While we have extensively covered the cartelling of the physical metals warehousing industry by both Goldman and JPMorgan in the past, which has now led to hearings, an official DOJ inquiry [6], and finally a lawsuit, we had one recurring question - why is all the attention and fury focused solely on Goldman? After all, JPM - the firm which quietly announced it would seek to dispose, or at least try to, its physical metals business - is just as culpable, if not more. And a cartel between Goldman and JPM really demonstrates that when it comes to controlling the US, it is not just one bank, but two firms that operate in the shadows and call all the shots. Today, we were happy to learn that finally JPMorgan has finally gotten the recognition it richly deserves, and has found its rightful place: as a defendent in the second class action lawsuit filed against the firms engaging in Aluminum antitrust activity, this time with Master Screens Inc as plaintiff. And not just any lawsuit but one filled with truly floral language that captures the essence of all that Goldman and JPM were doing perfectly.
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DelMarVa's Premier Source for News, Opinion, Analysis, and Human Interest Contact Publisher Joe Albero at alberobutzo@wmconnect.com or 410-430-5349
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