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A Shuffle of Aluminum, but to Banks, Pure Gold

Posted By admin On July 21, 2013 @ 6:20 am In Money Watch | Comments Disabled

DAVID KOCIENIEWSKI
NY Times [1]
July 21, 2013

MOUNT CLEMENS, Mich. — Hundreds of millions of times a day, thirsty Americans open a can of soda, beer or juice. And every time they do it, they pay a fraction of a penny more because of a shrewd maneuver by Goldman Sachs and other financial players that ultimately costs consumers billions of dollars.

The story of how this works begins in 27 industrial warehouses in the Detroit area where a Goldman subsidiary stores customers’ aluminum. Each day, a fleet of trucks shuffles 1,500-pound bars of the metal among the warehouses. Two or three times a day, sometimes more, the drivers make the same circuits. They load in one warehouse. They unload in another. And then they do it again.

This industrial dance has been choreographed by Goldman to exploit pricing regulations set up by an overseas commodities exchange, an investigation by The New York Times has found. The back-and-forth lengthens the storage time. And that adds many millions a year to the coffers of Goldman, which owns the warehouses and charges rent to store the metal. It also increases prices paid by manufacturers and consumers across the country.

Full article here [1]


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URLs in this post:

[1] NY Times: http://www.nytimes.com/2013/07/21/business/a-shuffle-of-aluminum-but-to-banks-pure-gold.html?pagewanted=all&_r=0

[2] Goldman Insider Fires Back At The New York Times’ Aluminum Price Manipulation Scheme Story: http://www.prisonplanet.com/goldman-insider-fires-back-at-the-new-york-times-aluminum-price-manipulation-scheme-story.html

[3] Who Controls The Global Economy? Do Not Underestimate The Power Of The Big Banks: http://www.prisonplanet.com/who-controls-the-global-economy-do-not-underestimate-the-power-of-the-big-banks.html

[4] Do the bomb Iran shuffle: http://www.prisonplanet.com/do-the-bomb-iran-shuffle.html

[5] “Market Parasite” JPMorgan Added To Goldman Aluminum “Cartel” Lawsuit: http://www.prisonplanet.com/market-parasite-jpmorgan-added-to-goldman-aluminum-cartel-lawsuit.html

[6] Gold Counterfeiting Goes Viral: 10 Tungsten-Filled Gold Bars Are Discovered In Manhattan: http://www.prisonplanet.com/gold-counterfeiting-goes-viral-10-tungsten-filled-gold-bars-are-discovered-in-manhattan.html

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