For years, people would steal catalytic converters and sell them in junkyards. But during the pandemic, metal prices fluctuate on the open market. The price of these rare metals went up as they became more valuable to buy. Evan: This is a really big, long global supply chain for the metals inside these converters.
Catalytic converters are a vital part of emissions reduction in gas-powered vehicles. But that’s not why they’ve been making headlines. Thieves across the US have been sawing them off cars because they contain precious metals like platinum, palladium and rhodium. Bloomberg Businessweek contributor Evan Ratliff is here to tell the tale of a $500 million catalytic converter theft ring—and how local police departments and federal law enforcement brought it down.
Read more: How Cops Cracked a $500 Million Catalytic Converter Crime Ring
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