Episode Transcription

Hey, man. What's up? Happy to be here, man. Good. You see the joy in my eyes? Yeah, I can't actually. It's funny. I'm just so stoked. Can you see the joy in my eyes? Yeah. Have you ever heard of the salad oil scandal? This, there's no way there's enough for a full episode about salad oil. Yeah. Salad oil, the salad oil scandal? Yeah, yeah, yeah, yeah, yeah. I, okay, hold on, can I guess what this is? Yeah, go for it. I mean, I want to guess, when I think of salad oil, I think of how at church camp, they had a salad bar. And when I look back at that, I shouldn't have trusted the lettuce from church camp. You know what I mean? Yeah. Yeah, you can't trust lettuce anywhere now. But church camp back in the day, you did a really good job. Especially not from church camp. I have no idea what. Well, let me ask you this. We already did that food influencer lady, right? Who had that whole restaurant that was like, it was fake vegan or whatever. She was like, she was in the field. Okay, not related to that. That might be a related episode, kind of. Interesting, okay. Let me ask you this. Have you heard of Anthony DeAngelis ran, or Anthony DeAngelis? Also known as, also known as Tino. Tino? Oh, gosh, you should've just said Tino, right? I don't Tino. Yeah, oh, I don't Tino. Oh, all right. Well, let's get into it. Sure. Yeah, but you can afford it when you're jacked. Like smoking cigarettes to maintain. Seven in a person. But pump the, you don't make a hot anymore. See, you're having a lot of to put your mouth on. That was, that was like the highlight of my PE class. Things I learned last night. Hey, if you're watching this episode, you might notice I've done something new with my appearance. Oh, no. Oh, no, is that what this is about? And you might have noticed that Jared is blindfolded if you're watching. If you're listening, here's the thing. Jared, I'm gonna let you take the blindfold off, but before you do, I need you to know. Do not describe anything. I just want this to be something. If you're listening, you need to go back and watch because there's no way to describe what's happening. There's no way to describe what you're gonna see. I'm really nervous now. Okay, so I'm gonna take this off. You've done something to your appearance. Yeah, I've been exploring new options. Oh no. Okay, I'm good. Yeah, yeah. All right. This was worth it for you, this was for you. I was gonna look the wrong way, it's a bit in the middle of the air, and I'm like, wait. I don't know what you're talking about. Is this a, you know, I don't know what's going on. That's a weird look for you, buddy. Yeah, it's functional. It doesn't mean that to the audio listener is freaking crazy, dude, saying it's functional. Yeah, you can use this afterwards if you want to try. What could that mean? Okay. Here's the thing, dude, Tim has ideas, and he goes, this is going to go viral. He calls me the other day, and he goes, dude, I have an idea that's going to go viral. Tim, this is not, this is not going to go viral. I think it is. I think it is. Also, I can't wait for the clips. You're not in. It's just me back and forth with the laughing thing. Okay. Do you want to continue the episode like this? 100%. I just want to run the whole, I want to do a full episode like this. Yeah, I want it. Am I supposed to look at you? Yes. Yes. There's no. No. Come on. Okay. When you say it's fully functional, I took out the centerpiece because it was the weight was a little weird. Yeah. I just see it. I see that there's a tongue in there. No. Is it a CPR dummy? I did. Have you put your mouth on it? I have not. I have this thing CPR. I haven't tested it out yet. Where did you get? What is it? Yes. Okay. Where did you get the, is there a camera on you at all? No. Yes. I'm sitting right next to you. Okay. No. So this was a Facebook ad that I was like, hey, this would be funny. I bought a new laptop. He had to have a laptop. I was going to say it's on recovery mode. Did you do that on purpose? No. My laptop is over here. My laptop is over here. Yeah. I just switched it to it. Okay. But it is on recovery mode. This laptop is not functional. Yeah. It's a new laptop. I bought it for the bit. All right. Let's see. No. Don't actually do anything on that. Oh. Oh, I'm not allowed to do viral bits. I think it would be really funny if I signed into this laptop and you're unable to, and now it's claimed on my iCloud account. I think that would go viral. I think that will go viral. So dumb. We're going to do this for the whole episode. Yeah. That's funny. Okay. All right. Can I have that Celsius at least? Yeah. Yeah. Yeah. Have Alex Brandoble so you're not on camera. I'm joking. Tim, bring it up. All right. So you're laughing at the fact that all of the social media clips for this episode are going to be, we're going to do a dummy. Okay. Tim, you know that I'm the one who looks crazy. Okay. Oh man. Okay. So the salad oil scandal. Yeah. Yeah. I think it's probably best to start with Tony. Tino. Tino, you're right. You're right. Sorry. Tino. It is weird. His name's Anthony. But he goes my Tino instead of Tony. I don't think that's weird. I don't think that's weird. I wasn't that. Was Tino one of the characters and was that was that uncle, was it uncle Tino? Is that a thing? Tito. Tito. Yeah. Tito means uncle. That makes way more sense. I put it together. I'm looking at Alex right now. Okay. Um, no. He, uh, we've been funny if you brought a curtain. So I couldn't, I literally couldn't see you at all. Yeah. I wanted to find a ways for me to be. Oh, it could have just put you in the other room. Oh, you could have been in the other studio, dude. Oh, that would have been funny. Dang. Funny. Should have thought of that. Yeah. You should have tried this again. This is why you should include me in ideas because. If I'm just not. Because all I did was tell him it was a dumb idea. You did try though. You did try. Okay. Okay. You did. So as long as I'm for YouTube watchers, you're hearing three voices. And it's just me on camera. This one. Well, it's me. I'm on camera. You can see me. My mouth is open. You're here. We're