Our 24/7 news cycle can be maddening. I would think they would have plenty of time to focus on some horrible crap being dropped on us taxpayers, but they seem fascinated now with Weiner’s wiener.
Corporate America, (right now it’s the Big Banks again) are just not happy enough with their record profits, record salaries, record bonuses and their stranglehold on Congress. They need to find ways to cheat us out of our hard-earned ducats.
Goldman Sachs not only was a huge player in bringing down the world economy by selling bullshit securities to banks all over the world (especially Greece) and then taking out options betting against their value. For years they have also played the arbitrage market. Their super-fast computers take advantage of prices variation in the markets ( usually just a penny or less) and trade millions daily by many of their hot-shot traders. Now they are doing their aluminum thing. It is illegal to hold a commodity off of the market to drive up prices. There are rules that the commodities must be moved. So, good old GS builds huge warehouses all over the place but in fairly close proximity. Than they load up their semi’s with the aluminum and “legally” move it to another warehouse. Meanwhile the price of aluminum starts to rise. (There’s no aluminum being delivered) Of course GS has already had their “options/bets” placed on the rise. Than they buy their options/bets that the price will go down and they unload one of the warehouses on the market and win more billions as the price goes down. They win both ways and they are doing the manipulation of the market. Don’t you just love Goldman Sachs?
How about the great banking institution of JP Morgan Chase? Now there’s a group of dumb crooks if there ever was one. CEO Jamie Diamond is still trying to figure out how they lost $2 billion (by his account…actually closer to $6 billion) in just one dumb trade last year and he turns around and finds he needs to pay a $410 million fine for manipulating our power grid in California and Michigan, costing us, of course. Out of the $410 million dollar fine, $125 million is supposed to come back to us ratepayers. Wow, let’s throw a party together when we get our checks.