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JULY 20, 2013 EVENING NY MINI

A Shuffle of Aluminum, but to Banks, Pure Gold

David Walter Banks for The New York Times

Aluminum ingots waiting to be shipped from a processor. Financial institutions like Goldman Sachs have used industry pricing regulations to earn millions of dollars each year.  By 

MOUNT CLEMENS, Mich. — 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.

The House Edge

Articles in this series will examine the challenges posed by Wall Street’s influence over markets and the prices consumers pay.

Fabrizio Costantini for The New York Times

One of Metro International’s 27 warehouses near Detroit.

The story of how this works begins in 27 industrial warehouses in the Detroit area where a Goldman subsidiary stores customers’ aluminum. Each day, a fleet of trucks shuffles 1,500-pound bars of the metal among the warehouses. Two or three times a day, sometimes more, the drivers make the same circuits. They load in one warehouse. They unload in another. And then they do it again.

This industrial dance has been choreographed by Goldman to exploit pricing regulations set up by an overseas commodities exchange, an investigation by The New York Times has found. The back-and-forth lengthens the storage time. And that adds many millions a year to the coffers of Goldman, which owns the warehouses and charges rent to store the metal. It also increases prices paid by manufacturers and consumers across the country.

5 Page Article:  http://www.nytimes.com/2013/07/21/business/a-shuffle-of-aluminum-but-to-banks-pure-gold.html

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Profit from Commodities

Wall Street banks are involved in many aspects of the commodities market.
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Top News
Producers like Novelis in Greensboro, Ga., say the aluminum pricing problem illustrates the perils of industries policing themselves.

THE HOUSE EDGE

A Shuffle of Aluminum, but to Banks, Pure Gold

By DAVID KOCIENIEWSKI

Regulators have allowed banks to buy companies that trade in commodities, resulting in huge profits for the banks and higher prices for consumers.

. Graphic  Graphic: Profit from Commodities
A student at Mir Ali Ahmad Girls School in Parwan Province, Afghanistan. Most girls drop out between sixth and ninth grades.

Despite Education Advances, a Host of Afghan School Woes

By ROD NORDLAND

It is widely accepted that demand among Afghans for better schooling – and the actual opportunity to attend, particularly for girls – is at its highest point in decades.

Math Behind Leak Crackdown: 153 Cases, 4 Years, 0 Indictments

By SHARON LaFRANIERE

The Obama administration’s aggressive focus on leaks has led to more than twice as many prosecutions as there were in all previous administrations combined.

World
Palestinian Prisoner Release Is Critical Hurdle in Resuming Peace Talks

By JODI RUDOREN

Secretary of State John Kerry is counting on an Israeli decision to release Palestinian prisoners as the remaining step for his promised resumption of Middle East peace talks, officials said Saturday.

The Old City of Damascus has been largely unscathed by war, but a New Jersey man raised there is helping arm and organize new militias to protect the historic district. Hussein Beydoun, top, volunteered to help defend a shrine.

Enlisting Damascus Residents to Answer Assad’s Call

By ANNE BARNARD

Rafiq Lotof is arming and organizing militias on behalf of the Syrian government to defend Damascus’s Old City, but some fear the groups are bringing the war inside the neighborhood’s bubble of relative security.

A man sold posters of Pope Francis on Thursday in Rocinha, a large slum of Rio de Janeiro.

Pope, in an Angered Brazil, to Focus on Social Justice

By LARRY ROHTER

Pope Francis seems to see his trip, after big protests, as a way to direct attention on the gospel of social justice that he has said he wants to make the focus of his papacy.

U.S.
Hans Mattsson and his wife, Birgitta, in New York last month. Mr. Mattsson used to oversee the Mormon Church in Europe.

Some Mormons Search the Web and Find Doubt

By LAURIE GOODSTEIN

The church is grappling with a wave of disillusionment among members who encountered information that sabotages what they were taught about their faith.

. Video  Video: A Mormon Doubts
In a Military Town, Calls Grow to Lift the Voices of Sexual Assault Victims

By JENNIFER STEINHAUER

Residents in the military town of Oceanside, Calif., say the system to deal with sexual assault cases is not fair to the victims.

LOS ANGELES Hundreds gathered on Saturday to mourn Trayvon Martin. The Department of Justice restarted a federal investigation into the case.

Demonstrations Across the Country Commemorate Trayvon Martin

By CHANNING JOSEPH and RAVI SOMAIYA

Thousands gathered in dozens of cities on Saturday to mourn the unarmed black teenager shot to death early last year, and to add their voices to a debate on race that his death has set off.

. Photographs  Slide Show: A Week After Verdict, Throngs Rally for Trayvon Martin
enefactor.
Walmart is threatening to pull out of up to six planned stores in Washington over an effort by the City Council to force it to pay wages higher than the city minimum.

Washington Push for Higher Minimum Wage for Workers Has Walmart Balking

By TRIP GABRIEL

An attempt by Washington to force profitable chain stores to pay higher wages than the city’s minimum has infuriated Walmart.

Trying to Pierce a Wall Street Fog

By GRETCHEN MORGENSON

Europe has taken the lead in challenging the market for credit default swaps. And a handful of pension funds have filed two suits against the big banks that dominate it.

ECONOMIC VIEW

Wealth Taxes: A Future Battleground

By TYLER COWEN

Rising wealth is likely to be a tempting target for governments seeking new revenue sources.

PREOCCUPATIONS

Unpaid Interns: Silent No More

By ROSS PERLIN

The author of “Intern Nation” says that in fighting to be paid for their work, interns are taking their case beyond the nation’s courtrooms.

*Disclaimer*
FAIR USE NOTICE: These Videos/Articles may contain copyrighted (© ) material the use of which has not always been specifically authorized by the copyright owner. Such material is made available to advance understanding of ecological, political, human rights, economic, democracy, scientific, moral, ethical, and social justice issues, etc. It is believed that this constitutes a ‘fair use’ of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, this material is distributed without profit to those who have expressed a prior general interest in receiving similar information for research and educational purposes.

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Revelation 19:16 On his robe and on his thigh he has this name written: KING OF KINGS AND LORD OF LORDS. This blog is to present Up To Date Prophetic News. My prayer is that this blog will bring others to know Jesus as their Savior if they do not know him the King of Kings and Lord of Lords.

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Posted in 2013, AMERICA, Forewarned, GOVERNMENT, INTERNATIONAL, Signs of the Times, WORLDNEWS
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