Goldman Sach’s Food Speculation Turns Global Hunger Into Wall Street Profit

Financial giant makes $400 million as high-risk commodity trading pushes already fragile food system to breaking point

As the world’s most vulnerable populations succumb to surging global food prices—driven in part by drought, climate change, and a global food system increasingly vulnerable to the whims of commodity speculation—Goldman Sachs has managed to turn the poverty and suffering of others into profits for itself.

Pulling in more than $400 million in profits last year through risky and damaging food speculation practices, the Wall Street financial titan has once again profited from others’ misfortune, The Independent reports Tuesday.

goldman-sachs-graphic (1)

According to an analysis conducted for The Independent by the World Development Movement (WDM), 2012 investment practices in the “soft commodities” trade (e.g. wheat and maize) by financial institutions such as Goldman Sachs, drove prices to unprecedented highs while bank profits increased and banker bonuses were handed out readily.


This entry was posted in Uncategorized. Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s