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.

NOCHE

Area Agency on Aging 10B, Inc.

Levin Furniture


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 and Politics


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

East Cleveland is on the verge of bankruptcy
It seems that the focus is on population loss from the ones who left east cleveland. what about all of us tax paying home owner residents who have been living i...

Bedford Police kill a man during confrontation
I guess they shot him b/c the tasing didn't take--the article states clearly that he charged them after being tased. Maybe he was on drugs.

Filipino community enjoys a taste of home in Akron
Good Job and Well done my friends! May this new year bring you and your business more bountiful blessings in the coming years. Congratulations to your Fil-Am M...

Year-end review: Ohio Common Core, removing standards
To learn why Common Core is not good for our students or our country from a pedagogical view watch this one hour teacher created video. http://www.youtube.com/...

Ohio Supreme Court clears red-light cameras and their appeals process
I too agree that the red lights should be banned, there are certain circumstances which require an officers attention.

Ohio Senate year in review: Slow start, strong finish
Senator Keith Faber's claim that the Heartbeat Bill could endanger abortion restrictions already in Ohio law is either intentionally deceptive or Faber hasn't r...

Four Ohio death row inmates sue over new execution rule
Convicted felons still victimizing the victims and family members...fighting for their right to a due process after killing/raping someone. What about the victi...

The city of Akron will train truckers for sewer construction work
I was wandering if they where looking for people with a cdl can I get a job too?

Many long-ignored bills passed the Ohio Legislature this year
Andy, I have to ask the obvious question. When are the legislators going to fix the method of school funding? The OH Supreme Court ruled several times years ago...

Will Ohio's marijuana initiative follow casinos' lead?
We just ask to have marijuana legalized and here comes some nimrod trying to rob us of our rights and make us buy it from some legalized new type DRUG DEALER th...

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