General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsMoving chunks of aluminum around for no good reason except profits for--
--Goldman-Sachs. Those useless 1% pigfuckers!
http://www.nytimes.com/2013/07/21/business/a-shuffle-of-aluminum-but-to-banks-pure-gold.html?src=me&_r=0
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.
RobertEarl
(13,685 posts)They profit from waste?
What is this country coming to?
eridani
(51,907 posts)Wounded Bear
(58,699 posts)joshcryer
(62,276 posts)Basically the joke was that some factories made stuff that other factories dismantled to send back to the factories that made the stuff again.
Not the same thing and I can't find an anecdote to back up the joke, it's just amusing that... capitalism literally represents the caricature of its greatest enemy when it is taken to this level.
Anymouse
(120 posts). . . in the Good Reads section someone asked why Goldman Sachs owns coal-mining in Colombia in this DU post, and I linked the poster back here. I also explained to the poster and gave links to various articles: The Week, Bloomberg, Huffington Post giving various angles on how this works to their advantage (and other companies' and our detriment).
+1
Response to eridani (Original post)
Name removed Message auto-removed
eridani
(51,907 posts)Pigs are smart and social, and certainly don't deserve abuse at the hands of the 1%
starroute
(12,977 posts)If that was all, we might not even notice the difference. It's that they want to own the real economy so that they can make more money by screwing it up. This is why even Coca Cola is screaming about the result.
Wounded Bear
(58,699 posts)We'll be eating chocolate covered cotton next.
Warren DeMontague
(80,708 posts)Because otherwise, anything that can be done to make a buck, will. The commodities people have their customers over a barrel. This is a clear case of the invisible hand jerking the people around.
ReRe
(10,597 posts)I've got to check out and get some shut-eye. Tried to read and understand this, but will mark and come back to later today. Our government is complicit in the crimes the Corps perpetrate upon the people. Thanks for posting, eridani.
B Calm
(28,762 posts)reformist2
(9,841 posts)Octafish
(55,745 posts)...applied the principals to their holdings.
Pigfuckers is the word.
oldhippie
(3,249 posts)And the truck drivers?
Are you anti-union?
eridani
(51,907 posts)JHB
(37,161 posts)...then it's rebuilding infrastructure, not just "make-work".
eridani
(51,907 posts)Blue Owl
(50,490 posts)n/t