Wall Street’s biggest banks have used their ownership of metals warehouses, oil tankers and other commodities businesses to gain unfair trading advantages and dominate markets, according to a U.S. Senate investigation.
In a report on Goldman Sachs Group Inc., Morgan Stanley and JPMorgan Chase & Co., a Senate panel said the firms have eroded the line separating banking from commercial activities to the detriment of consumers and the financial system. The holdings give banks access to nonpublic information that could move markets and increase the likelihood that industrial accidents will spur taxpayer bailouts, the report said.
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