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

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

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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

When Amex discovered the scam, this left a massive hole in their finances and their stock dropped a whopping 50%. Amex investors were left scrambling for the exit. — PolitiTweet.org

Posted Dec. 11, 2022