00:42:34,880 --> 00:42:37,920
Speaker 2: the tanks which they could find, the inspectors had found

837
00:42:38,000 --> 00:42:40,840
Speaker 2: only one hundred and thirty four million pounds of stuff,

838
00:42:41,160 --> 00:42:45,960
Speaker 2: excluding salt water that looked like salad oil or animal fat.

839
00:42:46,239 --> 00:42:50,360
Speaker 2: The inspectors still could not firmly identify the contents, but

840
00:42:50,440 --> 00:42:53,920
Speaker 2: they estimated about half the contents was quote soap stock,

841
00:42:54,280 --> 00:42:57,879
Speaker 2: a residue of the salad oil refining process worth only

842
00:42:57,880 --> 00:43:01,040
Speaker 2: about two cents a pound. Checking the records of the

843
00:43:01,080 --> 00:43:03,960
Speaker 2: tanks allied least from the owner of the tank farm.

844
00:43:04,360 --> 00:43:08,760
Speaker 2: The inspectors also discovered that American express Warehousing listed tanks

845
00:43:08,760 --> 00:43:12,840
Speaker 2: on their books that in fact belonged to Petroleum Storage Company.

846
00:43:13,440 --> 00:43:17,680
Speaker 2: For example, the four tanks were where bunges one hundred

847
00:43:17,719 --> 00:43:20,320
Speaker 2: and sixty million pounds of soybean oil were supposed to

848
00:43:20,360 --> 00:43:23,080
Speaker 2: be stored had always been filled with gasoline.

849
00:43:23,280 --> 00:43:26,600
Speaker 3: So when you're talking soap stock, you mean like basically

850
00:43:26,719 --> 00:43:29,920
Speaker 3: like the cheapest like lard, like so like fats that

851
00:43:30,000 --> 00:43:32,719
Speaker 3: could be used for like the yeah, you throw some

852
00:43:32,800 --> 00:43:34,640
Speaker 3: lyon there and you can make soap, but this is

853
00:43:34,680 --> 00:43:36,560
Speaker 3: like not supposed to be eaten.

854
00:43:36,360 --> 00:43:42,520
Speaker 2: Or used industrial soap. Yeah, it's not primotagulio. Wow, sixteen

855
00:43:42,640 --> 00:43:47,000
Speaker 2: companies and two brokerage houses were forced into bankruptcy. How

856
00:43:47,040 --> 00:43:52,000
Speaker 2: many sixteen companies two brokerage houses, Zaron? Where was the money?

857
00:43:52,760 --> 00:43:56,400
Speaker 3: I'm guessing the overseas Somewhere in Swiss bank accounty.

858
00:43:56,560 --> 00:44:01,080
Speaker 2: About forty million went to soybean futures who cashed in

859
00:44:01,120 --> 00:44:04,880
Speaker 2: when prices dropped. Another sixty million went to pay for

860
00:44:05,000 --> 00:44:09,720
Speaker 2: the rapid expansion of the refining operation, covering operating losses

861
00:44:09,800 --> 00:44:13,120
Speaker 2: and like paying interest charges on loans. And then there

862
00:44:13,160 --> 00:44:18,520
Speaker 2: are the incalculable millions that went to friends, family, business associates.

863
00:44:19,200 --> 00:44:22,120
Speaker 2: Tino was drawing a salary of about one hundred thousand

864
00:44:22,120 --> 00:44:24,240
Speaker 2: a year, which is like a million in today's dollars

865
00:44:25,280 --> 00:44:27,839
Speaker 2: in But you know, he was known to spread his

866
00:44:27,920 --> 00:44:32,200
Speaker 2: money around so that all these millions, who knows probably

867
00:44:33,160 --> 00:44:33,760
Speaker 2: bank account.

868
00:44:33,800 --> 00:44:36,320
Speaker 3: He really wasn't diverting a lot to like some weird

869
00:44:36,440 --> 00:44:38,799
Speaker 3: foundation he had or anything like that. He just gave

870
00:44:38,800 --> 00:44:41,239
Speaker 3: it to everyone he knew. And that because everyone knowed him,

871
00:44:41,239 --> 00:44:42,960
Speaker 3: favors and so forth right right.

872
00:44:43,320 --> 00:44:46,120
Speaker 2: So in January of nineteen sixty four, the Justice Department

873
00:44:46,160 --> 00:44:50,040
Speaker 2: got an eighteen count indictment against him. They charged Dino

874
00:44:50,480 --> 00:44:54,680
Speaker 2: with transporting across state lines forty million dollars worth of

875
00:44:54,800 --> 00:44:59,040
Speaker 2: forged warehouse receipts for vegetable oil. He pleaded not guilty

876
00:44:59,080 --> 00:45:00,839
Speaker 2: to all counts, and he was looking at a ten

877
00:45:00,880 --> 00:45:04,040
Speaker 2: thousand dollars fine and ten years in jail on each

878
00:45:04,160 --> 00:45:08,759
Speaker 2: count eighteen counts. In nineteen sixty five, he turned around

879
00:45:08,800 --> 00:45:09,720
Speaker 2: and did plead guilty.

