Showing posts with label beer. Show all posts
Showing posts with label beer. Show all posts

Tuesday, December 1, 2015

Today's Teamster News 12.01.15

TEAMSTERS
Teamsters at Coca-Cola Refreshments Authorize Unfair Labor Practice Strike  Teamster.org  ...More than 225 Coca-Cola Refreshments workers represented by Teamsters Local 727 voted Sun., Nov. 29, to authorize an unfair labor practice strike against the beverage industry behemoth. The Teamsters voted by a 10-to-1 margin to authorize the strike after Local 727 filed numerous unfair labor practice charges against the company in a fight for a new contract...
Coca-Cola workers authorize strike at plants in Niles, Alsip  Chicago Tribune  ...Workers at two Chicago-area Coca-Cola plants have voted to authorize a strike against the beverage giant to protest unfair labor practices in the final days of negotiations for a new three-year contract. Members of Teamsters Local 727 could head to the picket line as early as Wednesday morning after their contract with Atlanta-based Coca-Cola Refreshments expires at midnight Tuesday...
Portland’s General Distributors Inc., at Odds with Teamsters Union  Brewbound  ...A federal mediator is slated to oversee negotiations this Wednesday between Portland, Oregon’s Teamsters Local 162 and General Distributors, Inc (GDI), a beer wholesaler responsible for getting brands like Corona, Coors, Sierra Nevada and a number of craft products to market. The strike left some local craft brewers without a route to market as replacement workers struggled to distribute beer in time for the Thanksgiving holiday...

GLOBAL LABOR & TRADE
More Than 30 Trade Unionists Have Been Killed in Honduras Since 2009  The Nation  ...Honduras’s products and people are entangled in a social crisis driving international pressure for an independent investigation into our Central American “trade partner’s” Banana Republic–style anti-labor tactics. Several trade unionists have reportedly faced death threats in recent months amid rising labor and political tumult...
Truckers to picket container company, but inks contract with six others  Vancouver Sun  ...Container truck drivers put strike plans into gear Sunday to pressure a company they allege is shorting its drivers on retroactive pay. The truckers planned to picket Harbour Link’s main yard in Delta early Monday to spur it into honouring the terms of the deal that ended last year’s one-month port strike, said Gavin McGarrigle, Unifor’s B.C. area director...
Furnace workers of imitation jewellery units on strike  Times of India  ...Around 500 furnace workers of the city's famed imitation jewellery business have gone on a strike to demand better wages. This is the first time that the imitation jewellery market of Rajkot, one of the biggest in India, has witnessed a strike...
Big Oil, TTIP and the Scramble for Europe  Counterpunch  ...If sanctioned, the Transatlantic Trade and Investment Partnership (TTIP) would be the biggest trade deal ever seen. Yet the public continue to be kept in the dark about it. Large corporations have been granted privileged access to officials and have been allowed to shape the talks agenda from the outset. Throughout the process, organisations representing the public and civil society have been sidelined...
Domestic Manufacturers Launch New Anti-TPP Currency Ad Blitz on Capitol Hill  American Economic Alert  ...The U.S. Business and Industry Council (USBIC) announced today the start of a media campaign to highlight the lack of enforceable currency provisions in the Trans-Pacific Partnership (TPP).  The group, which represents domestic manufacturers, many seriously hurt by currency cheating, has initiated a series of print ads appearing in major media serving Capitol Hill...
Wisconsin lawmakers split — not on party lines — on Trans-Pacific Partnership  Wisconsin State Journal  ...The Trans-Pacific Partnership, a trade deal seven years in the making before it was unveiled this month, has quickly moved into the sights of some on Capitol Hill — including a vocal cadre of Wisconsin Democrats. The partnership is a proposed free-trade agreement between the U.S. and 11 other nations bordering the Pacific Ocean. After being negotiated in secret, the deal was finalized last month...
Portugal divided by austerity  FT.com  ...The real-life repercussions of the austerity debate that has gripped the west in the wake of the global financial crisis are experienced daily in Portuguese homes, hospitals, schools, job centres, companies and cafés, with almost every aspect of people’s lives having been affected by severe cuts and tough reforms. For the past four years the country has been held up by EU commissioners and international creditors as a model of how to behave in the face of a sovereign debt crisis...
2 arrested at anti-austerity march CBC News  ...Two people were arrested following a protest Monday night that turned violent and involved rocks being thrown at police cars and officers. The anti-austerity and anti-capitalist march, organized by students at Cégep du Vieux-Montréal, began at 8 p.m. at Philipps Square. No itinerary was given to police, and the march was declared illegal. Police say mischief was reported shortly after the march began...
Economist Has Convincing Theory on How Extreme Inequality Creates Extremist Violence  Common Dreams  ...Influential French economist Thomas Piketty is raising important questions this week after positing a theory that the rise of the Islamic State (or ISIS) can be attributed, at least in part, to extreme regional inequality in the Middle East fueled largely by oil wealth. Piketty argues in a column published Le Monde last week and translated by the Washington Post on Monday that the concentration of wealth in the hands of just a few petro-monarchies has made the region the "most unequal on the planet"...

