Word: expression
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Dates: during 1960-1969
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...involving big commodities dealers in Buenos Aires, recipients of U.S. foreign aid in Karachi, and a numbered bank account in Zurich. Sixteen companies have been bankrupted. Eleven firms controlled by De Angelis have gone under, as have two respected Wall Street brokerage houses and one subsidiary of American Express Co. Embarrassed bankers from London to San Francisco have been taken for many millions. So have De Angelis' customers, notably the Isbrandtsen Shipping Line, and such worldwide commodities dealers as Continental Grain Co. and the Bunge Corp...
...that very time was making headlines for having passed off similarly spurious paper for nonexistent ammonia tanks, the bankers and brokers never bothered to check up on De Angelis' tanks. Nor did they question De Angelis' warehouse receipts, because Tino had them signed by officials of American Express...
...sense, American Express got mixed up with Tino in an effort to spur sales of its famous travelers' checks. Back in 1944, the company figure J that it could induce bankers to push the checks by performing a service for them. A subsidiary, American Express Warehousing, would store, inspect and vouch for the oil that commodities dealers commonly used as collateral for their bank loans. It was a rewarding business-De Angelis paid American Express Warehousing up to $20,000 a week-but terribly risky. If anything went wrong, Amexco's subsidiary was responsible for making good...
Conflicts & Claims. There was no shortage of losers. Among the many firms still tied up in knots of litigation: - The banks: They have filed towering claims against American Express Warehousing, contending that it must make good the oil that its subsidiary vouched for. The Morgan Guaranty Trust Co. claims $3,273,000, the Bank of America $11.4 million, Chase Manhattan $17 million, and Continental Illinois $34 million...
...brokers: D. R. Comenzo Co., a firm that handled some of De Angelis' futures' trading, has been reorganized under the Bankruptcy Act, owes about $8,000,000 to various banks, is struggling to pay off. Hapless Ira Haupt faces claims of $38 million, has itself sued American Express for $52 million...