880
00:45:09,880 --> 00:45:12,719
Speaker 3: He's like fifty at this point because he's born like nineteen.

881
00:45:12,440 --> 00:45:14,800
Speaker 2: Fifteen, ninety fifteen, so he has fifty years old. He

882
00:45:15,239 --> 00:45:17,200
Speaker 2: winds up, Okay, you know what, I'm gonna plead guilty

883
00:45:17,760 --> 00:45:20,640
Speaker 2: to four federal counts of fraud and conspiracy. He got

884
00:45:20,760 --> 00:45:24,759
Speaker 2: ten years in prison, but not really because there's this

885
00:45:24,880 --> 00:45:27,640
Speaker 2: new section at the time of the Federal Criminal Code,

886
00:45:28,160 --> 00:45:32,239
Speaker 2: and it turned Tino over to the personal custody of

887
00:45:32,719 --> 00:45:37,600
Speaker 2: US Attorney General Nicholas Katzenbach. Really, and Tino would be

888
00:45:37,680 --> 00:45:41,440
Speaker 2: subject to FBI questioning about the details of everything he did,

889
00:45:42,200 --> 00:45:44,759
Speaker 2: and then the US Director of Prisons would report to

890
00:45:44,800 --> 00:45:49,120
Speaker 2: the judge and either affirm the sentence suggest a reduction

891
00:45:50,000 --> 00:45:53,680
Speaker 2: or recommend that Tino be put on probation immediately, so

892
00:45:53,800 --> 00:45:57,600
Speaker 2: by cooperating he could be free, like inside of three months.

893
00:45:57,640 --> 00:45:59,640
Speaker 3: So they basically wanted him to flip on anyone who

894
00:45:59,640 --> 00:46:01,680
Speaker 3: worked with They're kind of hoping there was some rico mobs.

895
00:46:01,960 --> 00:46:04,239
Speaker 2: Yeah, I mean, when you think about who his associates were,

896
00:46:04,280 --> 00:46:06,000
Speaker 2: that's what I'm guessing. I'm guessing it had something to

897
00:46:06,000 --> 00:46:08,759
Speaker 2: do with this thing of ours they wanted him to rat.

898
00:46:09,120 --> 00:46:13,160
Speaker 2: According to Time magazine quote, although he pleaded guilty, powerful

899
00:46:13,200 --> 00:46:16,600
Speaker 2: forces were working against me and on the Department of

900
00:46:16,640 --> 00:46:21,920
Speaker 2: Agriculture quote they called me a down there. So I

901
00:46:21,960 --> 00:46:24,839
Speaker 2: guess his FBI questioning didn't go so well.

902
00:46:24,920 --> 00:46:25,600
Speaker 3: Doesn't sound like it.

903
00:46:25,680 --> 00:46:29,319
Speaker 2: He got sentenced to twenty years. He served seven of

904
00:46:29,320 --> 00:46:31,400
Speaker 2: those and got out in nineteen seventy.

905
00:46:31,080 --> 00:46:33,400
Speaker 3: Two seven on twenty uh huh.

906
00:46:32,920 --> 00:46:36,680
Speaker 2: According to MSN quote. In nineteen eighty, Tino was back

907
00:46:36,719 --> 00:46:39,600
Speaker 2: in prison for a seven year sentence after being found

908
00:46:39,640 --> 00:46:43,160
Speaker 2: guilty of masterminding a scheme that cheated farmers and their

909
00:46:43,200 --> 00:46:47,360
Speaker 2: suppliers out of thirteen million dollars. In nineteen ninety three,

910
00:46:47,640 --> 00:46:51,240
Speaker 2: he scored another seven year prison sentence for using forged

911
00:46:51,280 --> 00:46:53,879
Speaker 2: bank letters to buy a million dollars in pork from

912
00:46:53,880 --> 00:46:55,279
Speaker 2: a Canadian company.

913
00:46:55,160 --> 00:46:57,560
Speaker 3: Back in pork and all the way back to the beginning, all.

914
00:46:57,480 --> 00:47:00,560
Speaker 2: The way and Tino, you know, ninety three.

915
00:47:00,920 --> 00:47:04,200
Speaker 3: So he's like, oh, yeah, once you find you're good

916
00:47:04,200 --> 00:47:05,680
Speaker 3: at something, you gotta stick with it.