covering a laptop. Okay. Well, okay. So Tino. Yeah. I think I think I can place the start. Yeah. Yeah. I think I just 16. He started working in the meat packing industry. Right. This isn't like the. I think at this point it would have been the 40s, late 30s. Don't touch me. Sorry. That was me disrupting your boundaries. That was really interesting. Hey. I appreciate that. Sorry. My arms don't work right now. No, yeah. I think it's like late 30s. He started working in the meat packing. The age of 16, young guy. And he actually like applied himself to the good job. Starts like excelling through the ranks. Okay. And ends up running his own company called Goble. And Goble is a meat packing company. And in, let me check the year here. Get this year right. In 1946, the United States passed the National School Lunch Act. And you probably heard of this. This is the original. Yeah. I've heard of the school lunch program. Yeah. This is the original legislation that made the school lunch program. I know you went to like a different school. But did you guys didn't have like public school lunch, huh? No, actually. Right. And there were two days that I would actually eat. Because I would usually they bring my food from home or I would go to like the. There was like a, you know, snack bar instead of getting food from the. Oh, yeah. It was pizza day. That little rectangle pizza thing. Yeah. Which now look back, I wouldn't eat that now. That's crazy. Yeah. And then chili crispy dough day. What? Chili crispy dough. Yeah. I have no idea what a crispy dough is. Crispy dough is like, you know, it's like it's beef inside of a little tortilla. But it's like, it's crispy. It's a crispy dough. A crispy burrito. Kind of. Is it a chimichanga? No, no, no, no, no, no, no. It's not like, it's not like a burrito-sized thing. It's like, it's like a. It's a quito. Yeah, but somewhere between a burrito and a quito. Okay. So it's a crispy dough. Got it. And, you know, they put the chili on top. I, you know what I thought actually was I used to eat cans of chili just straight up just, no, no, no, no, no, no, I'm not that crazy. No. Jeez, no. But like I thought about this today. I was on my flight and I was like, oh, maybe I'll stop and get some lunch. And I was like, what can I get for the, if I just eat dinner at the hotel tonight? And I was like, oh, they sell those cans, they sell cans of chili at the hotel. And I used to pull a bowl out, open the can like dog food and go and it would be like shaped like the can. Yeah. And then I would just heat that up and eat it. Yeah. After looking at it, shaped like the, you know what I'm saying? Oh, that's a little crazy. There's just stuff that like I was trying to think before I left today. Oh, that's what I was talking to my wife about is we were talking about not like experimental drugs. That sounds crazy. But like, you know, there's different GLP ones coming out. That kind of stuff. I'm interested. You know, I'm interested if I can keep my muscle mass because I don't know because I mean the audio listener. You can't tell. Tim's a dummy and I'm jazz and, uh, but I don't, I've genuine fear is like, I don't want to go do a GLP one because I, you know, I could probably lose 45, 50 pounds, but I don't want to lose my muscle mass because I am big. And so I was talking about wife about how I would do experimental. She's like, do you think like all these medications are to come out with like, they're going to fix most of the stuff that's wrong with people by the time that we're old? And I was like, yeah. And she goes, aren't you worried about side effects and stuff? And I go, Reagan, the stuff I used to put into my body as a 400 pound guy, I'm not worried about anything for the rest of my life. If I don't know what I, if I survived putting cool ranch Doritos and purple gatorade and a sprite into my stomach at the same, I would put the sprite and the gatorade together because I was athletic. I could, I could do like 64 ounces. I can do, I should try to steroids. Maybe. Yeah. I've been thinking about it. Anyway, I switched from canned chili to steroids is what I'm saying. I've gone a different way. It's a different kind of synthetic material that you're pumping into your system. True. It's interesting to bring this up. I've actually been really dying to talk to you about this, but I've never thought of it when we were talking. Okay. I saw a paper recently that was talking about GLP ones and the impact it has on like, there is a side effect of like anxiety and depression that can happen in some individuals with GLP ones. Yeah. But what they've noticed is that it's balanced out. Well, what they've noticed is that that impact depends on where you're at when you start the GLP one. And so if you are, what do you mean where you're at? Like weight. So if you're overrate when you start the GLP one, then it doesn't have an impact on you don't have the side effect. But if you are at a healthy weight, you don't, that side effect skyrockets. Well, yeah, because you shouldn't be taking a GLP one if you're at a healthy, at a healthy weight. Well, what they said, that's really interesting, is the way it functions, and it's been a minute since I've read this. So I might be a little bit foggy on the details. But I'm sorry. You're right. I got a computer right in front of me. Yeah. Just look it up. Oh crap. It needs to be factory reset. No, the way it works is it's like a dopamine blocker, essentially. And so it's preventing you from getting that hunger hormone. Well, that's the way some of them work. Yeah. Otherwise, that's the thing. It's like some of them work in different ways. Yeah. But yeah, keep going. And so that's one of the parts. That's the other thing. The other thing is like, if you have an addiction, GLP ones are actually like curbing the addiction in other areas, not just in food, but in like smoking, alcohol, other drugs, because of that hormone that it's blocking. But if you're a healthy individual and you have no addictive tendencies, it's just blocking your regular dopamine. Oh, I see. And so if you have some other addiction that's curbing, or if you were