Surprise! Banks control commodity prices...CFTC

CGI's Johneye: Surprise! Banks control commodity prices...CFTC

Posted By: CGI_admin [Send E-Mail]
Date: Tuesday, 23-Jul-2013 10:48:27

The reference to the CFTC is that they "may" investigate. Wall Street’s maneuverings in the commodities markets have added many billions to the coffers of investment banks like Goldman, JPMorgan Chase and Morgan Stanley, while forcing consumers to pay more for gasoline, electricity and a wide range of products, from cars to cellphones. In the last year, federal authorities have accused three banks, including JPMorgan, of rigging electricity prices, and on Monday JPMorgan was working to reach a settlement that could cost it $500 million. For much of the last century, banks were barred from owning nonfinancial businesses, and vice versa. These restrictions were weakened or lifted during the 1990s, when Congress allowed banks to expand into storing and transporting commodities. (As reported in the NY Times...as if the hens are really out to get the foxes.) http://www.nytimes.com/2013/07/23/business/inquiry-possible-into-storage-of-commodities-by-big-banks.html?hp&_r=0