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Fraud*
According to the Collins English Dictionary 10th Edition fraud can be defined as: "deceit, trickery, sharp practice, or breach of confidence, perpetrated for profit or to gain some unfair or dishonest advantage".[1] In the broadest sense, a fraud is an intentional deception made for personal gain or to damage another individual; the related adjective is fraudulent. The specific legal definition varies by legal jurisdiction. Fraud is a crime, and also a civil law violation. Defrauding people or entities of money or valuables is a common purpose of fraud, but there have also been fraudulent "discoveries", e.g. in science, to gain prestige rather than immediate monetary gain
*As defined in Wikipedia

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Wednesday, June 22, 2011

Goldman Sachs Controls the Aluminum Market

Another thank you goes out to Sean Z. who sent in this link from Yahoo Finance which they got from The Wall Street Journal.  How amazing it is that Goldman Sachs and J.P. Morgan have such a control of  of a single commodity, aluminum.  Were it not for Sean Z. sending me this link, I for one would never have known this.  I am sure many of you will be just as surprised and amazed.  Thank you Sean.
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Goldman Sachs Group Inc. and other owners of large metals warehouses are being scrutinized by the London Metal Exchange after being accused by users like Coca-Cola Co. of restricting the amount of metal they release to customers, inflating prices.
The board of the LME met on Thursday to discuss complaints from aluminum users and market traders, who say operators of warehouses, which also include J.P. Morgan Chase & Co. and Glencore International PLC, should be forced to allow the metal out more quickly to meet demand. 
Here is the real shocker:
Goldman, through its Metro International Trade Services unit, owns the biggest warehouse complex in the LME system, a series of 19 buildings in Detroit that house about a quarter of the aluminum stored in LME facilities.
 "The situation has been organized artificially to drive premiums up," said Dave Smith, Atlanta-based Coca-Cola's strategic procurement manager. "It takes two weeks to put aluminum in, and six months to get it out."
You Must read it all...click here

1 COMMENTS:

Suzan said...

Why would anything the Goldmen do be amazing now?

We bailed out their bad debts and saved their asses just so they could buy all the commodities (and other businesses) that anyone might need in the future.

And start the casino up again.

Somebody in charge really "likes" them.

Guess who?

S

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