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Goldman Sachs: A company that should not exist and needs to DIAFF
oregonblitzkrieg
Member Posts: 15,288
Companies exist to make money. However most companies serve a purpose and provide services or products that can make our lives better at the same time. Investment firms exist in the Darwinian realm of survival of the fittest. Someone must win while someone else must lose. That's ok when it pits investor vs investor or bank vs bank. But how do we deal with those firms that win at the expense of the good of the nation as a whole?
Goldman Sachs, the largest writhing parasite that currently exists among investment firms, is the most repulsive example of a firm that enriches itself at the expense of ordinary Americans. How do they do this?
They manipulate the commodities markets. They have reached their corroded hands deep into the oil, metal and food markets, manipulating prices by hoarding commodities. They hoard vast stores of commodities in order to slow down delivery times, which causes prices to rise, at which point they profit from their manipulation by controlling of a lot of the infrastructure involved in storing and getting commodities to market. The most notorious example of this parasitic behavior is their dealings in aluminum.
Goldman Sachs, colluding with other large parasitic firms, have cost consumers over $5 billion in the last 3 years in aluminum costs alone. Goldman bought Metro International Trade Services, one of the country's largest storers of metal, which has allowed them to hoard more than 1/4 of the supply of aluminum on the market. Before Goldman bought Metro International, warehouse customers used to wait an average of six weeks for their purchases to be located, retrieved by forklift and delivered to factories. But now that Goldman owns the company, the wait has grown more than tenfold — to more than 16 months. Longer waiting times are part of the company’s strategy and help Goldman increase its profits from the warehouses. Metro International holds nearly 1.5 million tons of aluminum in its Detroit facilities, but industry rules require that all that metal cannot simply sit in a warehouse forever. At least 3,000 tons of that metal must be moved out each day. But nearly all of the metal that Metro moves is not delivered to customers, instead is shuttled by forklift from one warehouse to another. The delays cause aluminum prices to rise and affect everyone. You pay more for each can of coke you crack open because Goldman Sachs has added an artificial cost to the product.
This is just one example. You could write a book about the offenses they've committed against the economy and the American consumer, particularly their involvement in manipulating the oil markets, which effect every aspect of the economy. Goldman Sachs provides NOTHING to the economy. It STEALS money from you and me, and it continuously RAPES the economy while the politicians they buy off do nothing to stop them.
Every time you pump a gallon of gas, drink a cup of coffee, open a can of soda, grab a slice of bread, or purchase various other food stuffs, electronics, and essential household items, you can be sure that Goldman Sachs has profited in some way from your action, while adding nothing of value to your purchase. Think of it this way: that $15 you would have used to buy an overpriced hot dog and coke at Husky Stadium, has been diverted to Goldman Sachs instead. They're enjoying it while you're sitting in your seat munching on the snacks and drinking the water you snuck into the stadium. But make no mistaken. They've stolen far more than $15 from you and every other Husky fan at the game. We would all be better off if this company were erased from existence.
They live by the motto "we are long term greedy." And hopefully they will fucking die by it as well.
Goldman Sachs, the largest writhing parasite that currently exists among investment firms, is the most repulsive example of a firm that enriches itself at the expense of ordinary Americans. How do they do this?
They manipulate the commodities markets. They have reached their corroded hands deep into the oil, metal and food markets, manipulating prices by hoarding commodities. They hoard vast stores of commodities in order to slow down delivery times, which causes prices to rise, at which point they profit from their manipulation by controlling of a lot of the infrastructure involved in storing and getting commodities to market. The most notorious example of this parasitic behavior is their dealings in aluminum.
Goldman Sachs, colluding with other large parasitic firms, have cost consumers over $5 billion in the last 3 years in aluminum costs alone. Goldman bought Metro International Trade Services, one of the country's largest storers of metal, which has allowed them to hoard more than 1/4 of the supply of aluminum on the market. Before Goldman bought Metro International, warehouse customers used to wait an average of six weeks for their purchases to be located, retrieved by forklift and delivered to factories. But now that Goldman owns the company, the wait has grown more than tenfold — to more than 16 months. Longer waiting times are part of the company’s strategy and help Goldman increase its profits from the warehouses. Metro International holds nearly 1.5 million tons of aluminum in its Detroit facilities, but industry rules require that all that metal cannot simply sit in a warehouse forever. At least 3,000 tons of that metal must be moved out each day. But nearly all of the metal that Metro moves is not delivered to customers, instead is shuttled by forklift from one warehouse to another. The delays cause aluminum prices to rise and affect everyone. You pay more for each can of coke you crack open because Goldman Sachs has added an artificial cost to the product.
This is just one example. You could write a book about the offenses they've committed against the economy and the American consumer, particularly their involvement in manipulating the oil markets, which effect every aspect of the economy. Goldman Sachs provides NOTHING to the economy. It STEALS money from you and me, and it continuously RAPES the economy while the politicians they buy off do nothing to stop them.
Every time you pump a gallon of gas, drink a cup of coffee, open a can of soda, grab a slice of bread, or purchase various other food stuffs, electronics, and essential household items, you can be sure that Goldman Sachs has profited in some way from your action, while adding nothing of value to your purchase. Think of it this way: that $15 you would have used to buy an overpriced hot dog and coke at Husky Stadium, has been diverted to Goldman Sachs instead. They're enjoying it while you're sitting in your seat munching on the snacks and drinking the water you snuck into the stadium. But make no mistaken. They've stolen far more than $15 from you and every other Husky fan at the game. We would all be better off if this company were erased from existence.
They live by the motto "we are long term greedy." And hopefully they will fucking die by it as well.
Comments
Other than that point, I agree with the majority of what's said in this thread.
Goldman Sachs and others operate like authoritarian regimes. They exist solely for profit and for no other reason. Everything they do is focused on that one goal. They created and sold their trashy derivatives on the global market and helped turned the US housing crisis into a worldwide economic disaster. Yet such firms continue to be allowed to exist even though they create nothing of value and harm the economy by their very existence. Their corrupt leaders are even allowed to serve in prominent positions in government (Henry Paulson). As long as the festering plague known as Goldman Sachs (and others of its ilk) continue to do what they do and be coddled by the government while they do it, the economy will continue to languish under a toxic artificial element that simply does not need to be there.