From Credo Action—Goldman Sachs and other Wall Street banks have gotten involved in the production and distribution of physical commodities—things like aluminum, oil, electric power, and even uranium yellowcake.
To get into the raw material business, banks are exploiting a loophole in banking regulations. The end result is more profit for the banks and, of course, higher prices for the industries that require these commodities and for the consumers who purchase items made with them. A New York Times article on Goldman Sach’s aluminum holdings found that by manipulating the availability of that metal, they drove up prices by $5 billion over the last three years.
The Federal Reserve is now accepting public comments about the loophole. You can send a public comment through Credo Action, or mail the Fed an empty can with your comment on it. Instructions are here.