Relevant:
- Warehouse ownership by Wall Street banks raises market manipulation suspicions
- Fed rethinks move allowing banks to trade, handle physical commodities
- Insight: Wall Street, Fed face off over physical commodities
- Asian Buyer Is New 'Sheriff' in Town For Metals Warehousing
- Fed Should Reverse Commodity Policy, CFTC's Chilton Says
2014-08-12 — reuters.com
U.S. Senator Carl Levin is preparing a last push to bring Wall Street's big commodity traders to heel during his final months in office, wrapping up a nearly two year-long probe that could potentially reveal abuses in energy and metals markets... The probe's findings and the possible hearing will add to the scrutiny Wall Street firms have already faced from the Federal Reserve and from other lawmakers over whether it is appropriate for banks to maintain vast holdings in metals warehouses and other physical commodities businesses.
Companies including MillerCoors LLC and The Coca-Cola Co have accused warehouses and their owners of distorting supplies, inflating the prices of aluminum, and costing consumers billions of extra dollars annually.
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