Warren Buffett’s Biggest Bet | The Salad Oil King | 1
Business Movers
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The Great Salad Oil Swindle
Investigation by american express and government agencies revealed that over the years, tino had overstated his company's vegetable oil assets by hundreds of millions of pounds. Tino would be sentenced to ten years in prison for his crimes. But he wasn't the only one who paid the price. The investment firm houtand company was forced to pay over 18 million dollars to investors and creditors - they were suspended from trading on the new york stock when they fail to pay their debts. Many believed american express would never recover.
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