overweight and you lost a lot of weight, you are getting a dopamine burst from losing that weight or from the benefits. Yeah. Or from curbing the addiction that you were facing. But if you were already healthy, weren't facing anything, you're having the benefits. And so then because of that, you're just all of a sudden like down in the dots. Yeah. I've actually been considering taking up smoking to lose weight and then going on a GLP warned to quit smoking. That's a good idea, actually. Yeah. Yeah. You're thinking, that's that's chess. That's big brain stuff. I don't want to lose this. I don't want to lose this. You know what I'm saying? I don't want to lose my muscle. I got to start smoking cigarettes to maintain, you know what I'm saying? I got to smoke a bag of marble to maintain my gains. Okay. Anyways, I don't know if I've showed you a picture of Tito yet. No. No. Oh, this is a mafia story. I don't, he looks very mafia. I don't know if he is mafia. He looks very mafia. He looks. He looks. Okay. Okay. Okay. Okay. Okay. The story is 1940. Yeah. When he's working for Goble. Black and white photos. This picture goes really hard. Yeah, dude. Heck. Yeah. I could play this guy if I don't go on a GLP one. You're right. He's short, though. He's very small. You don't have to cut your sleeves out. Yeah. If you don't see the camera. It freaks me out of this corner, I know. By the way. It has. I set this up. It's up. Briang cordial antibus. I've been here all I have been set up all day. It's like in the reflection area, compared to everyone's expectations. It's happened a few times when I've left the room and I came back. and I came back and I'm like, oh, you're here. And it wasn't you, it was, it was dummy me. And this dummy saw all those bits I was doing on the way in. Yeah, yeah, yeah, he did. Dang. Dang. Yeah, that's for this photo, he's wearing like a 19th, I mean, Winston Churchill outfit, you know, the big switch coat with a suit and a tie. Like, this is how men use it. Okay, this is how men use a dress. And here's the thing, women will be constantly watch Victorian era shows, or like they'll read these novels and they'll be like, why can't men dress like this anymore? I want you to seriously think about the last time you saw a person in this time, dress like that. What did you think about him? What did you think about that guy wearing the Fedora? Did you think, oh, he's bringing back old style that I like a lot? Or did you think, this guy's got a yo-yo collection. He can't want to show me, you know? I bet this guy would love to show me all his sharpened swords at his house. This guy has many little pony TVs. This guy's a brony. Yeah, I know the lingo. Yes, I do know what grown men who are into my little pony are called. And don't ask me why. Anyways, so. That's going to go viral. Okay, so Tito, he had this company called Global. Tino. And Global was a meat packing company. Yes. And the United States pushed. How's Global spelled? G-O-B-E-L. Okay, that's fine. And. It's gonna say 1940s tough time. Tough time being global. Throwin' around global. And so the school lunch box came out and he saw this as an opportunity. And he was like, oh, I can get the contract for that. Exactly. And so he went forward and. Okay. Long story short to make a long story short. He essentially just went to the government and overcharged them for the meat. And so he made off of this hold on the meat. Let me see this real quick. Let me scroll up. He made a. A government contractor invoicing the government for more than the product is actually worth. This is a scandal. So he sold them two million pounds worth of meat. And he charged on each like pound. I don't know about each shipment. Tens of thousands more than it was worth. So I don't know exactly how much he made. He extorted the government. Yeah, he was extorting them. He also, and I don't know how he pulled this off. I can't find any details on this. But. Which means he really extorted the public. That's just bad behavior in general. Yeah. You know, I mean, like obviously like extorting someone or like charging way more overcharging is already like unethical. But, you know, some people are like, oh, but it's the government. Take it. You know, and you're like, yeah, but that's you. Well, that's us. We are the government. That's in this country. We are the government. Yeah. And so, and also in this instance, it's the children. It's literally the ceiling from the children. And he also, and again, I don't know how he was doing this, but this was unexpected substandard meat is what this says in quotes in all the articles about it. Unexpected substandard meat. Yeah. And so he was selling kid all this like basically rotten meat. Okay. Hey, one of years later, same problem. So. I mean, what has changed? I actually love this deal. And so. So I should get a puppet of myself. What? And then we, I should get up. I heard that. That's why I was like, why did you interrupt me to say what? Well, I heard what I said. I should get a puppet of myself. Yeah. So that way, this dummy can sit here and then I can just be a puppet. I have for a long time wanted to do an episode. I think we should do with ourselves. If you're going to, if you're willing to drop money on a CPR, dummy, I think we can afford some puppets. I have, I may or may not have contacted puppet builders. Yeah. Yeah. To figure out how much it cost to have them look like us. Yeah. And that's something we need to put some money away each month to save up for. I'm okay with that. Yeah. This is our Dave Ramsey bags. Yeah. This is our envelope. This is our puppet envelope. And every month, we put $25 in that. So. Yeah. And so yeah, if you want us to have, if you want, join us on Patreon, our puppet tier, our puppet tier. That's our puppet tier. Wow. If you want to see that was a really good segue, Tim. I'm glad you brought that up. Yeah. Thanks. Wow. Now back to the story. Hey, we just produced the price of our Patreon to $6.99 a month. That's one price for everybody. You get all the perks. You get the live hangout. You get to join the discord. You get early access. Whichever reason you're