Goldman Sachs influencing aluminum prices, investigation finds

Ohio Sen. Sherrod Brown  is promising Congressional hearings to see if banks are manipulating aluminum prices in response to an investigation by the New York Times that found questionable practices by Goldman Sachs and others in commodity markets.

The paper said Goldman Sachs takes the trouble to regularly move large stores of aluminum from one of 27 warehouses it owns in the Detroit area to another, simply to "exploit pricing regulations" by the London Metal Exchange, which allows the bank to add storage fees to the global price of the metal.