Inside Baseball with Old Chestnut

[Inside Baseball with Old Chestnut @MarketsWithMB]

One Last Time, For Old Time’s Sake: https://t.co/PlTTCphbRo

[David Zervos @DavidZervosDC]

Honored to begin serving as Counselor to @SecScottBessent - There is no better place to start than under Hamilton's watchful eye. Grateful for the trust. Let's get to work. 🇺🇸

[Rich Handler @HandlerRich]

I could not be prouder of @Jefferies very own @jefmacrostrat for joining the US Department of the Treasury as Counselor to the Secretary.  The markets are complicated at this important moment in time and there is no doubt that David Zervos’s experience and perspective will be of great service to the USA.  Get to it David and all your colleagues and clients from Jefferies are counting down the 130 days until you return.  #Country first, always.

https://t.co/198MSfiN1s

[Inside Baseball with Old Chestnut @MarketsWithMB]

MB loved this story.

[Aisar @aisarcore]

A Bronx butcher filled giant tanks with seawater, floated a thin layer of oil on top, and convinced 51 banks including American Express that he owned $1.9 BILLION pounds of salad oil. He owned 110 million. The fraud collapsed on the same day JFK was assassinated. Warren Buffett made more money from it than the man who ran it.

– Anthony "Tino" De Angelis grew up in the Bronx and left school young.

– He built a soybean oil refinery in Bayonne New Jersey and by 1962 was handling 75 percent of all US soybean oil exports.

– To borrow money he needed physical inventory. Banks would inspect it and lend against it.

– Oil floats on water. Tino knew this.

– He filled his storage tanks, some as tall as five storey buildings, almost entirely with seawater and added only a few feet of oil on top.

– When American Express inspectors arrived they lowered weighted tape measures into the tanks. The tapes came back coated in oil. The tanks appeared full. Everyone signed off.

– His crew also built hidden metal cylinders inside certain tanks directly below the inspection hatch so the tape only measured oil and never reached the water below.

– When inspectors wanted to check the same tanks twice his crew used hidden pipes to pump the same small amount of oil from tank to tank so it was always at the top wherever they looked.

– American Express vouched for all of it. 51 banks lent against the receipts. Chase Manhattan. Bank of America. Procter and Gamble. Everyone was in.

– By 1963 De Angelis had filed receipts claiming 1.9 BILLION pounds of salad oil.

– The US Department of Agriculture confirmed the entire country only produced 110 million pounds.

– Nobody checked.

– The market crashed in November 1963. Allied Crude filed for bankruptcy. Two Wall Street brokerages collapsed. American Express took a $58 MILLION hit.

– On November 22 1963 while investigators were still untangling the fraud President Kennedy was assassinated. The New York Stock Exchange closed 83 minutes early because of both.

– De Angelis served seven years. Walked out and immediately ran the same fraud again using hogs instead of oil.

– Warren Buffett bought 5 percent of American Express after its stock collapsed for $20 MILLION. It became one of his most famous investments.

A Bronx butcher fooled 51 of the most powerful financial institutions in the world with seawater and a layer of oil. Served seven years and did it again for the second time.

[Red on the day @red_on_the_day]

@ConsensusGurus @MarketsWithMB

[George @geo_fed]

@MarketsWithMB still miss the man and this podcast- you we also very good. every once in a while, especially so.

[stack owl @stackowl]

@MarketsWithMB He’s having his chortling chuckle I’m sure. Miss hearing him 😢

[Mitch @CTington]

@MarketsWithMB would have love to hear old Chestnut right about now

[kruthy @kruthy]

@MarketsWithMB "10s-2s" 😆. I sure do miss those weekly lessons.

[Inside Baseball with Old Chestnut @MarketsWithMB]

Fuck it, for old times sake:
An Irish wake for my Jewish friend.
https://t.co/EIPnvhnxDb

[Mostlycharts @mostlycharts]

@MarketsWithMB What gift your pod gave the world. I listened every week. There will never be another like him.

[Inside Baseball with Old Chestnut @MarketsWithMB]

I’ve got Lloyd on the microphone, juniors doing centerfolds?
GS is in shambles, get DJ D-Sol on the 1s and 2s IMMEDIATELY

[Samantha LaDuc @SamanthaLaDuc]

When you get Lloyd Blankfein of $GS warning
"I smell a crash coming" and now Point72 David Rosen saying private credit is a fraudulent bubble... all within 24 hrs of each other... I dunno.
Wall Street seems ... nervous.

[Inside Baseball with Old Chestnut @MarketsWithMB]

Where is MB when I need him most?

[New York Post @nypost]

Baby-faced Goldman Sachs bankers could be fired over 'unauthorized' magazine photo shoots: sources https://t.co/BOalApw5uw

[Inside Baseball with Old Chestnut @MarketsWithMB]

🧐

[Red on the day @red_on_the_day]

@SquirrelMacro @MarketsWithMB

[Inside Baseball with Old Chestnut @MarketsWithMB]

I like to think he’s up there somewhere with his forty thousand foot view, turning the map around.
🫡

[BlindSquirrelMacro @SquirrelMacro]

At times like this, I miss @MarketsWithMB

[BlindSquirrelMacro @SquirrelMacro]

At times like this, I miss @MarketsWithMB

[M C @MostlyBitter]

@MarketsWithMB Between this and gold rocketing past $5k you and MB are ringing in my ear holes. Stay warm up there eh.

[Inside Baseball with Old Chestnut @MarketsWithMB]

You don’t say.

[Gotham City Research @GothamResearch]

Carvana: Bridgecrest and the Undisclosed Transactions and Debts
- Last year: both @HindenburgRes and @RealJimChanos lamented at the limited
transparency into $CVNA related parties, DriveTime and Bridgecrest.

- Last week: $CVNA refused to release financial details about DriveTime in a closely watched lawsuit against Carvana and its executives, alleging they carried out a fraudulent “pump and dump scheme”

- TODAY: We are releasing the DriveTime 2024 Annual Report and the GoFI LLC Annual Report we obtained via Freedom of Information Act request, along with our report.

for our full report, DriveTime's 2024 Annual Report, and GoFi LLC Annual Report
visit here: https://t.co/OhCijj2EzG