The news is too late for at least one institution that decided to change a key business practice due to the recent high costs of metal.
I wonder how this will change Goldman's strategic outlook on metals. Perhaps metals are not so lucrative now that the artificial shortage is alleviated?
Metals are not the only market Goldman likes to manipulate. Goldman's sacrificial lamb has been found liable in the massive CDO fraud case that lost one of its clients $1 billion as the same deal gained another client an equal sum.
And there are other recent stories about the damage inflicted by Goldman in other areas:
- HuffPo notes Goldman's "predatory pursuit of students" in higher ed
- Washington Post shares Goldman's "long history of duping clients
- A blogger discusses Goldman and synthetic CDOs
- I discover that Goldman's success at unlocking the code to financial innovation makes me queasy
At some point, someone, somewhere is going to have to halt the predatory practices of this company. What's good for Goldman is NOT good for the rest of us.