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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsCongressman Grayson asks WTF the big banks are doing
http://www.washingtonsblog.com/2013/07/giant-banks-take-over-real-economy-as-well-as-financial-system-enabling-manipulation-on-a-vast-scale.htmlGiant Banks Take Over Real Economy As Well As Financial System Enabling Manipulation On a Vast Scale
Specifically, Congressman Grayson wrote and Congressmen Conyers, Ellison and Grijalva co-signed a letter to the Federal Reserve which, in the words of a congressional aide:
Ask[ed] why large banks are engaged in a host of commercial activities, including power production, management of ports, oil drilling and distribution, and uranium mining. These activities have nothing to do with the business of banking and its unclear how the Fed or other bank regulators can actually regulate them. Theres useful and somewhat crazy information in the 10Ks of the banks about what they are currently doing. You can find that in the footnotes of the letter.
In other words, Goldman Sachs, JP Morgan, and Morgan Stanley are no longer just banks they have effectively become oil companies, port and airport operators, commodities dealers, and electric utilities as well. This is causing unforeseen problems for the industrial sector of the economy. For example, Coca Cola has filed a complaint with the London Metal Exchange that Goldman Sachs was hoarding aluminum. JP Morgan is currently being probed by regulators for manipulating power prices in California, where the bank was marketing electricity from power plants it controlled. We dont know what other price manipulation could be occurring due to potential informational advantages accruing to derivatives dealers who also market and sell commodities. The long shadow of Enron could loom in these activities.
Check out the link for the letter and the footnotes.
Scuba
(53,475 posts)kentuck
(111,098 posts)Go Alan!
arcane1
(38,613 posts)Vinnie From Indy
(10,820 posts)Here is another excellent and terrifying expose of the banksters assault on America. It isn't just aluminum! These big banks have been acquiring copper to run the same scam. It is all so nakedly evil.
http://www.nytimes.com/2013/07/21/business/a-shuffle-of-aluminum-but-to-banks-pure-gold.html?pagewanted=all
zeos3
(1,078 posts)byeya
(2,842 posts)promulgated yet - it's been over 3 years
bvar22
(39,909 posts)For a Half-Way Measure, Dood-Frank looked decent on paper,
but the implementation (or lack or) has made it a joke,
a Very BAD Joke played on the American Citizens.
Nothing CHANGED.
Fire Walk With Me
(38,893 posts)regarding the banksters? I'm grateful for them but they're a drop of water in a very large bucket.
DirkGently
(12,151 posts)bvar22
(39,909 posts)..and a handful of other members of the Progressive Caucus
based on the traditional Working Class Democratic Party Values of FDR & LBJ?
....or is it a waste of time to even try?
zeos3
(1,078 posts)but it's very difficult sometimes.
When we find good people like Grayson and Warren and Sanders we need to help them as much as we can and encourage each other. It would be nice to find more people like them. We should start looking amongst ourselves.