STATE & LIVING WAGE BATTLES
Ohio House panel to hear testimony on right-to-work bill  WOWK  ...A state legislative panel in Ohio plans to hear testimony on a proposal that would bar private employers from requiring workers to join or pay dues to a labor organization. Such right-to-work laws have been enacted in 25 states. Ohio's bill is slated to get its first hearing Tuesday afternoon before the House Commerce and Labor Committee. Right-to-work proposals have not gained traction in the Ohio Legislature...
A Wealthy Governor and His Friends Are Remaking Illinois  New York Times  ...The rich families remaking Illinois are among a small group around the country who have channeled their extraordinary wealth into political power, taking advantage of regulatory, legal and cultural shifts that have carved new paths for infusing money into campaigns. Economic winners in an age of rising inequality, operating largely out of public view, they are reshaping government with fortunes so large as to defy the ordinary financial scale of politics...
Tennessee seeks to dismiss voter ID lawsuit  The Tennessean  ...A lawsuit that contends age discrimination was written into Tennessee's voter identification law because it does not allow use of student IDs has stalled as a federal judge considers whether it is a valid case. Lawyers for a group of students and those for the state disagree on how to interpret the 44-year-old constitutional amendment...
Del. lawmaker calls for $15 / hour minimum wage  Delaware 105.9  ...Delaware's minimum wage would rise to $15.05 an hour by 2023, under an amendment to legislation filed in the General Assembly. State Senator Robert Marshall, D- Wilmington West, cites the increasing numbers of people with low-wage jobs as well as a rising rate of poverty as the reasons for his measure. The minimum wage increase would be phased in on June 1st of each year...
How One City Is Making Sure Bosses Comply With Wage Theft and Paid Sick Leave Laws  In These Times  ...Over the past five years, Seattle has implemented sweeping labor laws, instituting paid sick leave, discouraging discrimination against those with prison records, incrementally raising the minimum wage to $15 by 2017 and strengthening wage-theft protections. But these new laws can’t enforce themselves...
Bangor’s minimum wage debate could be decided in two weeks  Bangor  ...The City Council could finally bring closure to the months-long debate over whether the city should raise the local minimum wage during a meeting in two weeks. Councilors and city officials met Monday night for a workshop to hash through some of the concerns that have made this an issue of contention for months...

