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.
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.
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