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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsBankster Brew-haha
WASHINGTON -- A loose coalition of beer brewers, automakers, Boeing and Coca-Cola is accusing big banks, including Goldman Sachs and JPMorgan Chase, of anti-competitive behavior in the aluminum market, fueling regulatory concerns and prompting a Senate probe as part of an international political battle over Wall Street's expansion into the commodities business.
The Senate Banking Committee next week will hear from MillerCoors and a pair of experts critical of banks' involvement in physical commodities activities and infrastructure assets involving businesses such as storage and transportation. The MillerCoors representative is expected to lash out at banks like Goldman and JPMorgan, which own large warehouses that store aluminum and trade derivatives contracts tied to commodity prices.
Representatives for Goldman and JPMorgan may be asked to testify as the banking panel scrutinizes their commodities businesses. Both companies, under fire in recent years due to a variety of controversies, are reported to be seeking buyers for their metals warehouses.
"When Wall Street banks control the supply of both commodities and financial products, there's a potential for anti-competitive behavior and manipulation," said Sen. Sherrod Brown (D-Ohio), a member of the banking committee. "It also exposes these megabanks -- and the entire financial system -- to undue risk." ...................(more)
The complete piece is at: http://www.huffingtonpost.com/2013/07/16/banks-commodities-business_n_3601631.html?ncid=txtlnkushpmg00000037
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Bankster Brew-haha (Original Post)
marmar
Jul 2013
OP
Cirque du So-What
(25,997 posts)1. 'there's a potential for anti-competitive behavior and manipulation'
Ya THINK??!! These pricks would manipulate the price of AIR if it were within their capability.
Laelth
(32,017 posts)2. Good news.
Only the 1% can truly fight the 1% in this political climate. I hope the banks get spanked for disrupting the commodities markets.
-Laelth
DirkGently
(12,151 posts)3. Shocking if true. Well, no. But worth following. +