The Scale of Wall Street’s Holdings Are ''Unprecedented in U.S. History'': Senate Report

[Octafish]

47. From what's leaked...

EXCERPT...

After the Wall Street financial collapse of 2008, which galvanized the public and Congress to the trillions in taxpayer dollars that was required to shore up the financial system from out of control global casinos masquerading as banks, the Federal Reserve quietly commissioned a study to determine just how sprawling the commodity holdings and operations of the mega banks had become. The study was conducted by the Federal Reserve Bank of New York’s Commodities Team. It appears that Senator Levin’s Subcommittee has only been allowed to see a “2012 Summary Report” of that study and the public is not being allowed to see even that. The Levin report makes multiple references to the document, each time noting that it is “sealed.”

Why the document is sealed becomes clear from the few tidbits from the study that are shared with the public. Among the 2012 findings are the following:

Morgan Stanley held “operating leases on over 100 oil storage tank field(s) with 58 million barrels of storage capacity globally and 18 natural gas storage facilities in US and Europe.” Morgan Stanley also had “over 100 ships under time charters or voyages for movement of oil product, and was ranked 9th globally in shipping oil distillates in 2009.” The company also owned 6 domestic and international power plants.

JPMorgan had a “significant global oil storage portfolio (25 (million barrel) capacity) … along with 19 Natural Gas storage facilities on lease.” It also reported that JPMorgan had acquired “Henry (B)ath metals warehouse (LME certified base metals warehousing/storage worldwide),” and that JPMorgan’s “total base metal inventory was as high as $8 (billion)” during the first quarter of 2012.

Bank of America had “23 oil storage facilities and 54 natural gas facilities…leased for storage.”

Goldman Sachs had four tolling agreements and a wholly-owned subsidiary, Cogentrix, with ownership interests in over 30 power plants; owned “Metro Warehouse which controls 84 metal warehouse/storage facilities globally” and qualified as a London Metals Exchange storage provider; had acquired a Colombian coal mine valued at $204 million, which had also included associated rail transportation for the coal. The report also found that Goldman Sachs had conducted “a uranium trading business that engages in the trading of the underlying commodity.”

CONTINUED...

http://wallstreetonparade.com/2014/11/senate-report-scale-of-wall-street-holdings-are-unprecedented-in-u-s-history/