This week in commodities speculation fraud as reported by Bloomberg. Who was the culprit? Goldman Sachs NEVER. According to reports by the ICE committee that fined Goldman for the offense “considered the behavior of Goldman Sachs and its client to be a clear case of disorderly trading, in that the distorting price impact of the placement of such large orders in close proximity was not considered.” Please note, this behavior which amounts to commodity price distortion, outside of actual cost hedging, always has the net effect of costing people and the economy more when we allow to persist.
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