917
00:47:06,200 --> 00:47:07,399
Speaker 2: Yeah. He really all he.

918
00:47:07,360 --> 00:47:09,920
Speaker 3: Knows how to do is to cheat on major purchases.

919
00:47:10,200 --> 00:47:13,160
Speaker 2: He passed away at the age of ninety three in

920
00:47:13,239 --> 00:47:19,239
Speaker 2: two thousand and nine. Wow, rip salad oil, swindler king, Dude.

921
00:47:19,080 --> 00:47:21,880
Speaker 3: You expect all this from like, Hey, I want olive oil.

922
00:47:22,239 --> 00:47:24,480
Speaker 3: I'd love that it's in like cottonseed oil.

923
00:47:25,160 --> 00:47:27,440
Speaker 2: So what's your ridiculous takeaway?

924
00:47:28,840 --> 00:47:31,160
Speaker 3: I mean, like you always kind of guess when it

925
00:47:31,200 --> 00:47:34,120
Speaker 3: comes to these big contracts, like, oh, it's kind of shady,

926
00:47:34,160 --> 00:47:37,560
Speaker 3: it's hanky. There's people who are doing corruption, but like

927
00:47:38,160 --> 00:47:41,239
Speaker 3: this scale that he went for where he's controlling the

928
00:47:41,280 --> 00:47:43,480
Speaker 3: whole market, the arrogance, and he didn't think that he

929
00:47:43,520 --> 00:47:47,279
Speaker 3: would be found out. But there are so many people reliant.

930
00:47:47,480 --> 00:47:49,920
Speaker 3: Like when I made the joke earlier about Sam Altman,

931
00:47:50,400 --> 00:47:53,920
Speaker 3: it's because when you start hyping a market and everyone's

932
00:47:53,960 --> 00:47:56,480
Speaker 3: listening to you as the major player in the market.

933
00:47:56,600 --> 00:47:58,359
Speaker 3: There's gonna be a lot of people who are gonna

934
00:47:58,400 --> 00:48:00,360
Speaker 3: like question you. A lot of journalists are gonna be

935
00:48:00,360 --> 00:48:02,480
Speaker 3: looking for stuff, a lot of regulators. It's just you've

936
00:48:02,520 --> 00:48:04,680
Speaker 3: increase the amount he should have Like not that he

937
00:48:04,680 --> 00:48:07,279
Speaker 3: should have gone smaller, but you think it he would

938
00:48:07,320 --> 00:48:09,400
Speaker 3: be a little more savvy. And they kind of like,

939
00:48:10,000 --> 00:48:12,040
Speaker 3: I don't know, like have some of it be real?

940
00:48:12,200 --> 00:48:14,000
Speaker 3: You know, like yeah, like there's got to be it

941
00:48:14,000 --> 00:48:17,360
Speaker 3: can't be that. It's it's all just whatever sea water

942
00:48:17,440 --> 00:48:18,799
Speaker 3: and a little bit of oil on the top.

943
00:48:18,880 --> 00:48:21,239
Speaker 2: You're right, there's too much of a chasm between what

944
00:48:21,560 --> 00:48:23,520
Speaker 2: was possible and what he was promising.

945
00:48:23,600 --> 00:48:26,960
Speaker 3: There's like nothing you couldn't I understand. Like he made

946
00:48:27,000 --> 00:48:29,880
Speaker 3: the mistake with the futures and Opus day and all that,

947
00:48:30,040 --> 00:48:32,560
Speaker 3: but he was doing that for decades. Is like, bro,

948
00:48:32,760 --> 00:48:35,120
Speaker 3: come on, like quit while you're ahead at some point,

949
00:48:35,320 --> 00:48:37,160
Speaker 3: exactly what yours a particular takeaway?

950
00:48:37,600 --> 00:48:39,040
Speaker 2: While you're ahead at some point.

951
00:48:38,800 --> 00:48:39,840
Speaker 3: You take mine? What's yours?

952
00:48:39,880 --> 00:48:42,960
Speaker 2: That's my took it? Wow, it's my takeaway now.

953
00:48:42,920 --> 00:48:46,600
Speaker 3: Yeah, my grandma gave me that takeaway.

954
00:48:47,600 --> 00:48:52,160
Speaker 2: I would like a talk back, I think, Oh.

955
00:48:53,960 --> 00:48:54,719
Speaker 3: My god, I.

