TV News LIES

Wednesday, Jan 28th

Last update04:53:14 AM GMT

You are here News Economy Aluminum shuffle: Goldman profits as consumers pay billions

Aluminum shuffle: Goldman profits as consumers pay billions

E-mail Print PDF

Goldman shuffles aluminumHundreds 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.

Tyler Clay, a forklift driver who worked at the Goldman warehouses until early this year, called the process “a merry-go-round of metal.”

TVNL Comment: Corporate predators win every time.  What suckers we are as consumers!

More...


Most Recent Related Stories...


Richest 1 percent to own more than rest combined: report

One percent own everythingThe income gap between the richest 1 percent and the rest of America widened to a...

Food stamp benefit cut may force a million people into 'serious hardship'

Food stamp cutsFood stamp eligibility rules are tightening in states across the country, causing up to one million...

More Than Half Of American Schoolchildren Now Live In Poverty

Children living in povertyFor the first time, more than half of U.S. public school students live in low-income households,...

How the states are redistributing wealth from middle class to 1%

wealth in americaIn 2008, then-candidate Barack Obama was lambasted for supposedly endorsing policies of wealth redistribution. The right...
 
America's # 1 Enemy
Tee Shirt
& Help Support TvNewsLIES.org!
TVNL Tee Shirt
 
TVNL TOTE BAG
Conserve our Planet
& Help Support TvNewsLIES.org!
 
Get your 9/11 & Media
Deception Dollars
& Help Support TvNewsLIES.org!
 
The Loaded Deck
The First & the Best!
The Media & Bush Admin Exposed!