U.S. LABOR
American Passenger-Service Workers Approve 5-Year Contract  Bloomberg   ...American Airlines Group Inc. said a union representing 14,500 reservation agents and airport passenger-service workers approved a five-year contract that included “significant” pay raises. The agreement provides an average initial increase of 30 percent, 2 percent raises at the end of the first and second years and 2.5 percent in each of the following two years, according to a statement on the Communications Workers of America website...
Health care remains sticking point in USW contract talks  NWI.com  ...Negotiations with steelmakers broke off for the Thanksgiving holiday but resumed Monday. The United Steelworkers union is fighting efforts by ArcelorMittal and U.S. Steel to slash health care insurance benefits, which the union says could cost steelworkers and retirees as much as $6,300 more a year in out-of-pocket expenses. Steelworkers would suffer an effective pay cut as a result...
Kohler Strike Continues, Union Seeking Donations  WHBL  ...United Auto Workers Local 833 have now spent two full weeks on the picket line after they and the Kohler Company failed to reach an agreement on a new contract earlier this month. With the strike now entering its third week, the union is focusing some attention on helping its members get through the impact of being on strike...
NLRB strikes down two more companies' class action waivers  Reuters  ...The U.S. National Labor Relations Board last week continued to expand its rule prohibiting class and collective action waivers in employment agreements, upholding rulings by two administrative judges who struck down such provisions, including one that was voluntary. The board rejected a bid by California grocery store chain Bristol Farms to approve a proposed settlement with an NLRB regional director that would have allowed its workers to opt out of signing the waivers...
SEIU claims court victory on health insurance  Capitol Fax  ...The St. Clair County Circuit Court has ruled in favor of SEIU Healthcare Illinois, which was granted a temporary restraining order against Gov. Bruce Rauner and Comptroller Leslie Munger. The ruling issued late Wednesday protects health insurance for nearly 5,000 low-wage home healthcare workers in Illinois. The home healthcare workers serve adults with disabilities in Illinois’ Home Services Program...
Stronger Together: Envoy Agents Vote for CWA Representation  CWA-union.org  ...Nearly 5,000 Envoy Air agents (formerly American Eagle) joined together and overwhelmingly voted for representation by the Communications Workers of America in an election conducted by the National Mediation Board. The agents work at 102 stations nationwide and have a broad range of responsibilities for passenger service and fleet service work. Envoy is owned by American Airlines Group...
Collective Action Stops Retaliation Against Cal Cartage Warehouse Workers  Labor Press  ...Warehouse Workers at California Cartage in the Los Angeles port neighborhood of Wilmington faced retaliation from their employer after temporary workers joined direct hires in a pair of three-day strikes in September and October. The strikers were calling for 15$ an hour minimum wage, a safe work environment, a lunch area free of rats and cockroaches and an end to wage theft...
Robert Reich: Why the High-Tech 'Sharing Economy' Is All About Impoverishing Workers  Alternet  ...The so-called “share economy” includes independent contractors, temporary workers, the self-employed, part-timers, freelancers, and free agents. Most file 1099s rather than W2s, for tax purposes. It’s estimated that in five years over 40 percent of the American labor force will be in such uncertain work; in a decade, most of us. This trend shifts all economic risks onto workers.

SOCIAL JUSTICE & OTHER NEWS
Behind Hillary Clinton’s $250 Billion Infrastructure Plan  Think Progress  ...Democratic presidential candidate Hillary Clinton announced on Monday her plan to spend $250 billion over five years to improve the nation’s infrastructure. The plan — which includes proposals to improve roads and bridges, transit systems, energy systems, and electric grids — is the first phase of Clinton’s month-long focus on jobs. In March, Senate Republicans defeated a Democratic amendment to the proposed 2016 budget which was offered by Sen. Bernie Sanders and called for $478 billion in new spending. Sanders has proposed a $1 trillion infrastructure investment plan...
Hillary Clinton's Modest Infrastructure Proposal  The Atlantic  ...It’s hard to call a plan that spends $275 billion in taxpayer dollars over five years “modest” and keep a straight face. But that may be the best way to describe the proposal Hillary Clinton unveiled on Monday to upgrade the nation’s ailing infrastructure. The reaction from advocates of more robust infrastructure spending has been less than enthusiastic, a nod to the fact that the size of the Clinton plan falls well short of what studies have shown the country needs...
Why Do Former Goldman Sachs Bankers Keep Landing Top Slots at the Federal Reserve?  The Nation  ...During the last year, three vacancies have opened up to head regional Federal Reserve banks around the country. One by one, all three of the spots have gone to former insiders from Goldman Sachs. First, Goldman Sachs trustee Patrick Harker essentially picked himself to lead the Philadelphia Fed, stepping down as chair of the Philadelphia Fed Board of Directors to allow for his own selection...
White Collar Whistleblower Sentenced To Prison While The Criminals He Exposed Are Free  Think Progress  ...Over the holiday weekend, the man who’s done more to expose the financial crimes of the rich and powerful than almost anyone else in the 21st century was sentenced to five years in a Swiss prison. The harsh punishment to protect bank secrecy comes amid a comparatively lax pursuit of justice for in cases where the public has been wronged by banking industry actors...
Defying the 'Shock Doctrine' in Paris as Thousands March Despite Protest Ban  Common Dreams  ...It was people power versus "shock doctrine" on the streets of Paris on Sunday as thousands dared to defy the French government's ban on protests during the much-anticipated global climate summit. An estimated 10,000 demonstrators linked arms in a human chain along the 3 kilometer cancelled march route—joining the millions worldwide who took to the streets to demand that the assembled world leaders commit to bold action to confront the growing threat of climate change...
Two Expert Reports Slam Cleveland Cops for "Reckless" Killing of Tamir Rice  Mother Jones  ...On Saturday, attorneys for the family of Tamir Rice, the 12-year-old boy who was shot to death by a Cleveland cop last November, released two new reports concluding that the actions of the two officers involved, Timothy Loehmann and Frank Garmback, were "reckless" and "objectively unreasonable" by legal and professional standards. The reports were authored by Roger Clark, a former Los Angeles County deputy sheriff, and by Jeffrey Noble, a former deputy police chief for Irvine, California...

