The other thing some have noted is that in addition to the financial journalists covering the story are the non-financial media outlets that have picked it up:
Mother Jones has run three different pieces by their political blogger Kevin Drum:
The Vampire Squid Has Set Its Sights on Your Beer Can
Is It Time to Ban Banks Completely From Commodities Trading?
Goldman Sachs and the Aluminum Warehouses: Part 3
Slate's Matthew Yglesias has two posts:
How Does This Commodities Scam Work?
Aluminum Hoarding Is a Side Effect. The Real Profits Are in Trading.
The Huffington Post had five posts:
Beer Brewers Blast Wall Street Banks Over Aluminum Business Amid Congressional Scrutiny
MillerCoors Urges Federal Reserve Crackdown On Wall Street's Aluminum Dealings
Goldman Sachs, JP Morgan Chase: Pulling an Enron With Commodities
A Shuffle Of Aluminum, But To Banks, Pure Gold
Big Banks' Aluminum Ploy Driving Up Inequality Even Further
That's quite a little echo chamber.
In addition the Commodity Futures Trading Commission is making noise (FT Jul. 22):
US watchdog acts on metals warehousing
The US commodity futures watchdog has sent letters to metals warehouse owners demanding they preserve records, in a sign of a looming regulatory probe of their storage practices.
Warehouses where metals such as aluminium, copper and zinc are stored have been a target of consumers from Coca-Cola to General Motors, who complain that long queues to remove metal distort prices....MORE
So, who really, really wants GS out of the warehouse business?
As a side note both Yglesias and Drum referred to the person we consider the best financial journalist working right now:
...I was glad to read on email yesterday that I was not the only one confused by the New York Times' expose on Goldman Sachs' Detroit-area aluminum hoarding. If you want to understand what's going on, you have to read Izabella Kaminska's piece for Alphaville.
And:
...Today, Izabella Kaminska of Alphaville confirms that this is the case. But how and where does Goldman make money? I can't pretend to follow every twist and turn of Kaminska's explanation, but here's my take on the basics....
