It looks like you're using an Ad Blocker.
Please white-list or disable AboveTopSecret.com in your ad-blocking tool.
Thank you.
Some features of ATS will be disabled while you continue to use an ad-blocker.
And this is what Goldman Sachs had to say via Twitter
The Federal Reserve is currently "reviewing" a landmark 2003 decision that first allowed regulated banks to trade in physical commodity markets.
Why exactly shouldn't banks be able to trade physical commodities? To see one argument, take a look at a big report from David Kocieniewski in today's New York Times.
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.
According to Kocieniewski, a Goldman Sachs-owned company has been involved in an elaborate plan to move around aluminum in a way that has inflated market prices. The report states that every time an American consumer buys a product containing aluminum, they pay a price that has been affected by this maneuver. Sources told The New York Times that in total the plan has cost American consumers more than $5 billion over the last three years.
If the practice is as the Times describes it, it is very hard to see what value is given to society by the activity. A loose coalition of companies that use aluminium — including Boeing and Coca-Cola — have begun to put pressure on Goldman. However, the issue may go beyond aluminum — JP Morgan, Blackrock and Goldman have all been given approval by the SEC to buy a large amount of copper available on the market and stockpile it, Kocieniewski reports.
Read our fact sheet on our role in the physical commodities market
As part of our activities as a market maker, or intermediary between buyers or sellers, in commodities and commodity futures and derivatives, Goldman Sachs, like a number of other financial institutions, holds physical commodities in inventory
Wall Street veteran Art Cashin addresses one such theory in this morning's Cashin's Comments. He builds off of this weekend's New York Times' story about Goldman Sachs' aluminum warehousing operation and Monday's gold spike.
The United States could soon become a large-scale Spain or Greece, teetering on the edge of financial ruin.
That’s according to Donald Trump, who painted a very ugly picture of where this country is headed. Trump made the comments during a recent appearance on Fox News’ “On the Record with Greta Van Susteren.”
According to Trump, the United States is no longer a rich country. “When you’re not rich, you have to go out and borrow money. We’re borrowing from the Chinese and others. We’re up to $16 trillion in debt.”
He goes on to point out that the downgrade of U.S. debt is inevitable.
“We are going up to $16 trillion [in debt] very soon, and it’s going to be a lot higher than that before he gets finished. When you have [debt] in the $21-$22 trillion, you are talking about a downgrade no matter how you cut it.”
Ballooning debt and a credit downgrade aren’t Trump’s only worries for this country. He says that the official unemployment rate of 8.2 percent “isn’t a real number” and that the real figure is closer to 15 percent to 16 percent. He even mentioned that some believe the unemployment rate to be as high as 21 percent.
In 2006, Wiedemer and a team of economists foresaw the coming collapse of the U.S. housing market, equity markets, private debt, and consumer spending, and published their findings in the book America’s Bubble Economy. Editor’s Note: See the disturbing interview with Wiedemer. But Wiedemer’s outlook for the U.S. economy today makes Trump’s observations seem almost optimistic. Where Trump sees ballooning debt and a credit downgrade, Wiedemer sees much more widespread economic destruction. In a recent interview for his newest book Aftershock, Wiedemer says, “The data is clear, 50% unemployment, a 90% stock market drop, and 100% annual inflation . . . starting in 2012.” When the host questioned such wild claims, Wiedemer unapologetically displayed shocking charts backing up his allegations, and then ended his argument with, “You see, the medicine will become the poison.” www.moneynews.com...
Did someone turn the lights on, in the kitchen. Roaches are everywhere. Is now a good time to sell??? I'll leave you with this.
According to Bloomberg, SAC is one of the biggest clients for Morgan Stanley and Goldman Sachs. The fund has also been a client for prime brokerage services to JPMorgan, Credit Suisse and Barclays, the report said. It's not just banks that are worried. DealBook's Peter Eavis reports that it's possible the impact could go further down the line.
www.forbes.com...
First things first: Donald Trump has filed for corporate bankruptcy four times, in 1991, 1992, 2004 and 2009. All of these bankruptcies were connected to over-leveraged casino and hotel properties in Atlantic City, all of which are now operated under the banner of Trump Entertainment Resorts.
Thanks. I just learned about all this stuff, today. I saw an article on business insider, a few days ago, bookmarked it, but the article was gone. I started diggin' for that article, and came up with all this other juicy stuff, which coincided with the article i was looking for. Tie all this information in with Detroit's bankruptcy and we can see who's responsible for turning America upside down. Pretty crazy the way these billionaires getting away with stealing billions. It just makes you wonder, how much they've really stolen from us.
Originally posted by liveandlearn
reply to post by WonderBoi
I posted on the Aluminum scam by Goldman on the 23rd but must say you did a much better job of pulling multiple facets together.