by Ron Hera, SilverSeek.com:
Every time someone in America buys electronics or a car — or even cracks open a can of beer — Goldman Sachs gets paid.
A breaking story from the New York Times has all the details…
Three years ago, this too-big-to-fail bank capitalized on special rules created by the Federal Reserve and authorized by Congress by buying an obscure company called Metro International Trade Services. It is one of the largest warehousing companies for aluminum in the country.
Since then, it has manipulated the system to pull in massive profits.
In spite of tepid demand for aluminum worldwide after the Great Recession, the amount of time required for aluminum delivery has increased 20-fold — from six weeks to 16 months — since the company was purchased. This could be explained by shortages or logistical issues, if any existed. The company is actively making the process inefficient.