Goldman Sachs is at the centre of another potential London-linked scandal after US watchdogs kicked off investigations into practices that could have hiked the price of aluminium and damaged the world’s economy.
America’s Commodity Futures Trading Commission has ordered firms involved in the market to preserve emails, documents and other messages from the past two years.
It is the first step in what could lead to a formal investigation into an increasingly controversial market that has become dominated by Wall Street banks.
Over the last couple of years, vast backlogs of aluminium have been built up, particularly at various warehouses in Detroit. In some cases queues have stretched for more than 100 days, and the London Metal Exchange (LME) – which sets the rules of the global market – is now considering new requirements that could force them to deliver metal to customers more quickly. Full story...
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America’s Commodity Futures Trading Commission has ordered firms involved in the market to preserve emails, documents and other messages from the past two years.
It is the first step in what could lead to a formal investigation into an increasingly controversial market that has become dominated by Wall Street banks.
Over the last couple of years, vast backlogs of aluminium have been built up, particularly at various warehouses in Detroit. In some cases queues have stretched for more than 100 days, and the London Metal Exchange (LME) – which sets the rules of the global market – is now considering new requirements that could force them to deliver metal to customers more quickly. Full story...
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