Tag Archive for Goldman Sachs

Another Go

The 2008 transcripts were released in late-February. Most media operations published stories about the Fed’s absent-minded professors who missed the importance of failing financial institutions during 2008. This was not news.

Goldman Sachs’ “Warehouse Shuffle” Just Cost You $5 Billion – Money Morning

It’s just another game for Goldman Sachs Group (NYSE: GS) – a “warehouse shuffle” that moves aluminum around while the big bank collects rent on the metal.

Although the rent on the stored aluminum – Goldman isn’t allowed to actually own the commodity – is just pennies a day, the vast amount of the metal it has stored in its 27 Detroit warehouses and the “warehouse shuffle” strategy that enables it to extend the rental period for months on end adds up.

Through the Metro International Trade Services subsidiary it bought in 2010, Goldman has accumulated 1.4 million tons of aluminum, which it stores at about 48 cents per ton per day. That’s about $672,000 per day of revenue – nearly half a billion a year.

Experts say the warehouse shuffle game ultimately raises the price of aluminum to manufacturers – everything from beer and soda companies to automakers. That extra cost, about $5 billion over the past three years, is passed on to consumers – you and me.

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Goldman Sachs Proof that God hates its Customers- William K. Black

This is a syndicated repost courtesy of New Economic Perspectives. To view original, click here. Reposted with permission. By William K. Black The chief executive of Goldman Sachs, which has attracted widespread media attention over the size of its staff bonuses, says he believes banks serve a social purpose and are “doing God’s work.” November…

Goldman Sachs: Doing “God’s Work” by inflicting the Wages of Sin Globally- William K. Black

This is a syndicated repost courtesy of New Economic Perspectives. To view original, click here. Reposted with permission. By William K. Black The central point that I want to stress as a white-collar criminologist and effective financial regulator is that Goldman Sachs is not a singular “rotten apple” in a healthy bushel of banks.  Goldman…