Senate Report Criticizes Goldman and JPMorgan Over Their Roles in Commodities Market
The Senate’s Permanent Subcommittee on Investigations found that Goldman Sachs and JPMorgan Chase assumed a role of such significance in the commodities markets that it became possible for the banks to influence the prices that consumers pay while also securing inside information about the markets that could be used by the banks’ own traders.
.. The Senate subcommittee alleges that Goldman used unorthodox measures at its warehouses in Detroit that made it harder to get aluminum out of the warehouses and raised the prices paid by aluminum users such as auto makers and brewers.