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.

Don Drumm Studios

Northeast Ohio Medical University

Hospice of the Western Reserve


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

Cuyahoga Valley National Park OK's sharpshooters to thin deer herds
In this article you mention that the Mule Deer Foundation is a "hunting group" in reality the Mule Deer Foundation is a conservation group that is over 25 years...

In the driver's seat of history
I believe he was a teacher of mine as James Ford Rhodes. My favorite teacher of all time! Loved learning this part of his amazing history.

Cleveland RTA is moving Public Square bus stops beginning this week
I am very confused. Why are you taking one or more of the park and ride 246 out of service in the morning. I looking over the new schedule I see that there ar...

Canton school board will vote Wednesday on its high school merger
Great to see that THE REPOSITORY is advising a 'no' vote for now! Another point, besides all the Very accurate points already made against this move is the fac...

Some parents opting their students out of Common Core test
I am an 8th grader at a school in Allen County. I have just recently taken the ELA performance based assessment and found it extremely difficult. It asked me a ...

Fallout from the Ohio Supreme Court Munroe Falls ruling
The comment by Nathan Johnson from OEC is confusing. Instead of cities being 'emboldened' to craft zoning laws that were just stricken down by this ruling, comm...

Stopping sediment dumping in Lake Erie
Ah, yes, the Army Coro of Engineers, the geniuses that designed the levee system in New Orleans that has made the flooding worse due to no sediment reaching the...

Ohio charter school critic says reform bills are a good step
The cold truth is that these charter schools are offering services beyond the what the state tests can guage. Parents and students have a choice and they are ch...

State law trumps restrictions on oil and gas drilling in Munroe Falls
Justice O'Neill's quote brings up a point I wish WKSU would address: since, unlike for Federal judges, our judges here in Ohio are elected, and therefore respo...

Ohio Supreme Court invalidates local fracking bans
If Ohio has their way, Fracking Wells will be planted in the courtyard of every town. That is if the State of Ohio can profit by it...for more on how the court ...

Copyright © 2015 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