Exclusive – Goldman Sachs, JPMorgan in Senate’s crosshairs for commodities holdings

God bless Senator Levin.

Justice League

U.S. Senator Carl Levin is preparing a last push to bring Wall Street’s big commodity traders to heel during his final months in office, wrapping up a nearly two year-long probe that could potentially reveal abuses in energy and metals markets.

Levin’s investigators have met with representatives from Goldman Sachs (>> Goldman Sachs Group Inc) and JPMorgan Chase (>> JPMorgan Chase & Co.) in recent weeks, according to sources familiar with the matter.

Executives from those companies may appear at a hearing as early as September, during which Levin’s Permanent Subcommittee on Investigations would present the findings of the probe, the sources said.

Spokesmen for Goldman and JPMorgan declined to comment.

Specifically, Senate investigators have explored whether Wall Street has abused its commodities holdings at the expense of clients, consumers, the environment or the health of the market, according to the people familiar with the probe.

The probe’s…

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One thought on “Exclusive – Goldman Sachs, JPMorgan in Senate’s crosshairs for commodities holdings

  1. Yes, thank god for Senator Levin. And Senator Levin really press very hard in his hearing with Goldman CEO Lloyd Blankfein in the “Timberwolf” CDO worthless product that Goldman scammed the investors in buying the product and then betting against the product that they sold to the investors which cost investors millions.

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