Report on the July 23 Senate

NCD — Thu, 25 Jul 2013 16:29:35 +0000

In reply to Wall Street Fleecing Main Street, Gaming Commodities

Report on the July 23 Senate hearing on taxpayer guaranteed 'too big to fail' banks gaming the commodity sector, Reuters:

...The Senate Banking Committee hearing comes as Goldman Sachs, Morgan Stanley and JPMorgan Chase - which generated an estimated $4 billion in commodity revenues last year - face growing pressure from a number of investigations into their operations, and as the Federal Reserve reviews Wall Street's right to operate in raw material markets.

Big aluminum buyers represented by MillerCoors, the second largest brewer in the U.S., told the packed hearing that the banks' control of metal warehouses that are part of the London Metal Exchange network drove up their costs by as much as $3 billion last year by distorting supplies....

MSM did not cover this 'Wall Street rips-off Joe Sixpack' news as far as I know, or the fact that as stated above the GOP is OK with the practices of Wall Street.

Reuters had an 8 page pdf

NCD — Sun, 21 Jul 2013 15:53:40 +0000

In reply to Wall Street Fleecing Main Street, Gaming Commodities

Reuters had an 8 page pdf report from March of 2012, on BHC, bank holding companies, and commodity gaming at this link.

18 hours ago Reuters ran a piece Fed rethinking move allowing banks to trade physical commodities that says the Senate Banking Committee, with Elizabeth Warren will hold hearings on banks and commodity owning/trading this Tuesday on this issue.

On Tuesday, the Senate Banking Committee is holding its first hearing on the issue, asking whether so-called "Too Big to Fail" banks should be taking on additional risks like moving tankers of crude oil or operating power plants.

Members of the Senate Banking Committee with links to their webpages is here.

Goldman and other Wall Street firms and BHC get almost free money to 'play ' with at the Fed discount window, are 'too big to fail' so are backed by taxpayers and trade on the stock market on the same commodities on which they may control the physical market.

It's a game Main Street can only lose. Contact your Senator if they are on the Committee and see if the Senate on it's own, or by pressure on the Fed, can stop this outrageous racket, played with taxpayer backed money, serving only to suck billions from the American economy and put it in the pockets of rapacious sociopaths on Wall Street.

dagblog - Comments for "Wall Street Fleecing Main Street, Gaming Commodities"

Report on the July 23 Senate

Reuters had an 8 page pdf