Harry Stebbings

@HarryStebbings ↗

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Last Checked March 7, 2023

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Sun Dec 11 23:05:31 +0000 2022

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Harry Stebbings @HarryStebbings

In 1963, Amex almost shut down because of a salad oil scandal. Yes, a salad oil scandal. So Amex had a subsidiary providing loans to warehouses in exchange for collateral in physical inventory. Little did they know, the system could be tricked... — PolitiTweet.org

Posted Dec. 11, 2022

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Harry Stebbings @HarryStebbings

How Warren Buffet turned a seawater and oil scandal into his entry point for investing in Amex. This is the wild story 👇👇👇 — PolitiTweet.org

Posted Dec. 11, 2022

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Harry Stebbings @HarryStebbings

A company called Allied led by Anthony De Angelis tricked the system and put sea water instead of oil into barrels to raise debt from Amex. Amex believed this "inventory" was worth $150M but the true value... $6M. — PolitiTweet.org

Posted Dec. 11, 2022