Monday, November 23, 2015

Have a Teamsters' Thanksgiving!

Be thankful for Teamster-affiliated products like these.
Thanksgiving is a day to spend with family and friends and to reflect on all the good things one has in life. Many people enjoy a feast and football. It's hard to imagine anything better.

Of course, there is a little way to make the holiday brighter for your fellow union members -- buy Teamster-made products! That way, you get quality goods and help keep your fellow brothers and sisters working!

Teamster members proudly manufacture butter and other dairy products with Land O'Lakes and Tillamook companies. Teamsters also craft jams, preserves and jellies at Smuckers. Use those ingredients to help prepare your Turkey Day staples.

But beverages also play an important role in any celebration. And here, the Teamsters really shine! On the beer front, the Teamsters make or cart all the Anheuser-Busch brands, as well as MillerCoors, all the Dundee brands and all the Genesee ales. The Teamsters also brew Blue Moon and have workers affiliated with Mendocino Brewing. And if you're craving an import, don't forget Becks or Molson.

For wine, the cellar operation workers at Woodbridge Winery are Teamsters. They produce some of the finest wines in California, including Ravens Wood, Toasted Head and Robert Mondavi wines.

So raise a glass to our great nation with great Teamster products. You'll be glad you did!
  • Press Associates, Inc., contributed to this report.

Thursday, July 2, 2015

Celebrate the Teamster way on the Fourth!

On Saturday, Americans will celebrate our nation's independence. And it only makes sense to do so with products that are not only made in America, but made by Teamsters.

Need to fill the fridge for a barbecue? Support your brothers and sisters who work at Costco if there's one near you. Many Costcos are represented by Teamsters. The company pays all of its employees an average of $17 an hour; CEO Jim Sinegal believes paying workers well is good business.

The summer's top cookout event demands beer, and Teamsters make (and deliver) a lot of it. Teamsters make such refreshing brews as Labatt's Blue, Beck's, Coors Light, Molson Ice, Miller Lite and the King of Beers, Budweiser. Our brothers and sisters also brew up tasty beverages at smaller breweries, Dundee Craft Beer and Genesee Brewery.

Is wine more your thing? If so, take a sip from a Woodbridge Winery offering, which employs workers who recently joined the Teamster family earlier this year.

Ice cream is another requirement for the Fourth of July, and tens of thousands of Teamsters work for American dairies. If you live on the West Coast, look for Darigold dairy products or Tillamook cheese and ice cream for that July 4th picnic. Alta Dena is another Teamster-represented dairy in California and Arizona that makes about a dozen different ice cream products.

Teamsters who live along the East Coast from Pennsylvania to Florida are probably more familiar with WAWA, a convenience store chain that started as a dairy and is a Teamster-represented employer.  WAWA makes premier ice cream from classic vanilla or chocolate to chocolate peanut butter cup or mint chocolate chip.

