How One Man With a Hose Nearly Destroyed Wall Street

Name: How One Man With a Hose Nearly Destroyed Wall Street
Uploaded: 2025-08-11T15:09:30+00:00
Channel: Fine Print

News & Politics8/11/2025

Fine Print

Description

He Fooled Wall Street With Fake Oil — It Was Just Water Picture this: You convince the biggest banks in America to lend you millions using ships full of "salad oil" as collateral. Except there's no oil — just seawater with a thin layer of vegetable oil on top. It sounds like a rejected comedy script, but it's exactly what Anthony "Tino" De Angelis pulled off in the 1960s. This is the story of the Great Salad Oil Swindle — a fraud so simple, so audacious, it nearly brought down Wall Street. We're talking $180 million in losses (nearly $2 billion today) that exposed how greed and willful ignorance can make even the smartest financial minds fall for a scam a child could have spotted. What you'll discover: 🛢️ How Tino fooled inspectors with a few feet of real oil over seawater 🏦 Why American Express and 50+ banks never bothered to look deeper 💰 How the same oil got moved between tanks to multiply its "value" 📉 The market crash that exposed 94% of Allied's "oil" was fake 🎯 How Warren Buffett turned the disaster into his fortune The most infuriating part? While Tino was a butcher from the Bronx running a scheme with garden hoses and dinner parties, Wall Street's finest got completely played. They were so blinded by easy profits, they forgot to ask the most basic question: "Is this oil actually there?" This scandal forced real changes in financial auditing, but honestly — how many modern "assets" are built on equally shaky ground? #SaladOilSwindle #WallStreetScandal #AnthonyDeAngelis #CorporateFraud #AmericanExpress #WarrenBuffett #FinancialScandal #1960sScam #CommoditiesFraud #InvestigativeJournalism #FinePrint