Word: wall
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Dates: during 1960-1969
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...Wall Street uncomfortably watched the steady spread of one of the worst scandals in its history-the kind that so far disturbs the professionals more than the outsiders. The facts were bad enough: a $90 million brokerage house liquidated, companies defrauded and a long string of creditors and victims left to sort out maneuverings that may cost them well over $100 million (TIME, Nov. 29 et seq.). But one question most fascinated the Street: What had happened to millions of pounds of vegetable oil that either never existed or were somehow spirited away from a huge tank farm...
...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...
...name, and if the customer signs a "hypothecation agreement"-as he is frequently asked to-the broker has the right to borrow from banks on his stock. Anyone can refuse to sign the agreement and insist that the stock be registered in his own name, but some Wall Street legal experts insist that the safest path for the customer is to 1) pay for the securities and take them home, or 2) if he wants to buy on margin, borrow from a bank instead of a brokerage house...
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...
...usually more expensive than steel. The industry, hit by an economic recession, overcapacity and a cutback in Government stockpiling, has not looked very glamorous since 1958. But rising U.S. wealth has brought back some of the shine to aluminum. Nowadays it seems to be almost everywhere, from towering curtain-wall skyscrapers to a whole new family of seamless, zip-top, snap-top and soft-top aluminum cans. Though profits have not yet kept pace, production is running at 95% of capacity, and shipments have risen 11% so far in 1963, to an annual rate of 3,100,000 tons...