Word: haupt
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...presumably knew the answer-Anthony DeAngelis, 48, the president of the bankrupt Allied Crude Vegetable Oil Refining Corp.-clammed up. Allied set off the whole mess through its headlong speculation in vegetable-oil futures, and its failure to meet margin requirements brought down Wall Street's venerable Ira Haupt Co. Last week pudgy "Tino" DeAngelis, a onetime foreman in a New York hog-processing company, walked into a New Jersey courtroom crowded with 50 law yers who hoped for some answers. To the exasperation of all, DeAngelis took the Fifth Amendment 58 times in re sponse to questions...
Shock Waves. Tino DeAngelis is an unforthcoming fellow who lives in a modest home in The Bronx, but his name has sent shock waves traveling across the U.S. and even overseas. The London stock market fell last week on news that some London banks had put money into Ira Haupt, and others into British companies that contracted for large amounts of oil from Allied. In Manhattan the brokerage house of J. R. Williston & Beane, which lost heavily in its dealings with Allied, had to be merged into the stronger Walston & Co. And in Chicago, authorities refused an operating license...
Since the death last summer of 74-year-old Ira Haupt, who founded the brokerage house 36 years ago, Haupt's new, young managers (the senior partner is 36) have been eagerly trying to expand business. They grabbed at the chance to handle Allied's trading after it had been judged too risky by another broker. Allied President Anthony DeAngelis, out to make a killing in cottonseed and soybean oil futures, almost cornered the futures market; but he built on such a fragile debt structure-with the low-margin help of Haupt that a slight drop in price...
Looking Ahead. In one of the first steps of Haupt's liquidation by the Stock Exchange, Bache & Co. last week bought three of Haupt's Manhattan branch offices and another in Denver, and is negotiating for more of Haupt's 14 branch offices. It was the first liquidation of any member firm by the Stock Exchange, and Wall Street did not like the feel of it. The Street is already looking ahead to minimize the chance of any future failures among brokerage houses. At week's end the Exchange appointed two top-level committees...
...case involving outright fraud, which is not so far involved in the Haupt case, the Exchange in 1960 reimbursed $797000 to customers of Boston's DuPont-Homsey...