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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsGoldman Sachs bankers get rich betting on food prices as millions starve
Cross-posted from Occupy Underground.
Revolution News ?@NewsRevo
Goldman bankers get rich betting on food prices as millions starve
http://www.independent.co.uk/news/business/news/goldman-bankers-get-rich-betting-on-food-prices-as-millions-starve-8459207.html
via @Independent
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Goldman Sachs made more than a quarter of a billion pounds last year by speculating on food staples, reigniting the controversy over banks profiting from the global food crisis.
Less than a week after the Bank of England Governor, Sir Mervyn King, slapped Goldman Sachs on the wrist for attempting to save its UK employees millions of pounds in tax by delaying bonus payments, the investment bank faces fresh accusations that it is contributing to rising food prices.
Goldman made about $400m (£251m) in 2012 from investing its clients' money in a range of "soft commodities", from wheat and maize to coffee and sugar, according to an analysis for The Independent by the World Development Movement (WDM).
This contributed to the 68 per cent jump in profits for 2012 Goldman announced last week, allowing it to push up the average pay and bonus package of its bankers to £250,000.
(More at the link.)
samsingh
(17,571 posts)nc4bo
(17,651 posts)The won't be satisfied until we are all corporate slaves living in corporate towns grateful for the crumbs off their tables.
Occupy will rise again.
Jackpine Radical
(45,274 posts)It's just morphing faster than its enemies can track it.
nc4bo
(17,651 posts)It is much easier to erect many buildings when the foundations have already been laid.
samsingh
(17,571 posts)Angry Dragon
(36,693 posts)aquart
(69,014 posts)Be Kind to Bankers is not a policy for continuing survival.
bluedigger
(17,077 posts)Jackpine Radical
(45,274 posts)Shit.
coalition_unwilling
(14,180 posts)time when my father, having dropped out of the corporate rat race to acquire a small dairy farm, was asked by a national publication doing a 'Back to the Land' story why he had dropped out.
"I prefer cowshit to bullshit," my father replied without even the trace of a smile.