joining for, we wanted to make it one price because I hate that everything in the world is going up in price. And so we wanted to make this a little bit more affordable for everyone to do. And so, but also, you know, the other goal is that more of you join it so that we can keep funding the show. I mean, like, what, you know, how do I say that? That sounds like we're poor. And we are. We are. No. But if you can't join us on Patreon, no worries at all. Another way to support the show is by sharing it. Please tell somebody you like the show. And thanks for being here for this episode. If so, so Tino's company, the, the Securities Exchange Commission caught on to what he was doing. And long story short, they faced a bunch of legal problems, ended up going bankrupt. Goal. Yeah. What's really interesting is, I don't know if this was a symptom of the day, or I don't know what it was. But for some reason, goble, or goble closed, goble went, went bankrupt, but dangerous. He was able to just go start another company. So he started up another company called Allied. Sure. And Allied, let's see, Allied was a crude vegetable oil company. So Allied crude vegetable oil refining corp in 1955. And what this was doing in the 1950s, soybean oil boomed. There was a big, big boom in soybeans. And it was such a big deal that even, like Henry Ford was getting in the game. And so it was kind of like, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah. Honestly, the way I get out of the soybean game, I've seen it described like, like if a time traveler ended up in 2009, yeah, someone will be like, you got, you know, a big coin. Yeah, exactly. But if a time traveler ended up in 1947, he'd be like, you got to get on soybean oil. You got to get some soybeans, yeah, yeah, exactly. Yeah, yeah. And so Henry Ford was buying them up all the big, all the big name investors, all the big name people on Wall Street were buying soybean futures. And and soybean, just like giant tanks of soybeans to store off in facilities and places. Because soybeans, we, the reason that's happened is we found a new way to refine soybean oil. And that we found ways that that could be used in a lot of different things. And so there were style of dressings, but there's also people who are returning them into plastics, people who were trying to figure out ways to make them into fuel. And so this was a huge, like economy was coming out of this, this commodity. And so he saw an opportunity here. And what he did is he bought a million pounds of soybean oil, and he, in New Jersey through allied started up a big refinery. And he bought these, these oil tankers. And so this is not his oil tanks, this is just an example I found online, but these huge massive oil tankers. I'm just now realizing that your eyes turning toward the screen are usually my cue to do that. So you were talking and I had to be like, oh, there's an image up there. So just giant oil tanks, because your eyes were closed, I can't open your eyes when you talk. Am I dreaming? I can't open my eyes when you talk. It's a dream. I'm dreaming right now. Yeah, so he got these big things to fill completely with soybean oil, and he got dozens of these tanks. So it's a huge facility, but dozens of these tanks. Yeah. And specifically, the reason he got into this was he found that soybean futures were moving on the market. You understand what a future is? Maybe for the listener. It's a listener to explain the future contract. Yeah, go ahead. Essentially what a future contract does is it allows you to buy and lock in a price for a commodity today no matter what price it hits in the future. And so if say soybean are actually a really good example, earlier today, I went to Quick Trip. It was about lunch, a clock. I went to Quick Trip. It was about lunch, a clock. I went to Quick Trip at lunch, and I filled up my tank. And I noticed when I did this, because here in Francine City, the price that I looked to to say gas is expensive is $4 gallon. If we go over $4, I'm like, oh, dang, we're in the officially expensive area. $4 gallons. $4 gallons. Below anything below $3, I feel good about, but $4 is where I'm like, dang. I live in Los Angeles, California. What are you paying right now? $5.80. Dang. That's brutal. Yeah. But I. Yeah. But you can afford it when you're jacked. And full of soybean oil, dude. Actually, my Honda Civic runs on soybeans. Oh, there you go. Yeah. So when I went at lunch time, it was literally like right at noon. I filled up my tank, and it was $357 gallon. Went home, ate some lunch, got some work done, left at about, left at about two o'clock. Yeah. And I drove by that same Quick Trip, and it was $4.29 a gallon. It jumped 70 cents. Uh, no, that's like a little over 30. It jumped 30 cents. Yeah. What say the numbers again? It was, uh, let's play it back. You're right. I said the wrong thing. Am I crazy? Am I crazy? Because he said $357 earlier. I've had $3.97. He went $357. I did say $357. I was thinking of the $357 magnum. No, you don't. I did say $357. But I was thinking of the $357 magnum. No, you don't mediate. It jumped 30 cents. And uh, you guys gotta know that this, this, this happens way more when we're just on the phone. Well, Jared usually says dumb things. Jared doesn't say dumb things. That's not one of Jared's attributes. And you're building your character says dumb things a lot. That's one of the choices. Why is this a choice? Yeah, he just doesn't know. No, it was $397. $397. 