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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
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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

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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
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