Something for Nothing: Arbitrage and Ethics on Wall Street by O'Hara Maureen

Author:O'Hara, Maureen [O'Hara, Maureen]
Language: eng
Format: epub, azw3
Publisher: W. W. Norton & Company
Published: 2016-10-24T21:00:00+00:00

Goldman Sachs and the Aluminum Market

In February 2010, Goldman Sachs bought an aluminum warehouse company called Metro International Trade Services. In November 2013, the Senate Permanent Committee on Investigations released a report, and held hearings, on Wall Street bank involvement with commodities, focusing, in part, on the seemingly bizarre behavior of the aluminum storage market. The committee echoed accusations first raised by the New York Times that Goldman orchestrated a “merry-go-round of metal,” all “intended to exploit pricing regulations set up by an overseas commodity exchange.”23 The Senate report added,

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