12 by two hours later. Still. Still. Still dramatic. Yeah, a huge jump. 32 cent increase. Yeah. And so if I was buying a futures contract and I was like, I'm not going to buy gas right now. But I may need gas in the future. I could buy a future contract. $397. Maybe $397 rate. Probably should have tried to get it when it was $357. That was a better deal. It was $70 cents cheaper. White cheaper. And so I can lock in that price and know that, okay, whenever I want to buy this in the future, this is the price I paid for it. I got it at this price. But the thing about a futures contract is if the price goes up, like when it went to $429, I could then sell that to other people and other people are seeing it moving and it becomes like an investment. People are saying, oh, this is moving up. I want to get in while it's moving up. Because you could sell it at whatever it's currently like, so you could buy. Let's say you bought 10 gallons at $397 for $39.70. Yes. So then when it's crawling up towards $429, you would sell it at $415 for $4150 and make a profit. Make a huge amount of profit. That's what I'm like. What does that like? It's like $76. No, but the idea is obviously you're buying in bulk, you're buying millions of dollars worth of these futures. So a little bit of movement of $0.30 on a commodity, you're profiting $100,000. So he wanted to do this with soybean futures and his idea was I want to corner the market. Because if I can become the largest mover in the market, I can just dictate how much this is worth. I can make movements with my own soybean future contracts. And then when I want it to go up, it goes up because I have control over the market. The problem is he doesn't have enough money to buy the majority of the market. The only way to corner the market is to buy up the entire market. Yeah, exactly. And so he has to come up with a way to do this. So what he does is he says, well, I can buy it on credit. But here's the thing. I have kind of a bad name from the whole fraud thing I did. And so he says, there is this thing, there's a company called Amax, American Express. And they have a warehousing division at the time. Which is interesting. I don't know. Do you know where American Express came from? Isn't it the wagons? Yeah, that's exactly right, actually. Yeah. Yeah. So they were kind of almost. You know why I know that? Because you're a member. Yeah. Because when I go to the lounge, I think the whole backstory is like on the wall. Genuinely, that's why I know that, right? It's like, it's like, oh, yeah, because it was a travel company. Yeah. What's your member? How long have you been a member? Isn't that on the card member since? Yeah. No, I didn't know if I had my card on it. Isn't that on the front of the card? Yeah, since 2021. Oh, yeah. So you've been around. Yeah. So I don't make me pay anymore. Really? Yeah. I just racked up a giant number. And then I call. And they're like, hey, we're sorry. You don't have to pay. Genuinely, you can do that, though. If you have a relationship with them, at least on the business card, because business dips and ebbs and flows and some months are big, some months are low, you can just call them and be like, hey, invoices, I'm waiting, no, I gotta, you can be like, I got a couple of Matt 90s out. Yeah. And they're like, okay. Well, think about it. I know. That's unique to a lot of other creditors out there. Like they make money off of credit, but the way they're making money is off of fees at the merchant. Right. They're making money off of your purchases, not off of your, which is unique to MX. So the way it started was they realized during the gold rush that there was all these people going out to the west for the gold rush and you've got to go all the way out there for the gold. These soybeans are right here. Well, they went all the way out to the west and they realized a lot of people's wagons were breaking down. This is MX. Yeah. And because of that, it sunk a lot of people, even people who found gold and tried to bring it back, they were getting robbed and they were losing everything. So were they trying to set like travel stations? So essentially what MX was was, it was kind of like insurance. And so they basically backed your whole wagon. And they said, your wagon was worth this much. If anything happens, we'll pay you back what you lost. And you just paid a fee for that. And so it literally was basically insurance. And years later, they got into doing travelers checks. Right. That's what I thought of the financial industry and kind of became what they do today. But in the early days, they were kind of a trust company. The idea was like, we make it to where you can trust that this company is good on whatever they're doing. And the warehouse division was kind of a relic of that era of the company. So what the warehouse division of MX did, it was a completely separate LLC under the umbrella of MX. Sure. And what it did is it would go into warehouses of companies and it would verify your inventory. Okay. Then kind of the same thing, but okay, your inventory is worth this, so we'll back it up to this. Yeah. And then there would be this basically a receipt with MX's name on it that says MX verifies that this company has as much inventory as they're claiming to have. Oh. So the reason that this was valuable to them is now they had a more trusted name. Yeah. They had MX vouching for them so they could then go to other banks and use their inventory as collateral to get loans. Got it. And the reason that this worked for them is because Tino had an idea and Tino said, here's the thing. I got these giant tanks. They're huge, huge tanks. I could. Oh, I know exactly what's going to happen here. Here's the thing about oil. It doesn't. It doesn't. It doesn't mix. So he can fill it. It's 90% with water. Yeah. Here's the thing. I like whenever I know the scam. You know what I'm saying? Yeah. And so he pumps in. Yeah. See water and fills these exactly like 99% with water. Yeah. A little layer of water. A little layer of oil on top. Yep. Yep. That's unfortunately. So when the MX auditor comes pretty good, they look in the tank and it's full of the top with oil. But here's the thing, technically speaking, they're supposed to look like, I mean, how do you go? That's oil. Oh, it's soybean. It's something. I have an MX decree that this is full of soybean oil. They had like, they'd like say it like that. They had experts. They knew. They're going to silo to silo just. Yeah. Yeah. So they're supposed to do what they were, what the job description was was that it would show up on random intervals and they would come in and they would climb to the top and they had essentially basically like think like a tape measure. Yeah. And they would drop to the bottom. And so they could see how far