Another Teamster employer, Dean Foods, has more than 50 brands, including Country Fresh ice cream in Wisconsin and Michigan; Berkeley Farms ice cream in California; Country Love, Broughton and Ben and Jerry's in Kentucky, Ohio, West Virginia and Virginia. Click here to find out what Dean products are near you.

Teamster employer Prairie Farms sells dairy products in 14 Midwestern states, including Prairie Farms ice cream, sherbet and frozen yogurt.  Kemps Dairy in Wisconsin and Minnesota makes a wide variety of ice cream, including Green Bay Packer Salted Caramel Frozen Tundra Twist!

Not every Teamster-represented product is mentioned here. But buy union and supporter workers on this most American of holidays.

Wednesday, January 28, 2015

Today's Teamster News 01.28.15

Teamsters
Robert Morales  IBT   ...We are saddened to report the death of Robert Morales, who passed away on January 26, 2015...
Credentialing Crunch  American Legion   ...Starting this winter, the Teamsters – with logistical support and backing from The American Legion – will begin offering civilian CDL training to enlisted military truck drivers. The training-to-placement program will set up shop on military bases and offer drivers the opportunity to earn their civilian CDLs before they are discharged...
Turbulance Ahead At Allegiant Air As Pilots Prepare For Strike  Global Travel Industry News   ...The International Brotherhood of Teamsters will host a call to update Allegiant Travel Company investors, industry analysts, customers and press regarding the current status of contract negotiations for Allegiant Air pilots, their recent strike authorization vote and the union's request for a proffer of arbitration from the National Mediation Board...
Teamsters Protest Labatt Beer At NHL All-Star Game  teamster.org   ...At the National Hockey League’s All-Star Game on Sunday, Teamsters who work at Heidelberg Distributing provided information to fans about anti-worker behavior by the company, which distributes Labatt Beer products in Ohio...
Leaked Memo: YRC Seeks To Outsource Unprofitable Runs  Kansas City Business Journal   ...A Dec. 18, 2014, memo obtained by the Kansas City Business Journal, details a change-of-operations request to the International Brotherhood of Teamsters that would allow the company to increase its use of interline carriers — third-party transportation providers — in areas currently served by YRC Worldwide Inc. employees...
Trade
TTIP Is Sputtering, But Other 'Trade' Deals Threaten Our Sovereignty  Ecologist   ...So far the talks have achieved little in terms of reaching agreement for specific market sectors. And they are facing increasing scepticism because of TTIP's plans to deregulate goods and services like health through 'harmonisation' of EU and US standards - something that in practice usually means levelling down...
Anti-Trade Deal Protesters Hijack Senate TPP Hearing  RT   ...Protesters opposed to a major, multi-national trade deal being negotiated in secret by a dozen countries – including the United States – hijacked a US Senate hearing early Tuesday to speak out against the proposal. Capitol Police removed no fewer than three demonstrators Tuesday morning during testimony delivered before the Senate Committee on Finance by US Trade Representative Michael Froman concerning the controversial Trans-Pacific Partnership, or TPP...
State Battles
Ky. attorney talks right-to-work  Politico   ...The conservative push to pass right-to-work ordinances at the county level has as its ultimate aim passage of right-to-work at the state level, according to Warren County, Kentucky’s public attorney...
Union says it won’t stand by as GOP attacks collective bargaining  Las Vegas Sun   ...Republicans are attacking working families with their proposals to upend collective bargaining in Nevada, Danny Thompson, executive vice treasurer of the Nevada AFL-CIO, said at a press conference this morning...
War on Workers
Middle Class Shrinks Further As More Fall Out Instead Of Climbing Up  New York Times   ...In the late 1960s, more than half of the households in the United States were squarely in the middle, earning, in today’s dollars, $35,000 to $100,000 a year. Few people noticed or cared as the size of that group began to fall, because the shift was primarily caused by more Americans climbing the economic ladder into upper-income brackets. But since 2000, the middle-class share of households has continued to narrow, the main reason being that more people have fallen to the bottom...
This Map Reveals Just How Unequal The So-Called Recovery Is  Huffington Post   ...In 39 U.S. states, the top 1 percent of earners gobbled up at least half of all of the income gains between 2009 and 2012. And in 17 of those states, the top earners got every bit of the income growth in those years...
Wall Street's Threat To The American Middle Class (opinion)  Huffington Post   ...Presidential aspirants in both parties are talking about saving the middle class. But the middle class can't be saved unless Wall Street is tamed. The Street's excesses pose a continuing danger to average Americans. And its ongoing use of confidential corporate information is defrauding millions of middle-class investors. Yet most presidential aspirants don't want to talk about taming the Street because Wall Street is one of their largest sources of campaign money...
Miscellaneous
CBO: Deficit To Narrow, Then Widen In ’18  Wall Street Journal   ...Existing budget restraints and stronger economic growth will chip away at the federal deficit into 2017 before the gap begins to widen again, the Congressional Budget Office said, providing ammunition for both parties ahead of the White House’s first budget proposal to the Republican-controlled Congress...

