It’s a financial scam so devious, it even screwed Beyoncé.
5 Organizations That Gamed the System and Screwed the Public

#5. Goldman Sachs Takes America for a Ride on the Aluminum “Merry-Go-Round”
Goldman bought out all the Detroit-area warehouses where bulk aluminum was stored. Then they effectively drove up the worldwide price of the metal by artificially increasing the wait times for aluminum orders more than tenfold. But they couldn’t just perpetually stockpile the aluminum and let the prices climb ever higher, because there were regulations in place requiring them to ship a certain amount of it each day. So ship it they did … to another warehouse. That was also owned by Goldman. From the closet, to the bed, to your stupid sister’s room (fortune favors the bold), and back to the floor. Repeat. The price of aluminum went up, Goldman collected rent on it for the entire time they shuffled it among their many warehouses, and you eventually paid more for that can (via increased soda prices) — win-win-lose!

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It’s a financial scam so devious, it even screwed Beyoncé.

5 Organizations That Gamed the System and Screwed the Public

#5. Goldman Sachs Takes America for a Ride on the Aluminum “Merry-Go-Round”

Goldman bought out all the Detroit-area warehouses where bulk aluminum was stored. Then they effectively drove up the worldwide price of the metal by artificially increasing the wait times for aluminum orders more than tenfold. But they couldn’t just perpetually stockpile the aluminum and let the prices climb ever higher, because there were regulations in place requiring them to ship a certain amount of it each day. So ship it they did … to another warehouse. That was also owned by Goldman. From the closet, to the bed, to your stupid sister’s room (fortune favors the bold), and back to the floor. Repeat. The price of aluminum went up, Goldman collected rent on it for the entire time they shuffled it among their many warehouses, and you eventually paid more for that can (via increased soda prices) — win-win-lose!

Read More

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