down it went and then they would pull it up and it'd be like a dipstick. So you could see it's the same liquid. Obviously. If you put enough oil there though, it goes through and then you're going to pull it through that layer of oil. Yeah. Well, since it doesn't mix, you would still, you could still see that there was something else in there. And so you would know it's adulterated. The problem was these MX workers, like this was such a routine for them that a lot of times the employees at Tino's company, at Allied, would just be like, hey, we'll run the stick for you. And they would drop it and they'd be like, yep, it's at 98%. And the guy would just check his check mark. And then they realized I certify that it's at 98%. So here's what I'm saying, man. People are like, people who stay just don't want to work. They've never wanted to work. No one has ever done their job 100%. These are people in the 40s who are just like, yeah, you guys do it. I was like 50s. These are people in the 50s. Sorry, I can reset it for the clip that could potentially go viral. These are people in the 50s who are just like, why don't you do it? Why don't you do it? All right. And that was MX, dude. Yeah. Their name meant something. MX stands for American Express. Why do you know that? How do you know that? So actually, I'm like I go to the centurion lounge. And it's like on the wall actually. So I also know from the calls I get that are like, Hey, your American express balance is pretty high. That's what they said. They said it's. Boy, it's the AI voice. Yeah. It's like an AI voice, dude. It's like, hi, your American Express Balance is pretty high. I'm like, what the heck? Yeah, you might want to get on top of that sometime soon. I want to pay your bills. For payment options. Really funny bits we're doing here. I love the banter. You're right. Oh boy, am I sick? I sure do need. Tim's don't get well quick trick. And what is it? It's simply chug an entire gallon of orange juice. Wow. I forgot. And then this shirt reminded me. I'm so glad that I have this shirt as a public service announcement, a public health service to other people around me. Do your part. Get this shirt shop.tillin.com. No, but he also realized though is he realized, oh, wait a second. These guys, they only come on Fridays. They keep a really strict schedule. And so he had his team build a complex system of pipes underground pipes that will pump the oil between these tanks. And so he only needed that one percent of oil. Oh my gosh. And then they would check a tank. At a certain point, the effort to pull off a scam is just like, dude, put that effort into doing something. For real. For real though, actually. You know, like the effort and now people do this for content. The lengths that they'll go. The money they'll spend to try to create a viral clip. Yeah. And it's like, dude, if you would just put this amount of effort into the other parts of our show. Are you trying to insinuate something here? No, I'm not saying anything. Yeah. I don't know if you tried to like. I'm not saying anything now. Please. On ironically, the clip that was the hardest is you going. Are you choking? You need. That's honestly stiffer than I thought it was going to be. Why? There's sandbags at the bottom. But I'm holding it down. I got sandbags told the down. It was fought over in our in our screen desks. So I need sandbags. This is a professional set and it requires sandbags. So Alex is not union by the way. No, so he ends up. Thank you. Hey, hold on. Still bald. Still got a shiny forehead. Love the commitment to the bit. So he. So they would pump the. They don't make it hot anymore. Yeah, this is what CBR dummies look like now. They used to like kind of try to make them look a little more lively. They put some lipstick on them. They don't. They don't make them hot anymore, you know. But I learned CBR. They make these. Back when I learned CBR. These things were nice. You know. But I learned CBR. I wanted to put your mouth on it. Say that was. I was like the highlight of my PE class. I was like, oh, we get to. We get to kiss them. Oh, we got the WCPR today. You know. No, Jen, you don't get to kiss it. Well, dude, it's it's problematic. Kids like me be like kids. They're like, we gotta. We gotta make these things less hot. The dummies are too hot. No reason for these CBR dummies to be this attract. A bit that's questionable, but we'll leave it in. So. And they would show up on Friday. They would know what tank they would start out. Uh huh. They would check that tank. And then the second they would finish checking that tank, they'd start pumping the oil to the other tank. And because it floated, it was just way too much effort. And then they would just kind of chop it up with the guy. Then they'd get the other tank and the oil would already be transferred. And you know that guy. The inspector hated going to that location. Oh, they're so chatty. They always talk. And so, you know, what's that mean? It's the 1950 crazy thing about the World War II, huh? That was wild. Yeah. So kids are thing, man. I don't want to be weird, but. You know, did you. Did you let CPR. And what. Wait. Wait. Why did you think of the dummies? They had your school, huh? Pretty. No, I mean, we also had a ghost at ours. We had, you know, there was some, I'll go dummies. Stupid. Stupid. Stupid. Stupid. Stupid. Oh, it looks like we're done. Hey, go in the second one. Hey, look at the next one. And after that, he's like, so about what I said earlier. I don't know something to say. I know that was a weird thing to say. And I just wanted to say, I'm. I would really appreciate it if. If you would just kind of forget about the whole thing. Yeah. That's yourself. Forget about it. You're not. No one started it. No one. I'm saying no one said that. He started. Forget about it. Because he was so weird. He said a weird thing. Oh, that was CPR. I'm going to be gone. Yeah. Forget about it. Um. So. Okay. So. Okay. So. And then they would just go from tank to tank. And that's how they legitimize it. That's crazy. So they had in total a million pounds of soybean oil. But they had through