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July 26, 2013

Goldman Sachs Profiting from Inflating Aluminum Prices

The New York Times recently reported that Goldman Sachs has been profiting from artificially inflating aluminum prices. Goldman Sachs and others have been storing over a million tons of aluminum in warehouses in Detroit, creating a bottleneck in supply and inflating the price of aluminum.

The Senate Banking Committee held a hearing on this issue entitled “Examining Financial Holding Companies: Should Banks Control Power Plants, Warehouses, and Oil Refineries” on July 23. 

Taking a lighter approach, The Daily Show’s John Oliver discussed these reports on July 25. Watch the first part here and the second part here.



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