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Salad Oil King; Stories of greed gone mad. Scam # 38.
How a high school dropout brought American Express to its knees.

Alfonso “Fonso” Gravenese’s vegetable oil company became a business darling on Wall Street. To add credibility, American Express Bank made numerous secured loans against the company’s growing inventory.

Unbeknownst to all but a few, Fonso AKA the Salad Oil King filled 90 percent of 128 massive storage tanks along the New Jersey Turnpike with saltwater, twigs, and such. You can imagine the surprise on the faces of the Amex auditors and executives when they discovered they were about to go out of business because of a lack of liquidity. The market panicked and the stock price of the venerable brand dropped to four dollars.

Enter a little known, young investor from Omaha Nebraska, Warren Buffet. He bet the ranch. Bought the stock, helped turn around the company and made hundreds of millions in the process. The rest is investment history.

The Salad Oil King is the remarkable story—based on a true story—of how a streetwise, unscrupulous high school dropout eventually bilked the American government out of $13 billion before anyone even noticed. It is a classic American crime story of greed gone mad.

DATE: Oct.28.2019 | CATEGORY: My Books

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