Professor Elam

Thursday Nov  20 2014

A 400 page report from a Senate Panel suggests the following

In a report on Goldman Sachs Group Inc., Morgan Stanley (MS:US) 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 non-public information that could move markets and increase the likelihood that industrial accidents will spur taxpayer bailouts, the report said.

We also study derivatives and hedging in accounting. This report makes the case that the availability of large storage facilities, like ocean tankers and on shore warehouses, gives big mony an unfair advantage in 'trading' these markets.

No kidding.

As I say, Presidents come and go but Goldman Sachs is always in the White House.