A Bizarre Goldman Sachs Aluminum Moving Scheme Has Allegedly Cost US Consumers $5 Billion In The Past 3 Years
REUTERS/Jayanta Dey
Why exactly shouldn't banks be able to trade physical commodities? To see one argument, take a look at a big report from David Kocieniewski in today's New York Times.
According to Kocieniewski, a Goldman Sachs-owned company has been involved in an elaborate plan to move around aluminum in a way that has inflated market prices. The report states that every time an American consumer buys a product containing aluminum, they pay a price that has been affected by this maneuver. Sources told The New York Times that in total the plan has cost American consumers more than $5 billion over the last three years.
Read more: http://www.businessinsider.com/goldmans-alleged-aluminum-scam-2013-7#ixzz2Zk7htkrY
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