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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...
Newcomers. If the stockholders were learning a few lessons about Wall Street, so were the partners in the 36-year-old firm of Ira Haupt, who, as things are now, stand to lose everything they have. For the most part young (in their 30s) and relatively inexperienced, they allowed themselves to be taken in by Allied in their aggressive push to win new business. A third of them have been with the firm only a few months, and some of them have put into it as much as half a million dollars. But no matter how recently they joined, they...
...hapless investors the mistake of one of the members of its club. After four feverish days of consultation, Exchange officials and a group of top brokers agreed to set up a $12 million fund to pay back almost immediately the losses suffered by the customers of Ira Haupt & Co., which was suspended from trading after its biggest commodity customer went bankrupt, leaving the firm with debts that by week's end had mounted to more than $24 million (TIME, Nov. 29). In so doing, Wall Street set a precedent of considerable importance: while it takes no more responsibility than...
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...