Goldman And JPMorgan Probed Over Metals Warehouse Manipulations Submitted by Tyler Durden on 07/25/2013 17:43 -0400 Commodity Futures Trading Commission Department of Justice Federal Reserve Reality Following our initial uncovering of the manipulation and monopolization of the metals warehousing business two years ago , the last few days have seen the public's attention grabbed by the reality of what the banks are actually doing. Following this week's hearing, as the Fed reconsiders banks roles in non-banking businesses (and the 'societal benefit' ), it seems the CFTC has woken up. As the WSJ reports , the Department of Justice has opened an initial probe into the metals warehousing industry and the Commodity Futures Trading Commission has also sent letters to some firms telling them to preserve documents, in what is likely the beginning stages of an investigation. Via WSJ , ... The probe comes amid growing concern in Washington over banks' ownership of metals warehouses and other commodity assets. ... Banks that trade physical commodities have come under attack by government officials, companies and consumer groups, who worry about the ability of the financial sector to exert influence over markets for raw materials. ... Mr. Brown held a hearing on the subject this week at which some company officials alleged banks are deliberately creating shortages of aluminum and other raw materials for financial gain. The Federal Reserve has said it is reconsidering the permission it granted to banks over the past decade to participate in physical commodity markets . The permission expires later this year. Average: 5 Your rating: None Average: 5 ( 10 votes) !-- -- Tweet !-- - advertisements - .AR_2 .ob_empty {display: none;} .AR_2 .rec-link {color: #565656;text-decoration: none;font-size: 12px;} .AR_2 .rec-link:hover {color: #565656;text-decoration: underline;font-size: 12px;} .AR_2 {float: left;width:50%} .AR_2 li {list-style: none outside none !important;font-size: 10px;padding-bottom: 10px;line-height: 13px;margin:0;} .AR_2 .ob_org_header {color: #000000;text-decoration:bold; margin-left: 0px; font-size:14px;line-height:35px;} .AR_3 .rec-link {color: #565656;text-decoration: none;font-size: 12px;} .AR_3 .rec-link:hover {color: #565656;text-decoration: underline;font-size: 12px;} .AR_3 .rec-src-link {font-size: 12px;} .AR_3 li {padding-bottom: 10px;list-style: none outside none !important;font-size: 10px;line-height: 13px;margin:0;} .AR_3 .ob_dual_left, .AR_3 .ob_dual_right {float: left;padding-bottom: 0;padding-left: 2%;padding-top: 0;} .AR_3 .ob_org_header {color: #000000; text-decoration:bold; margin-left: 0px; font-size:14px;line-height:35px;} .AR_3 .ob_ads_header {color: #000000; text-decoration:bold; margin-left: 0px; font-size:14px;line-height:35px;} -- - advertisements - Login or register to post comments 10589 reads Printer-friendly version Send to friend Similar Articles You Might Enjoy: Guest Post: GLD And SLV: Disclosure In The Precious Metals Puzzle Palace First Official Complaint Filed To DOJ-Anti Trust Over JPM's Role In Silver Manipulation Case 2012 Year In Review - Free Markets, Rule of Law, And Other Urban Legends GATA Claims To Have Evidence Of "Massive Physical Short Gold And Silver Positions That Can Not Be Covered" Civil And Criminal Probes Launched Against JP Morgan For Silver Market Manipulation
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