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...Exxon: "It is our belief that we should not buy oil at present high spot market prices." Others do not seem so confident. Last week Royal Dutch/Shell, a major customer of Iranian crude before the ouster of the Shah, was back in the loading queue for a new supertanker cargo at an undisclosed price...

Author: /time Magazine | Title: Energy: Petro-Perils Proliferate | 3/19/1979 | See Source »

Naturally, there can be enormous rewards for anybody who can lay his hands on a cargo of oil that is not locked up by a sales contract. Sometimes operating out of telephone booths, profiteers have been offering deals on as much as half of Indonesia's total production, which local politicians are said to have got their hands on. Oil cargoes have been sold four and five times while the tanker was still on the high seas, and each subsequent owner has pocketed vast profits. At a dinner of the Institute of Petroleum in London two weeks ago, while...

Author: /time Magazine | Title: Energy: The Hustling Price Gougers | 3/12/1979 | See Source »

...with an eavesdropping bug and a small radio transmitter that constantly signaled its whereabouts. Sepe's next mistake was to boast about the Lufthansa caper to passengers in his car -taped conversations that the FBI found most interesting, especially those with Peter Gruenewald, who worked as a Lufthansa cargo agent...

Author: /time Magazine | Title: Nation: Cracking the Lufthansa Caper | 3/5/1979 | See Source »

While all this was going on, a third suspect in the theft, Thomas DeSimone, 32, was reported missing by his wife. DeSimone has a record of cargo thefts and had just served time for a truck hijacking. The FBI believes he was murdered in a dispute among the thieves over distribution of the Lufthansa loot. New York police are not so sure he is dead. Also thought to be a victim of the gang's dissension was Steven Edwards, 31, an ex-convict whose bullet-riddled body was found in his New York apartment...

Author: /time Magazine | Title: Nation: Cracking the Lufthansa Caper | 3/5/1979 | See Source »

...that the coach who took on Lufthansa's Red Baron was James ("Jimmy the Gent") Burke. The former operator of Roberts Lounge, Burke is a crony of Vario's. Shortly before the Lufthansa robbery, Burke was paroled from prison where he was serving time for a previous cargo caper. So far he has refused to answer questions about the Lufthansa heist. Burke has not endeared himself to reform penologists who urge that convicts be placed in the community to help them readjust to life beyond the walls. He was in a New York "halfway house" for just that...

Author: /time Magazine | Title: Nation: Cracking the Lufthansa Caper | 3/5/1979 | See Source »

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