Thursday, March 6, 2014

Have a union-made St. Patrick's Day

For St. Pat's, how about a green cupcake with UFCW-made Sprite?
St. Patrick's Day is just around the corner (wasn't it just Valentine's Day) and there's plenty of food and drink in the House of Labor's pantry.

That green cupcake is made with Sprite, a UFCW-made beverage. You can find the recipe here.

Speaking of beverages, St. Patrick's Day wouldn't be complete without Teamster beer.

Our brothers and sisters at the AFL-CIO recommend these UFCW-made whiskies as well: Basil Hayden's; Blanton’s; Elijah Craig; Henry McKenna; Jim Beam; Knob Creek; Old Crow and Old Grand-Dad. And the AFL-CIO Now blog suggests:
For a touch of global solidarity, the Irish-imported favorite Guinness is brewed at facilities where workers are represented by half unions of the Irish Congress of Trade Unions, including the Services Industrial Professional and Technical Union (SIPTU) and the Guinness Staff Union (GSU). 
What would St. Patrick’s Day be without a nice slab of corned beef and corned beef products from Saag's that carry the UFCW union label? 
And if you're a greeting-card kind of guy or gal, be sure to buy your St. Patrick's Day greeting cards from American Greetings. They're made by about 500 of our Teamster brothers and sisters at the company's Bardstown, Ky., plant.

Erin go bragh!

Friday, October 11, 2013

Is Congress driving you to drink? Tell them

It’s usually not a good idea to make phone calls when you’re drunk (i.e. drunk dialing). But if the person you’re calling belongs to a dysfunctional political party that's driving America off a cliff, then we say go for it.

A new website called Drunk Dial Congress allows you to type in your phone number so you can be connected to a member of Congress.

But you’re encouraged to have a drink or two before laying in to lawmakers with some of these talking points: 

If you can yell at a Park Ranger after forcing the Government to shut down then I get to yell at you
How dare you not fund Veterans
You jerks are costing the country $12 million bucks per hour!
You guys aren't funding the police that are protecting you??? 
My grandma can't get her cancer treatment 
Why don't you make yourself useful and at least mow the lawn?
It’s only fair that Congress should hear from angry Americans -- especially during happy hour. Because, as the website points out, members of Congress were found boozing up right after they shut down the government and put 800,000 people out of work:
As Members of Congress quickly returned from their final symbolic, non-effective and otherwise useless votes to avert a government shutdown, the heavy drinking began. Reports of our representatives getting plastered on the government's dime -- the one we have left -- have come streaming in from witnesses all over Capitol Hill. 
 
And you certainly don’t have to be a furloughed government worker to be pissed off at Congress. The shutdown being orchestrated by anti-worker Republican extremists is hurting everything from veterans’ health care and workers’ rights to food and transportation safety.

Drunk Dial Congress also includes some interesting drink recipes. But while you're having fun, don't forget to enjoy some of the great brews made and distributed by Teamsters.

So drink up -- responsibly, of course -- and give Congress a piece of your mind.

Thursday, September 5, 2013

Teamster brews to enjoy with tonight's game

Fear not, professional football fans – your long nightmare is almost over. The NFL season kicks off tonight and, when it comes to consuming your favorite Teamster-made malt beverage while viewing the game, we’ve got you covered.

