Goldman And JPMorgan Probed Over Metals Warehouse Manipulations
by Tyler Durden
Following our initial uncovering of the manipulation and monopolization of the metals warehousing business two years ago, the last few days have seen the public’s attention grabbed by the reality of what the banks are actually doing. Following this week’s hearing, as the Fed reconsiders banks roles in non-banking businesses (and the ‘societal benefit’), it seems the CFTC has woken up. As the WSJ reports, the Department of Justice has opened an initial probe into the metals warehousing industry and the Commodity Futures Trading Commission has also sent letters to some firms telling them to preserve documents, in what is likely the beginning stages of an investigation.