this scheme. So they have a million pounds. They have a million pounds. What are they claiming that they have? So through this scheme, they end up getting warehouse receipts to verify from American Express that they have 1.8 billion pounds of oil in their facility. And then they use that receipt to go use as collateral. Yeah. Which allowed them to get $180 million with the loans. Oh my gosh. Which, the interesting thing about this is the USDA had actually had a national inventory of how much soybean oil was in the United States at the time. And they were like, nobody else has that much. Nobody went to verify it. I mean, I guess. Because because the 1.8 billion pounds of oil was way more than the U.S. had in their entire inventory. So, but nobody, nobody an analyst was like, hey, we should go check the inventory at the USDA. Yeah. But I mean, like, do you know how much do you know how much soybean oil exists in the United States right now? No clue. Yeah. It's not your job to know that. Yeah. But like somebody at AMX is just like, I mean, we had somebody go out and do it. They look at it. Yeah. I mean, but you would think if your job is to verify that that warehouse had the inventory that they claim they had. Yeah, but they did. That I mean. They went out there. They tested the thing. That's what I'm saying. They went out. They got, they got conned. Yeah. I suppose. I suppose. I mean, the time I used to pose, you just wouldn't, we just spent, we just spent the last like 15 minutes going into detail about how they scammed them. And then you're like, yeah, they didn't even go out there to verify it. You literally told me they did. I mean, they did verify it. But I, but I'm what I'm saying is like, they probably should have like checked with the USDA to see what's available. It was suspicious. They probably should have been like, this seems odd. Yeah. Yeah. Okay. Yeah. That's what I'm saying. I think that's a fair thing to say. But for you to be like, yeah, nobody checked. Nobody checked against what they knew the available national inventory was. That's what I'm saying. That's what I mean. Yeah. Yeah. Yeah. Yeah. Yeah. Okay. I go and then they show me a room that has to go to the bully balls to whom this is two million bowling balls. That's crazy. Yeah. And then you go, hey, there's not even that many bowling balls in existence. I go, I did. Why would I know that? Well, I saw them. I saw the bowling balls. I'd be like, well, I went there. I was asking balls painted to look like bowling balls. Okay. But I went as verified. I talked to this chatty guy who said some really weird stuff about CPR dummies. And then was like, we look at all two million bowling balls. Why would I know? Why would I know that that was fake? Also, why would I be like, maybe I should see? I guess you're right. You know, you're right. That's fine. I'm just trying to have sympathy for someone who's definitely dead now. So he did. You're, you're ragging on a person in the 50s. You're right. That person is dead by now. You're right. You're right. And I say him because women have jobs in the 50s. I don't think so. All right. But they took out a hundred and this wouldn't have happened if they did. Let's be clear. So they took out a hundred and eighty million dollars with the loans. They keep looking at the clock. I'll let you keep going. They took out a hundred and eighty million dollars with the loans. Which today adjusted for inflation 2.2 and a half billion. Wow. So a lot of. That's at least 70 cents more. A lot of money. And then they bought 90% of the available soybean futures on the New York Stock Exchange. So not only did he corner of the market, but he had like the market basically. Yeah. At that much. And so this worked great for him. For a while made literal millions of dollars off of this scheme. And he could have stopped. Right. Like at that point, he made the money. He could have stopped. Right. Yeah. He could have sold. I mean, he would have had to like very slowly sell that to avoid a panic. And so he would have had to like rip those futures out. Sure. Sure. But he could have got out. Okay. But the commodity exchange authority started seeing this and thought it was strange. So they started probing. And they started to see some things that looked like they were probably fraud. And so this report comes out that basically says that like the price of these futures are overpriced. Sure. So it triggers kind of a run which long story short. He had invested, like he had pulled these loans from 51 different banks. I don't know if I said that yet. Yeah, you do. And so this run basically made it to where the value of these futures got slashed by half overnight. And so now he's in a point where all these banks are looking at the collateral and they're saying, oh, hey, we need to make margin calls on these futures. Yeah. So what that is is basically when you have to pay for what you locked in your price for. Right. The problem is he doesn't have that money because he doesn't have that collateral. So the banks start going to try to actually have the soybean oil. Yeah. So the banks go calling on the loan to try to get that, but he doesn't have anything. Yeah. And so what happens here is two banks on on November 19th, the panic starts. November 1963, the panic starts. Okay. On November 21st, 1963, two brokerage houses. Ira Hoptonco and Williston and Bean fold because of this. Yeah. And so, and it looks like more banks are probably going to fold. And so this is starting to become like this, this big wave that looks like it's going to like potentially cause like a massive stock crash. Sure. In like 1930s level, like depression, sort of situation. Sure. And then on Friday, something happens. On Friday, November 22nd at 111 p.m., President John F. Kennedy was shot and killed in Dallas. And this took over the new cycle, obviously. And so the stock exchange, there was a quick run on the stock exchange because everyone saw this and so everything got right. And so the stock exchange, the New York Stock Exchange closed. They were like, we have to shut down to prevent what's happening, right? To prevent a