F*cking Wall Street

[WhippWhapp]

Goldman makes millions every year by shuffling huge amounts of aluminum among Detroit warehouses (http://business.financialpost.com/2013/07/22/goldman-sachs-aluminum-commodity-prices/)

Wall Street banks face possible probe into metal warehousing businesses after complaints about inflated prices (http://business.financialpost.com/2013/07/23/commodities-probe-banks/)

Only a few short years ago American taxpayers bailed them out...

[-relk-]

Links aren't working for me...

Having not read the articles, if they are now making millions after the fact that they got bailed out, they should be paying back every cent imo. Fucking ridiculous they get bailed out, only to return to the lifestyle they once had while all the people they screwed over fight to break even.

Mind you, my knowledge on the subject is pretty limited.

[WhippWhapp]

Originally posted by -relk-
Links aren't working for me...

Having not read the articles, if they are now making millions after the fact that they got bailed out, they should be paying back every cent imo. Fucking ridiculous they get bailed out, only to return to the lifestyle they once had while all the people they screwed over fight to break even.

Mind you, my knowledge on the subject is pretty limited.

Thanks, fixed.

Take the time to read the articles and comments, then watch Inside Job.

Aluminum is my main employers greatest cost.

[Modelexis]

You're just jealous cause it's a genius idea and you wish you were in a position to make that kinda money with such little effort.

:)

[woodywoodford]

Originally posted by -relk-
Links aren't working for me...

Having not read the articles, if they are now making millions after the fact that they got bailed out, they should be paying back every cent imo. Fucking ridiculous they get bailed out, only to return to the lifestyle they once had while all the people they screwed over fight to break even.

Mind you, my knowledge on the subject is pretty limited.

FYI Goldman paid their loan off, and in pretty good time too

[BigMass]

http://wheresthefridge.files.wordpress.com/2012/06/thumbs_we_told_them_the_wealth_would_trickle_down.jpg

[BigMass]

Originally posted by woodywoodford


FYI Goldman paid their loan off, and in pretty good time too

the loan and bailout is about 1 out of 100000 things the government does to back Goldman. I mean what's the difference between Goldman and the government anyway. They're pretty much the same entity. All the wealth Goldman creates shuffling money around is on the backs of the middle class. It creates nothing, it just leaches. They're a reverse Robin Hood

[clem24]

I dunno.. A 12 pack of Coke has either remained the same or has gotten cheaper over the years...

[kobe tai]

That's probably cause people are realizing its probably the worst thing you can out in your body and sales are down. Everything else food wise (fruit/vegetables/meat) is going up in price way ahead of "inflation"

[clem24]

Originally posted by kobe tai
That's probably cause people are realizing its probably the worst thing you can out in your body and sales are down. Everything else food wise (fruit/vegetables/meat) is going up in price way ahead of "inflation"

What the fuck are you talking about.. Global sales volumes are UP.

http://www.coca-colacompany.com/press-center/press-releases/the-coca-cola-company-reports-second-quarter-and-year-to-date-2013-results

Gimme mah Coke.. :drool: :drool:

[ZenOps]

45 million tons of aluminum is mined out of the ground every year. Aluminum is more abundant than iron. 1.1 billion tons of iron is mined out of the ground every year.

And yet, it still costs $1 for a household roll of aluminum foil. Biggest scam in history, lol. I figure about $5 per ton aluminum would have been the going rate back in 2002 (if somehow based on reality). Paper towels at $1 per roll is also up there.

The top of the washington monument is made of Aluminum, back in the day when Aluminum was ounce per ounce the same value as gold.

Did I mention diamonds at $120 per ton, and a house at $1 before as well?

It is amazing though, that if you actually request a ton of aluminium, copper or nickel from the industrial warehouses it usually takes at least a year to be delivered (doesn't matter if you pay extra, everyone has to wait in line)

[Vagabond142]

^^^^ I knew that a discussion on metal would EVENTUALLY have ZenOps and nickle in it :rofl:

[sneek]

Originally posted by Modelexis
You're just jealous cause it's a genius idea and you wish you were in a position to make that kinda money with such little effort.

:)

LOL! I'd have to agree with this. It is scummy as hell, but kind of brilliant. They are well within their legal rights as far as I know.

[LollerBrader]

Originally posted by Vagabond142
^^^^ I knew that a discussion on metal would EVENTUALLY have ZenOps and nickle in it :rofl:

He can always be counted on to pitch in his five cents.

