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Carl Levin

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  • Senator Carl Levin has introduced a bill seeking to crack down on trading on inside information in physical commodities, the first U.S. legislation limiting Wall Street banks' ability to deal in physical markets from crude oil to aluminum. The bill, sponsored by the Michigan Democrat and co-sponsored with Republican John McCain, is seen as Levin's parting...

  • Senate OKs defense policy bill Friday, 12 Dec 2014 | 1:34 PM ET

    WASHINGTON— The Senate is on track to approve a massive defense policy bill that endorses President Barack Obama's stepped-up military campaign of air strikes and training of Iraqis and moderate Syrian rebels in the war against Islamic State militants. Tom Coburn, R- Okla., and several other GOP senators. Once passed, the Senate would send the $585 billion...

  • In a move that sets up another round of debate over the extenders in 2015, senior Republicans said a short-term extension would be approved for the package, with the House of Representatives acting as soon as this week. The Obama administration weighed in, with Treasury Secretary Jacob Lew meeting with congressional Democrats and saying in a statement that...

  • COLUMN-How JPMorgan struck gold with copper: Andy Home Thursday, 27 Nov 2014 | 8:59 AM ET

    JPMorgan was "outed" in the media as the controlling hand, which only fuelled further the whirl of speculation, given the same bank was proposing to launch an exchange-traded fund backed by physical copper. As is always the way with such things, JPMorgan declined to confirm or deny its involvement. Now, thanks to documents submitted to the U.S. Senate subcommittee...

  • That was the day 100,000 tonnes of metal being stored in LME-registered sheds in Detroit were canceled prior to physical load-out. The cancellations created an instantaneous bottleneck at Metro International, the dominant LME warehouse operator in Detroit. A relatively benign load-out queue of just over 20 days at Detroit mushroomed to a monster queue of...

  • WASHINGTON, Nov 21- A top Federal Reserve official on Friday pledged to a Senate investigative subcommittee that the U.S. central bank would broaden its review of gaps in its regulation of the physical commodity operations of U.S. banks. In response to questioning at a hearing on Friday, Fed Governor Daniel Tarullo said the bank would look into filling those...

  • "We are conducting a careful and thorough assessment of the costs and benefits of financial holding company engagement in these activities," Fed Governor Daniel Tarullo said in prepared remarks ahead of a Senate subcommittee hearing on the issue of banks' involvement with physical commodities. Goldman Sachs Group Inc, Morgan Stanley and J.P. Morgan built huge...

  • NEW YORK, Nov 21- Complex deals employed by Goldman Sachs' metals storage unit to build vast stockpiles and then maintain queues test the spirit of the London Metal Exchange operating code, shocking many traders and confirming others' suspicions. An explosive U.S. Senate report released on Wednesday revealed the "imaginative" methods used to lure millions of...

  • NEW YORK, Nov 20- In an often-heated hearing before a U.S. Senate investigative subcommittee, Goldman Sachs Group Inc on Thursday rejected allegations that Wall Street banks exploited physical commodity markets to manipulate prices and gain unfair trading advantages. Led by Senator Carl Levin, who chairs the Senate's Permanent Subcommittee on...

  • WASHINGTON/ NEW YORK, Nov 20- Goldman Sachs Group Inc on Thursday took the lead in rejecting allegations by a U.S. Senate subcommittee that Wall Street banks were exploiting physical commodity markets to manipulate prices and gain unfair trading advantages. In an often heated hearing before the Senate's Permanent Subcommittee on Investigations, Senator...

  • WASHINGTON, Nov 20- Goldman Sachs Group Inc on Thursday took the lead in rejecting allegations by a powerful U.S. Senate subcommittee that Wall Street banks were exploiting physical commodity markets to manipulate prices and gain unfair trading advantages. The public airing of concerns about banks' ownership of physical commodities and assets from...

  • WASHINGTON, Nov 20- Goldman Sachs Group Inc on Thursday rebutted allegations made by a powerful U.S. Senate committee report that condemned Wall Street banks for exploiting physical commodity markets to manipulate prices and gain unfair trading advantages. JPMorgan Chase& Co and Morgan Stanley, which will also address the panel, have both made major moves to...

  • NEW YORK, Nov 19- Goldman Sachs will wind down its small uranium trading business after failing to find a buyer and may sell its Colombian coal mine subsidiary, two of its most controversial commodity divisions, according to a Senate report released on Wednesday. It included a lengthy summary of Goldman's activities in the niche uranium market, which began when...

  • WASHINGTON, Nov 20- Goldman Sachs Group Inc will rebut on Thursday allegations made by a powerful Senate committee report that condemned Wall Street banks for exploiting physical commodity markets to manipulate prices and gain unfair trading advantages. JPMorgan Chase& Co and Morgan Stanley which will also address the panel have both made major moves to get...

  • NEW YORK, Nov 19- Goldman Sachs will wind down its small uranium trading business after failing to find a buyer and may sell its Colombian coal mine subsidiary, two of its most controversial commodity divisions, according to a new Senate report released on Wednesday. It included a lengthy summary of Goldman's activities in the niche uranium market, which began...

  • For example, following its purchase of the RBS Sempra commodities business in mid-2010, JPMorgan Chase& Co sought Fed permission to trade a range of niche physical oil products such as asphalt, Canadian condensate and marine diesel. After it became clear that the Fed would not grant the request, JPMorgan withdrew it. "The decision of the Federal Reserve not to...

  • WASHINGTON, Nov 19- A two-year Senate investigation into Wall Street's physical commodities business found that U.S. banks had manipulated prices and gained unfair trading advantages at the expense of consumers. Goldman Sachs Group Inc, Morgan Stanley and J.P. Morgan built huge inventories of aluminum, oil, jet fuel and other commodities, the report said, and...

  • WASHINGTON, Nov 17- A heavyweight list of bankers and regulators will appear before a U.S. Senate committee this week in a probe into Wall Street's role in commodity markets and ahead of possible tougher rules from the Federal Reserve. On Thursday, speakers will include Christopher Wibbelman, the head of Goldman Sachs's warehousing unit Metro International...

  • Senator Carl Levin's powerful committee will hold a two-day hearing later this month on Wall Street banks' ownership of physical commodities and assets from pipelines to warehouses, touching off a two-year probe into potential market abuses. The third such hearing by lawmakers on the hot issue will likely renew scrutiny of banks, including JPMorgan Chase& Co,...

  • *Companies already in Ireland to be given time to adjust. DUBLIN, Oct 10- Ireland is set to announce legal changes next week to phase out the "Double Irish" tax arrangement that has let firms such as Google save billions of dollars, two sources familiar with the matter said. Ireland has come under sustained attack from Europe and the United States over the past 18...