Free UniversE-ity

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Senate hearings on Wall Street crimes: The bankers rule

Counter Information

By Barry Grey

24 November 2014

Hearings held last week by two different Senate committees demonstrated the subordination of US regulators and Congress to the Wall Street banks. The hearings were held in the midst of fresh revelations of insider trading, the manipulation of markets and general lawlessness on the part of the largest American financial firms.

On Thursday and Friday, the Senate Permanent Subcommittee on Investigations held hearings on a report it released Wednesday documenting massive holdings of physical commodities by Goldman Sachs, JPMorgan Chase and Morgan Stanley, in some cases above legally prescribed limits. The report gave a detailed account of the banks’ leveraging of these assets tomanipulate the prices of aluminum, coal, oil and other basic goods.

On Friday, the Senate Banking Subcommittee on Financial Institutions and Consumer Protection questioned William C. Dudley, the president of the Federal Reserve Bank of New York, the chief federal…

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This entry was posted on November 24, 2014 by .
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