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N.W. Ohio | As I recall it really wasn't so much scamming..... as it was "working the system". I remember Cargill talked me into paper swapping corn bu. to... ??Idk.... somewhere in the Dakotas. So corn ended up on warehouse receipt at that location with extremely dismal basis. Then put it under loan and paid it off with pik certificates. When it was all said and done looking the deal over we might have gained 5-10 cents while Cargill collected a heck of a lot on their side of the transaction. It was all legal, but was actually just really really stupid. | |
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Can anybody tell me about the PIK program in the 1980's?
