TV News LIES

Wednesday, May 27th

Last update01:41:42 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...


BlackBerry cuts jobs worldwide as it consolidates businesses

Blackberry cutting jobs worldwideCanadian smartphone maker BlackBerry Ltd is cutting jobs across the world, the company said on Friday,...

12 percent jump in homelessness in LA County

LA homelessThe number of homeless people in Los Angeles County jumped 12 percent in the past two...

Sharp announces $1.86 billion loss, plans thousands of job cuts

Sharp electronicsJapanese electronics giant Sharp on Thursday said it was cutting thousands of jobs in a fresh...

I am a cook in the US Senate but I still need food stamps to feed my children

Bertrand OlotaraBertrand Olotara has two college degrees, works two jobs and is on public assistance.The 44-year-old divorced...
 
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!