Wall Street: $19 Million in the Hole

Tony DeAngelis, a onetime butcher, made himself a wealthy man by steering his New Jersey-based Allied Crude Vegetable Oil Refining Corp. in and out of quick trades in the risky commodities futures market. Then DeAngelis thought he saw another chance for a fast fortune in soybean and cotton-seed-oil futures. If the Soviet bloc wheat crop failed, he reasoned, other farm products, including vegetable oils, must have suffered as well; and as soon as the Red nations had signed their wheat purchase contracts in the U.S., they would be back bidding on oils and other U.S. produce. DeAngelis bought $150...

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