full run on the entire stock market. Oh. Because this was a Friday, the stock exchange didn't open until Monday. So it gave them time to figure out what they were going to do. And so eventually, so essentially what the stock exchange decided is they looked at this whole situation. And they said, okay, hey, we're going to make it through the weekend on the JFK assassination. We're going to come back Monday. All of that has been worked out. We don't think that this is going to be a problem. But this whole thing with the soybean futures is going to still be a problem. Right. And we need to figure out what we're going to do about all these banks. And so the stock exchange, by itself, they essentially went and they taxed every member of the New York Stock Exchange to cover the cost for the banks and to pay back the loans that he had taken out to prevent the stock exchange from crashing. And so this was like the from the brink of like a depression style crash. Yes. And JFK being assassinated, but the stock exchange enough time to come up with a solution, the solution was to bail out the banks with the company's money from all the member stock exchange companies. Okay. And so they essentially taxed the companies to pay for that loss. And it prevented this from turning into an even bigger disaster than we could have even imagined what would have happened. Which is bananas in and of itself. Right. But the other thing that happened in this was Amix's warehouse division goes bankrupt. And so Amix opens. And Amix, there's a run on the stock stock. The stock price goes from I think it was 56 the week before 30 and then on Monday, they open at $37 and it just keeps plumbing. And so their stock is getting killed. Yeah. And this is a moment where a young guy who had been watching the market for a good opportunity to get into the market and find some success saw this, saw what Amix was recognized that people were still using their green cards. Those were out in in the world already the credit business, the travel checks were still a thing. It was just the warehouse company that was bad. And so he said, I'm going to buy up a majority stock in Amix and build my fortune. And that's exactly what he did. And that was Warren Buffett. I knew it. Yeah. And he is the majority shareholder of Amix to this day. And that was the play. Really? Yeah. And that was the play that made Warren Buffett who Warren Buffett became was this win. This was his first big win fall. Wow. Not only the amount of chain reaction that came out of this is kind of bananas and the amount of things like. Did Tino get in trouble then? Oh. Yeah. He did. He got a seven year sentence. He got out in three years. So they caught him. They figured out that he had lost. Oh, yeah. They knew for sure. Yeah. They were like, oh, it's obviously the lie. They're like, what do you mean you don't have the inventory? You have 1.8 billion gallons of or pounds of and he was like, yeah. Yeah. You're right. I do have that. Yeah. He goes to prison and lies in prison. He says he's a changed man. He said, this is the thing I needed. Came out was a pastor. Yeah. He's like, this is exactly what I needed. I knew like, I needed something to change my life. I also need that by the way. I also need something to turn it around. You know, send me to prison. And so he goes, he goes to prison and he says, he says he'll be clean after this. He comes out prison and he immediately starts. He immediately starts scamming. Yeah. Yeah. Yeah. Yeah. He gets into another con basically doing the same thing with cattle. And then he gets caught again for that. I would love for you to describe how he does the same thing with cattle. Well, he had a silo full of cows. And then he would go, look at the silo. He was like, that's full of cows. You know, and then he'd come back down. And he'd be like, hey, so when you was growing up, and you're schooled, they have like a hot dummy. And then while they're talking, all the cattle are being sucked through a tube into the next silo. What do you mean you did the same thing with cattle? I mean, it wasn't. We don't have time. It wasn't functionally the same. We're out of time. What I forget about it. It wasn't functionally the same. But what I'm saying is like he was doing another scheme with cattle. Okay. Yeah. It's crazy how long this episode was. We have to go. You're right. You're right. You're right. What else happens? Are there anything else we need to cover? No, I think that covers it. That's about the guy who used soybeans. Are you okay? It's an original soy boy. You look like you're... I do feel a little weird. Are you okay? I... Oh my hand. My hand's falling off. I... I don't think... I can breathe just fine. It's more than anything. Don't kiss me. You're weird. Get your hands out of my mouth. I'm not dead. Stop crying. Quit crying. You coward. And save me. Ah! Ah! Ah! Ah! Ah! Ah! Hey, thanks for listening and watching this episode of Things Are Long Last Night. I hope that you don't judge our whole show on this one. But if you want to see what the show usually looks like, it's me and this dummy talking about Barry Minkal, a guy who did the kind of a same scam He had a silo full of vacuums, and then he pushed that over to the other silo, and that's how he scanned people No, it's better than that. Also join us on Patreon so we can afford to buy more dummies and potentially puppets If that doesn't interest you, if you're like, wow, I really don't want you guys to be able to grow that way Then please continue to not share this show with your friends. That would really help us not grow up Tell you that. So we'll see you next week on Things I Learned Last Night and we anything else you want to say Tim? Jiren is so much more handsome than I am Jiren's a big strong man, and I am a little bald boy Wow Tim, that's really that's really sad. Well, I am sad. Yeah Yeah, is there anything else you want to say? I think I think Bree should leave me and take Archer and run far away And I've told her that a lot. Yeah Okay, all right. We'll tell them you'll see them next week. I'm still doing this Yeah I thought it was just fine You