[davidI]

I agree what Goldman is doing is slimey and this is where regulators or the commodity exchanges need to step in to prevent price manipulation.

However, for everyone referring to the "bail-out", I do not believe Goldman wanted or required any funds. The Fed / Treasury required all of the big banks to take funds, whether they wanted to or not, so as not to make it obvious as to which banks were insolvent and to avoid causing a run on those banks.

[Maybelater]

Originally posted by clem24
I dunno.. A 12 pack of Coke has either remained the same or has gotten cheaper over the years...

The recipe usually changes. Just more cheap and unhealthy ingredients to keep the price low.

You can thank the US tax payer for all the cheap government subsidized corn that is used as a sweetener in Cola.

[Maybelater]

If this was about how welfare recipients, minimum wagers or unions were sapping multiBILLION dollar amounts from the economy and causing economic inflation this thread would have been a few pages in already.

Ignorance is bliss everyone.

"attributed the delays to logistical problems, including a shortage of trucks and forklift drivers"

Yah I bet those are hard to get in Detroit. :rolleyes:

[ZenOps]

Without doubt the year long delays are intentional.

Metal warehousing means that you never really have to pay the bills. Someone figured out a long time ago, that many people just speculate that they want to buy and sell metals, so there is actually very little reason to move the physical goods each day. IE: If a guy in LA buys 1 million tons of aluminum in January, and then a guy in New York buys it back in February, and then back to LA in March... It does seem a massive waste of effort to keep on shifting the physical around.

Its like all of Germany's gold was stored in New York for many decades. People would buy and sell it to various countries and back and forth, but the bars never moved an inch.

Kyle Bass did take delivery of 100 tons of physical US nickels a year and half ago however. My hero :devil: Technically if one thousand people did the same as Kyle, 311 million americans would be nickel-less. In Canada of course, we just have the one monarchy take delivery on 40,000 tons of copper (recall all pennies by royal edict)

BTW: Its a warning to the rest of us that the 1%'ers are running out of things to buy. Thats when *everything* starts dissappearing, from pennies and nickels, to Beef in Lasagna.

[Arash Boodagh]

10 Minutes on Financial Terrorists, Goldman Sachs are Scum and Hanging Banksters with Max Keiser
https://www.youtube.com/watch?v=z-ewYkDTcuE

[Amysicle]

Originally posted by clem24
I dunno.. A 12 pack of Coke has either remained the same or has gotten cheaper over the years... Maybe it's because of where I shop but I find the usual "sale" price of soda to be $4.50 now and $3.33 is a great deal. 5 years ago $3.50 was the normal and you could get it even cheaper on sale.

[ZenOps]

It depends on perspective, but technically the US Strategic Petroleum Reserve is no different than what these bankers are doing with metal warehousing.

Price manipulation (price smoothing) when there are natural temporary shortages or gluts.

Should all resources always be available for consumption at all times to ensure the absolute lowest price? Should the US strategic petroleum reserve be abolished as well? Should the temple grain be fed to the starving?

[01RedDX]

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[Maybelater]

Originally posted by 01RedDX
Class-action lawsuit filed: http://www.theguardian.com/business/2013/aug/05/goldman-sachs-london-metal-exchange-sued

:clap:

[ZenOps]

Its not a big deal. The US will find the LME guilty, and then the London courts will find the US courts to be in error and overturn it.

Just like Samsung and Apple. Everyone loses, lawyers win.

Its stupid to think that somehow aluminum would become more available or cheaper if they weren't allowed to trade it back between one or two players. Just look at copper and nickel, do you have better access to it or less?

Why does the US hold a strategic petroleum reserve for the sole purpose of keeping prices low (they say "stable") It takes the food right out of the mouth of every oil producing country, just like warehousing takes the food right out of every metal miner.

If Obama wants to go after warehousing hoarders, he should dismantle the SPR oil reserve first.

Technically, Canada being a metal producer and strong ties to the LME - It is in Canada's interest not to see the warehousers be guilty. It is in Canada's best interest to see the US warehousing of oil - as guilty of price manipulation (which it is)

Canada should sue the US Strategic Petroleum Reserve. A very strong case if the metal warehousers should be found guilty. US is playing with fire here.

If it were labelled "US Strategic Aluminum Reserve" I wonder if they would bring out the lawyers. I really doubt it. US is just buttsore that they don't own it.

[01RedDX]

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