Word: soybeans
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...bucket trade," in which a broker slices an extra profit margin by buying a contract from a confederate at a bit more than the going price in the pit, or selling one for a bit less. For example, if a customer asks the broker to sell a soybean contract of 5,000 bushels and the market price is $7.50 per bushel, the crooked broker may sell the contract to a colleague for $7.40. That gives the colleague a discount of 10 cents per bushel, or $500, some of which he kicks back to his partner. The customer probably cannot challenge...
...well. Two feds working the Board of Trade solicited stories about illegal trades by throwing lavish parties in their high-rise apartments and by joining the posh East Bank Club, a gym popular with commodities brokers. One agent who called himself Richard Carlson claimed that he specialized in soybean contracts and was a native New Yorker; the other, who called himself Michael McLoughlin, said he worked the Treasury- bond pit and was from Florida. "Both were nice guys, pleasant, friendly," recalls a trader. "Now that I think of it, they asked an awful lot of questions, but I thought...
Harvard Dining Services puts up fuschia neon warnings to students not to eat dining hall food because it contains all the health hazards recounted on its bulletin boards last year. Business at Elsie's and Tommy's Lunch skyrockets when the restaurants start using unsaturated soybean oil on their grills and selling oat bran muffins...
...extend the shelf life of products. But they are also high in saturated fat, the prime booster of blood-cholesterol levels. Coconut oil contains 92% saturated fat, palm-kernel oil 86% and palm oil 51%. In comparison, the damaging fat makes up only 27% of cottonseed oil, 15% of soybean oil and 13% of corn...
...manufacturers targeted by Sokolof are revising their products, they all insist that the changes were long in the works. Says Joseph Stewart, a vice president at Kellogg, which in December began replacing the coconut oil in its Cracklin' Oat Bran cereal with a blend of cottonseed and soybean oil: "It would be impossible to do the R. and D. and change our ingredients overnight." But he concedes that "Mr. Sokolof did create a sense of urgency for us to move faster...