Big Banks Making a Buck off Commodity Price Manipulation
According to the New York Times, Goldman Sachs, which can legally buy into the aluminum market, is moving aluminum around to slow delivery which then raises the price of the aluminum commodity which affects the price of aluminum everywhere.
"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 New York Times reports.
Tuesday, a senate committee looked into this practice. Chris Hayes details with Senator Sherrod Brown, how the Federal Reserve could end a regulation that allows banks to buy into commodities markets this way, including oil.
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