956
00:48:58,560 --> 00:49:07,360
Speaker 6: Love Hi. Mandy from Canada. Here. Whenever Elizabeth mentions Regina

957
00:49:07,400 --> 00:49:10,680
Speaker 6: corn Tower, I'm reminded of driving across Canada with my

958
00:49:10,800 --> 00:49:14,000
Speaker 6: husband and stepson, and twenty odd years ago, we've made

959
00:49:14,000 --> 00:49:17,640
Speaker 6: it to Saskatchewan, stopped for gas and after paying, I

960
00:49:17,680 --> 00:49:19,520
Speaker 6: told my husband the clerk said it would be about

961
00:49:19,520 --> 00:49:23,520
Speaker 6: another two hours to get to Regina. At this moment,

962
00:49:23,600 --> 00:49:27,240
Speaker 6: my five year old stepson, said Mandy in a shocked voice.

963
00:49:27,640 --> 00:49:31,960
Speaker 6: I calmly told him, I said, Regina, not Vagina.

964
00:49:32,840 --> 00:49:32,880
Speaker 2: Ha.

965
00:49:34,880 --> 00:49:35,279
Speaker 4: I like that.

966
00:49:35,360 --> 00:49:38,759
Speaker 3: The boy knew all the proper terminology, you know, teach

967
00:49:38,800 --> 00:49:40,480
Speaker 3: a kid physiology.

968
00:49:39,960 --> 00:49:44,719
Speaker 2: That's right, the proper is amazing. Oh my goodness, that's

969
00:49:45,000 --> 00:49:50,279
Speaker 2: all Regina Regina Vagina. Uh. That's it for today. You

970
00:49:50,320 --> 00:49:53,360
Speaker 2: can find us online at Ridiculous Crime dot com. Now

971
00:49:53,480 --> 00:49:54,560
Speaker 2: we've been winning a lot of.

972
00:49:54,520 --> 00:49:56,640
Speaker 3: Awards lately, nobody's getting nominated.

973
00:49:57,120 --> 00:49:59,759
Speaker 2: But things have taken a turn for the worst. Oh no,

974
00:50:00,440 --> 00:50:06,040
Speaker 2: we were recently given detention in mister de Wolfe's science class,

975
00:50:07,280 --> 00:50:12,479
Speaker 2: and so it's iss in school suspension. OK, but art

976
00:50:12,480 --> 00:50:15,400
Speaker 2: we got we gotta, you know, turn this ship around, Saren,

977
00:50:15,680 --> 00:50:16,960
Speaker 2: you know, straight up and fly right.

978
00:50:17,080 --> 00:50:18,759
Speaker 3: Was it for us or for the website and for

979
00:50:18,800 --> 00:50:19,840
Speaker 3: the just for the website.

980
00:50:20,200 --> 00:50:23,719
Speaker 2: Goodness just for the website. We're also at Ridiculous Crime

981
00:50:23,760 --> 00:50:26,840
Speaker 2: on both Blue Sky and Instagram. We're on YouTube a

982
00:50:27,000 --> 00:50:31,640
Speaker 2: Ridiculous Crimes pod. Email us at Ridiculous Crime at gmail

983
00:50:31,640 --> 00:50:34,600
Speaker 2: dot com. Leave us a talk back on the iHeart

984
00:50:34,600 --> 00:50:44,320
Speaker 2: app reach out. Ridiculous Crime is hosted by Elizabeth Dutton

985
00:50:44,360 --> 00:50:47,680
Speaker 2: and Zaren Burnett, produced and edited by the Avocado Oil

986
00:50:47,800 --> 00:50:52,840
Speaker 2: King of Atlanta Dave Cousten, starring Annals Rutgers. Judith Research

987
00:50:52,960 --> 00:50:56,040
Speaker 2: is by One Thousand Island Kingpin Marissa Brown. The theme

988
00:50:56,120 --> 00:50:59,640
Speaker 2: song is by Ranch Magnet Thomas Lee and Green Goddess

989
00:50:59,640 --> 00:51:04,280
Speaker 2: Traffic Travis Dunn. Post wardrobe is provided by Botany five hundred.

990
00:51:04,400 --> 00:51:08,719
Speaker 2: Guest hair and makeup by Sparkleshot and mister Andre. Executive

991
00:51:08,760 --> 00:51:13,200
Speaker 2: producers are Ben Mayonnai's is a Legitimate Salad Dressing Bowlin

992
00:51:13,440 --> 00:51:16,920
Speaker 2: and Noel Heck Mayo is just Legit Full stop.

993
00:51:17,120 --> 00:51:28,320
Speaker 4: Rounds Crime, Say It one More Times Crime.

994
00:51:29,360 --> 00:51:32,759
Speaker 1: Ridiculous Crime is a production of iHeartRadio four more Podcasts.

995
00:51:32,840 --> 00:51:36,000
Speaker 1: My Heart Radio visit the iHeartRadio app, Apple Podcasts, or

996
00:51:36,040 --> 00:51:37,800
Speaker 1: wherever you listen to your favorite shows.