The consumer has a lot of choices for drinking beer IBT-style. Mass-market or craft breweries, domestic or imported, the Teamsters represent employees who are involved in bringing these fine products to your local store.  Here is just a sampling:
  • Bud Light
  • Budweiser
  • Michelob
  • Michelob Light
  • Miller Light
  • Miller High Life
  • Coors
  • Coors Light
  • Beck’s
  • Beck’s Light
  • Dundee Ales and Lagers
  • Genesee Beers
  • Labatt’s Blue
  • Molson Canadian
  • Molson Export
So to all those adults looking to partake tonight, enjoy the game and drink responsibly. And have Teamster pride when you raise your glass!

Friday, July 26, 2013

Goldman Sachs makes your beer more expensive



The great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money Goldman Sachs is making your beer more expensive by cornering the aluminum market. Also your canned soda, juice and anything else affected by the price of aluminum. 

The way Goldman Sachs is manipulating the market is probably less important than the fact that no one will go to jail for it. 

But here's how the Wall Street behemoth does it, according to US News & World Report:
...a million and a half tons of aluminum – a quarter of the national supply at any given moment – typically sits in a network of 27 Detroit warehouses owned by Goldman Sachs. And hardly anyone would have thought that manufacturers seeking to purchase that aluminum might wait 18 months or more for delivery, while warehouse owners like Goldman Sachs collect additional rent, paid for by consumers of aluminum products ranging from beer cans to home siding. 
In an important hearing yesterday before the Senate Banking Committee, Tim Weiner of MillerCoors described the operation and how it boosts prices for real-economy companies. The witnesses at yesterday's hearing explained how the largest Wall Street banks have accumulated massive amounts of physical commodity infrastructure, ranging from warehouses to oil tankers to power generation plants. 
Supply bottlenecks in bank-owned warehouses are only one part of the story. Banks are central players in the financialization of commodity markets, the treatment of physical commodities as purely financial assets to be manipulated for trading and investment purposes, rather than inputs for the real economy. 
The original purpose of markets in commodities and commodity derivatives was to ensure steady prices and consistent availability for real-economy users of commodities. But the selling of commodities as an inflation hedge and a retirement asset (over $440 billion in investor money has poured into commodity investment funds since 2004, as opposed to just $25 billion into equity funds) has transformed these markets, increasing price levels and price volatility, and opening up many opportunities for manipulation.
At least Sen. Elizabeth Warren is on it. Earlier this week she said she wanted Wall Street firms like Goldman Sachs to have way less control of commodities. Business Insider reported that warren, on Tuesday, said in that same Senate Banking Committee hearing,
"...I share the concern of many of my colleagues about asset managers at huge Wall Street banks exercising control of key parts of America's infrastructure..."
Here's the back story:
Back in 2003 the Federal Reserve decided to temporarily allow banks to purchase commodities directly. That means oil, power, copper, aluminium etc. This September, that temporary regulatory relaxation is set to expire, and if it does, a big chunk of Wall Street's business will expire with it. 
And now that the ruling is up for discussion, Congress gets to weigh in. Wall Street be warned, if this hearing was any indication, the Senate is coming down on the side of culling the commodities business. 
Warren decried the idea that banks would use "other people's money" in pension and retirement savings "to pave the way for big banks to be able to control an electric plant or an oil refinery." 
Let's hope Congress decides to limit Wall Street's ability to control commodities markets. But we're not holding our breath.

Sunday, November 14, 2010

Today's Teamster News 11/14/10

Who Will Stand Up to the Superrich? (opinion)  New York Times   ...Inequality is instead the result of specific policies, including tax policies, championed by Washington Democrats and Republicans alike as they conducted a bidding war for high-rolling donors in election after election...

A Journey From Lawmaker to Lobbyist and Back  New York Times   ...When Cooper Industries, a century-old manufacturing company based in Texas, moved its headquarters to Bermuda to slash its American income tax bill, it had to turn to ... (lobbyist) Dan Coats ...a Republican from Indiana (who) will join the Senate again...
The Financial Crisis and America's Political Duopoly  Huffington Post 
How Beer Made Us Civilized  The Daily Dish
Six House Races Remain in Limbo  New York Times