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The salad oil scandal, also referred to as the soybean scandal, was an American major corporate scandal in 1963 that caused over $180 million ($1.79 billion today) in losses to corporations including American Express, Bank of America and Bank Leumi, as well as many international trading companies. [1]
Anthony "Tino" De Angelis (November 3, 1915 – September 26, 2009) [3] was a Bayonne, New Jersey, commodities trader who dealt in vegetable oil futures worldwide.. In 1962 De Angelis' company, Allied Crude Vegetable Oil Refining Corporation, bilked 51 banks out of over $180 million ($1.85 billion today) in what became known as the salad oil scandal after he failed to corner the soybean oil ...
You probably remember BP p.l.c. (NYSE:BP)'s Gulf of Mexico oil spill scandal from 2010. A BP executive told the public that only 5000 barrels of oil per day is leaking into the Gulf whereas ...
The United States is not a member of the IOC, and the US Department of Agriculture does not legally recognize its classifications, such as extra-virgin olive oil. In October 2011, the United States adopted new olive oil standards, revising those that had been in place since 1948, which affected importers and domestic growers and producers by ensuring conformity with the benchmarks commonly ...
What became known as the Salad Oil Scandal of 1963 left major banks on the hook for an adjusted $1.5 billion in bad loans.
A lot of supermarket olive oil brands are disappointing, but even the olive oil snobs among us liked Bertolli. Their extra virgin olive oil is rich and full bodied, adding a bold fruity flavor to ...
Some controversy emerged in 2010 when Bertolli Extra Virgin Olive Oil was identified as one of the olive oils mislabeled as extra virgin in a study by University of California, Davis. [3] In May 2014, a complaint was filed by 7 persons in the United States District Court "against Deoleo, USA and Med Foods, Inc", two subsidiaries of Deoleo, S.A. [4]
[3] [6] Krinos was also found in 1990 to be selling a banned dye for Easter eggs, and in 1997 to be selling mislabeled cooking oil. [3] [19] [20] In 2005 an investigation by WABC reported on by ABC's Good Morning America showed that some of the company's extra-virgin olive oil contained cheaper ingredients. [3] [19] [20]