No really, that is the actual name of the hearing that the Senate Committee on Banking, Housing and Urban Affairs will hold today in order to "clarify" why banks like Goldman are currently the owners of the largest aluminum warehouse in the US, or why Goldman, JPM and BlackRock are set to control 80% of all copper stores. The hearing's official name: "Examining Financial Holding Companies: Should Banks Control Power Plants, Warehouses, and Oil Refineries?"
As a reminder, as we previewed yesterday, it was the Fed which in 2005 granted said banks permission to do just that. That the Senate should even have to debate such an issue shows not only who is really in control, but how many light years behind the curve US Congress is when even grasping how pervasive and insidious the New Normal cartelization by industry monopolists - because a handful of banks controlling the entire commodity logistics chain is nothing short of an monopoly - has become. It also shows that no amount of regulation can possibly prevent the banks creeping take over of all the key "just in time" supply choke points until such time as everything unwinds, yet remains in the control of the banks.
Watch the hearing below.
The prepared testimony by the witnesses can be found here:
- Ms. Saule Omarova [view testimony]
Associate Professor of Law
University of North Carolina at Chapel Hill School of Law
- Mr. Joshua Rosner [view testimony]
Graham Fisher & Company
- Mr. Timothy Weiner [view testimony]
Global Risk Manager
Commodities/Metals, MillerCoors LLC
- Mr. Randall D. Guynn [view testimony]
Head of Financial Institutions Group