Word: sheiking
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Arguing that prices could be lowered by eliminating the middlemen's profits, Kennedy jetted off to Algeria, but found no crude for sale. Later he approached Saudi Arabian Oil Minister Sheik Ahmed Zaki Yamani and Venezuelan President Luis Herrera Campins. Finally the Venezuelan oil company Petroven agreed to sell him nearly 1 million bbl. at the world price of $26 million. Chase Manhattan Bank provided the necessary credit line. A Puerto Rican refinery in the middle of bankruptcy proceedings agreed to refine the oil and transport it in return for a share of the refined products. The state...
Meltzer soon turned up in California, representing himself as a top officer of H & J Real Estate Investment of Boynton Beach, Fla., which he said was an offshoot of Abdul Enterprises, and began lining up investment opportunities for Sheik Rahman. The sheik, Meltzer told local businessmen, would lend huge sums to entrepreneurs for promising new ventures; he promised $95 million to one businessman for four tuna boats. But Meltzer demanded that the businessmen first pay him finder's fees. He collected...
...York Times that the knowledge increased their confidence in Meltzer, but some did get suspicious. Meltzer kept summoning them to distant locations-New York City, London, the Cayman Islands-to pick up their money, but produced excuses for not handing it over and for not letting borrowers meet the sheik...
...Gulve, a San Diego financial consultant whose clients gave Meltzer $55,000, told TIME that Meltzer did introduce him to two supposed sons of the sheik in Florida. One was called Prince Ali Ben Ramon, a light-skinned man who spoke with an Oxford accent and drove a Rolls-Royce. The other was Mustafa, a much swarthier man who drove a red Mercedes. Gulve also spoke on the phone to someone who identified himself as Sheik Rahman, and found his accent decidedly Eastern. Says Gulve: "I told him that if he was the sheik, he must own all of Brooklyn...
...handsome brochures in the mailboxes carry distinguished references, authoritative research and cite the CIA, Jimmy Carter and the Wall Street Journal. The pitch: buy spot oil futures contracts and, in six months, you too will be as rich as an Arab oil sheik. With only $6,000 down, the smart investor is promised OPEC-like profits...