Word: soybeans
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Embarrassed Bankers. So climaxed the latest chapter in the continuing, incredible soybean scandal-the most prodigious swindle in modern times, reaching out from the grimy waterfront of Bayonne, N.J., and 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...
...Baltimore laid off 1,700 employees after they ran out of raw sugar. Pepsi-Cola closed its Long Island City bottling plant. Grain exporters estimated that they lost $250 million of January shipments. Cargill Inc., the nation's largest grain exporter, closed elevators in four states, and two soybean plants shut down in Decatur...
Versatile Soybean. Yankee salesmanship is changing many eating and cooking habits around the world. U.S. promoters have introduced the doughnut to Africa and Asia, spread the benefits of milk to the Middle East and Latin America, made wheat a popular substitute for rice in the Japanese diet. They have increased grain sales to Italy by showing Italians how to mix American wheat into their pastas, amazed European housewives (many of whom now work and have less time to cook) with packaged mixes that produce effortless cakes, pies, mashed potatoes, cheese dips and even pizzas. One of the fastest-growing exports...
...resist the temptation to rush in, demand your sunflower seeds and exit. This is no seedy establishment, you will concede. Yeasts, soybean powders, raw sugars, dried fruits, honeys, extracts, gums; and syrups of all kinds will demand your attention. (On Cottage Grove Avenue near 63rd Street in Chicago, a "Hindu Incense" shop sells tonics of lion's blood and iron and 80 percent alcohol, powders to remove odors and demons, candles and incense and totems and icons...
...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 was enough to start the avalanche...