Goldman Sachs executives spent Thursday locked in a testy public face-off with members of Congress, fighting suggestions that the bank had taken too large a role in the commodities market.
In a hearing in Washington, Senator Carl Levin, the chairman of the Senate’s Permanent Subcommittee on Investigations, hammered away at Goldman’s ownership of aluminum warehouses in Detroit, coal mines in Colombia and a uranium trading company in London, which he said put the firm in position to influence the prices of commonly used commodities. The hearings also touched on the large commodities businesses run by JPMorgan Chase and Morgan Stanley, but executives from both banks emphasized that they were generally planning to wind down their ownership of assets like power plants and oil tankers.
The post Goldman in Testy Exchange at Senate Panel Over Its Role in Commodities Market appeared first on Trunews:.
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