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

Levin Furniture

Lehmans


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

Ohio to appeal ruling keeping Akron's red light cameras in place
I don't understand what all the fuss is about. If you don't like tickets drive the speed limit and stop at red lights. It's really all up to you.

Who's on public assistance in Ohio?
legalize marijuana get over it,,, its here its been the main drug test scare of a lifetime. u got people that get drunk every night and work u got peoples on ...

Letters from a lost friend: A Beachwood survivor's Holocaust remembrance
What a great story -- and how important it was for both Marlene and her mother to tell it! Thank you.

Ohio lawmaker calls for an East Cleveland bailout
Instead of blaming Kasich and the Republicans for all of East Cleveland's fiscal woes, take a look at the facts. Some political entities in Ohio are too small ...

Legalized marijuana is a boon for a Cleveland-area grow light maker
Shouldn't he be in jail for paraphernalia? He knows he is selling for marijuana production.

Akron city council to vote on resolution for hiring ex-offenders
Great as a taxpayer I paid for the police to catch them, the free lawyer, the jail to house them , the food their kids eat the medical for them and all its goin...

5 of 8 rule headed for a vote
this is just another way for kasich to pass the buck and claim that it gives the local districts control. Few schools have enough money because of his cuts. T...

A passionate debate about parole in Ohio
I was heartened to hear that the legislators will consider ANY legislation to break the chains the parole board has put on these old law offenders who have serv...

Bill would allow Ohio religious leaders to refuse to do gay marriages
This is just a lot of political posturing. The free exercise clause of the 1st Amendment already protects clergy from being forced by civil authorities to perfo...

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