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Tue Jan 22, 2013, 10:33 AM

Meanwhile back on Wall Street: Starvation as a business strategy.

Meanwhile back on Wall Street, Goldman Sachs has been harvesting mighty profits from food shortages:

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…

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.


Now that is a fun redistribution of wealth. Drive the price of food up and pay the profits in bonuses to yourself. Starvation as a business strategy.

http://www.independent.co.uk/news/business/news/goldman-bankers-get-rich-betting-on-food-prices-as-millions-starve-8459207.html
http://news.firedoglake.com/2013/01/22/as-weather-forecasters-predict-continued-drought-goldman-cashes-in/

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Reply Meanwhile back on Wall Street: Starvation as a business strategy. (Original post)
kpete Jan 2013 OP
woo me with science Jan 2013 #1
el_bryanto Jan 2013 #2
Ikonoklast Jan 2013 #3
raouldukelives Jan 2013 #4

Response to kpete (Original post)

Tue Jan 22, 2013, 10:53 AM

1. K&R

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Response to kpete (Original post)

Tue Jan 22, 2013, 10:57 AM

2. Yes food futures are a problem - commodity futures in general

I mean there is a valid reason why the futures market exists, and even why Goldman Sachs might be in it; but if they are just holding on to their futures for long term profit that's problematic.

Bryant

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Response to kpete (Original post)

Tue Jan 22, 2013, 12:50 PM

3. Only those that that can show the ability to take delivery of any commodity they speculate in

should be able to buy futures.

The commodity markets are nothing more than naked speculation.

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Response to kpete (Original post)

Tue Jan 22, 2013, 01:26 PM

4. Wall St. Where the final inkling of a liberal conscience goes to die. nt

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