Senate Probe Says Goldman, Other Banks Exploited Commodity Markets – Yahoo Finance

Goldman Sachs’ metal storage unit paid customers to boost queues -report – Yahoo Finance

Goldman Sachs Group Inc, Morgan Stanley and J.P. Morgan built huge inventories of aluminum, oil, jet fuel and other commodities, the report said, and failed to properly insulate themselves from large, potential losses stemming from the stockpiles. The report, based on 90,000 pages of bank and regulatory documents as well as 78 interviews and briefings, stems from a probe by the Senate’s Permanent Subcommittee On Investigations that began in 2012 and focused on Wall Street’s involvement in the physical commodities industry. “We found substantial evidence that these activities expose major banks to catastrophic risks … that could result in losses that exceed bank capital reserves and insurance coverage and thereby threaten the stability of the financial system,” committee Chair Carl Levin, a Michigan Democrat, said at a news briefing.
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This has been a community project for us and a lot of people have put a lot of hours into it, said Budd. It more upsetting for them that somebody would steal from the organization and not realize where theyre stealing from. Once the thieves got inside they stole a brand new refrigerator and dryer. Its money well have to raise again and unfortunately instead of it going to this build or future build its going to tools and fixing damage, Budd added. The thieves also got away with expensive tools from the locked storage sheds.
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Habitat for Humanity home burglarized, “They knew who they were stealing from” | Q13 FOX News

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Morgan and Goldman. Senior bankers from Goldman, J.P. Morgan and Morgan Stanley will appear as part of a two-day committee hearing on the issue starting on Thursday.
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Senate probe finds big banks exploited commodity markets | New York Post

The 400-page report by the Senate’s Permanent Subcommittee On Investigations exposes details of complex transactions that explain for the first time how Metro went to huge efforts to maintain long wait times in Detroit to boost income. The potentially explosive report offers the clearest glimpse yet into the complex strategy that created long queues, and it is likely to reignite a years-long debate on how the ownership of warehouses has transformed the metals market. Aluminum has been in the spotlight for years after the appearance of long wait times in Detroit, where Metro is headquartered and millions of tonnes of aluminum have been stockpiled, shortly after Goldman bought Metro in February 2010.
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