Senate probes banks' aluminium warehouse role

[eppur_se_muova]

Source: BBC

A US Senate committee heard evidence on the controversial role of big banks in the aluminium industry.

Buyers like beer giant MillerCoors testified that banks' control of metal warehouses has increased their costs by as much as $3bn (£1.95bn) last year.

The Senate Banking Committee is investigating whether banks should be allowed to control infrastructure used in the commodities and energy sectors.

This includes warehouses used to store metals like aluminium.



Read more: http://www.bbc.co.uk/news/business-23418834

---

So this is why we've been hearing about this lately ....

Mustn't cross the beer industry.

[arcane1]

1. Investigating whether banks should be allowed to control infrastructure. No, they shouldn't be.

Where does this end? A couple of banks in control of everything??

[rickyhall]

2. Corporations fighting amongst themselves

might be interesting. Who damaged the auto industry the most? Big oil and big banks not the workers. So now they're hurting the beer industry and who knows else.

[Lugal Zaggesi]

3. The Banksters actually pay forklift guys

to move tons of aluminum bars from warehouse A to warehouse B each day,
to comply with rules and regulations that forbid allowing the metal to "sit" too long in the warehouse.

Another example of gaming the system for fun and profit -
while contributing exactly nothing of value to the Economy - and actually dragging it down.

http://www.nytimes.com/2013/07/21/business/a-shuffle-of-aluminum-but-to-banks-pure-gold.html?pagewanted=all&_r=0

Republicans should run one of these Banksters in 2016 as their Standard Bearer for President.

[askeptic]

4. Wasn't Enron doing the same thing with electricity?...

While this is going on, no one else should be prosecuted for theft

[Overseas]

5. K&R.