
“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. The back-and-forth lengthens the storage time. And that adds many millions a year to the coffers of Goldman.”
Related posts:
Havana scraps exit visas, but most Cubans won't be going abroad
2 Miami police officers arrested on ID- theft, tax-refund charges
Ex-Hillsboro cop surrenders after shootout with police with wife, daughter at his side
Gas Station Owner Says IRS Grabbed $70K From His Bank Account
Qaeda-Linked Insurgents Clash With Other Rebels in Syria
Ukip wins European elections with ease to set off political earthquake
Crisis looms after Tongan passports sold
In cash-strapped Detroit, few critics question new sports arena funding
Man arrested for posting image of burning poppy on Twitter
US tech firms say they are losing business over NSA surveillance
Greek island authorities denounce attack on tax police
Bitcoin developer: Bitcoin Is Not Broken
U.S. Will Simulate a Knockout Blow of Electric Power Grid This November
Indefinite Detention and the NDAA: The rise of America’s imperial presidency
260,000 Austrians sign EU exit petition, forcing referendum debate