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  "documentTitle": "Valeant Pharmaceuticals International (VRX)",
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  "authorName": "William Ackman",
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      "text": "AmEx’s Warehousing Division, a relatively new business line, made loans to a company called Allied Crude Vegetable Oil Refining Corp. run by con-man Anthony “Tino” De Angelis",
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      "text": "De Angelis had previously swindled the government under the National School Lunch program, and went bankrupt",
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      "text": "AmEx’s security was Allied’s inventory of soybean oil stored in large tanks, valued at more than $150 million (~$1.2 billion in 2015 dollars). De Angelis’ claimed inventory exceeded the entire U.S. inventory of soybean oil as reported by the Department of Agriculture",
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      "text": "AmEx was known for its highly profitable, growing businesses in credit cards and travelers checks. AmEx had a healthy franchise which was growing robustly, with revenues and operating income growing over the prior decade at 12% and 11% CAGR.",
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      "text": "The tanks were filled with water topped off with a thin layer of oil. When plumbed with a dip stick, the tanks appeared to be full of soybean oil",
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      "kind": "title",
      "text": "The Great Salad Oil Scandal of 1963",
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