News
News Home
Quick Bites
Exploradio
News Archive
News Channel
Special Features
NPR
nowplaying
On AirNewsClassical
Loading...
  
School Closings
WKSU Support
Funding for WKSU is made possible in part through support from the following businesses and organizations.

Genie of Fairview Door Company

Akron General


For more information on how your company or organization can support WKSU, download the WKSU Media Kit.

(WKSU Media Kit PDF icon )


Donate Your Vehicle to WKSU

Programs Schedule Make A Pledge Member BenefitsFAQ/HelpContact Us
Government


Sherrod Brown says big banks manipulate commodities.
Holds hearings on aluminum prices and their effect on brewers
by WKSU's MARK URYCKI


Senior Reporter
Mark Urycki
 
U.S. Sen. Sherrod Brown's banking subcommittee is taking testimony on banks, aluminum and beer.
Courtesy of WKSU FILE PHOTO
Download (WKSU Only)
In The Region:
Beer drinkers may be paying too much and U.S. Sen. Sherrod Brown of Ohio wants something done about it. Brown says large banks are forcing up the price of aluminum cans and kegs by manipulating the aluminum market.
LISTEN: The impact of banks on commodity prices

Other options:
Windows Media / MP3 Download (1:24)


Sherrod Brown’s Banking subcommittee in the Senate held hearings on the matter this week, taking testimony from brewers. Mary Jane Saunders of the Beer institute says brewers are forced to buy some aluminum from the London Metal Exchange which, with the banks help, acts like a bottleneck for the material.

“You have to wait as much as 18 months to get what you already paid for and you pay rent to the warehouse while you wait. These warehouses, which are owned and operated by U.S. charted investment banks, have increased the cost of aluminum for everyone.”

Brown says the banks are manipulating the market, the Federal Reserve needs to set guidelines and the Commodities Futures Trading Commission needs to “crack down on anti-competitive practices.”

Goldman Sachs issued a statement denying they had deliberately caused a shortage to manipulate prices. Brown says he will call the companies and regulators to testify in September.  

Listener Comments:

This is another example of the banks exercising their power and influence to screw the common consumer. Thank you for looking out for us.


Posted by: Elva DeDeurwaerder (United States) on July 24, 2013 9:07AM
Add Your Comment
Name:

Location:

E-mail: (not published, only used to contact you about your comment)


Comments:




 
Page Options

Print this page

E-Mail this page / Send mp3

Share on Facebook




Stories with Recent Comments

Portman predicts McDonald's confirmation, but says it won't be easy
I sent the following note to Senator Blumenthal after reading commentary from yesterday's hearing: Senator, You certainly have the right to ask Mr. McDonald que...

Seven minutes changed everything, but what changed Ashford Thompson?
He shot the guy four times in the head. I have never been that drunk or mad, and I have been through it. Shoot a guy once is bad, maybe a mistake, shoot a guy f...

First cricket farm in the U.S. opens in Youngstown
I am interested in cricket flour to replace soy flour in a low carbohydrate diet. As soon as you have cricket flour available for the average person, please le...

New process starts digesting sludge in Wooster
Awesome! When do our sewage rates decrease accordingly?

Akron's Chapel Hill Mall in foreclosure
Not a surprise. Between the shoplifting, gangs and violence that goes on up there it is no wonder that no one feels safe to shop at Chapel Hill. They have sca...

Ohio launches investigation into at least one Concept charter school
I worked at Noble Academy Cleveland as admin assistant and enrolment coordinator for 6 years, I know this is so valid and true and can provide staff names and p...

Crisis looms in filling aviation industry jobs in Ohio and the nation
I listened to this story yesterday morning on the radio and just want to add this comment. My son went to school to train as an air traffic controller, and gra...

Cuyahoga Valley National Park considers fire to fight invasives
I'm for the controlled burn. There are not enough people (myself included) who volunteer for the removal of invasive plant species. Therefore, another solution ...

Copyright © 2014 WKSU Public Radio, All Rights Reserved.

 
In Partnership With:

NPR PRI Kent State University

listen in windows media format listen in realplayer format Car Talk Hosts: Tom & Ray Magliozzi Fresh Air Host: Terry Gross A Service of Kent State University 89.7 WKSU | NPR.Classical.Other smart stuff. NPR Senior Correspondent: Noah Adams Living on Earth Host: Steve Curwood 89.7 WKSU | NPR.Classical.Other smart stuff. A Service of Kent State University