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Goldman spars with lawmakers over aluminum unit conflicts

from Bloomberg via Chicago Tribune

Goldman Sachs executives sparred with lawmakers over accusations that its aluminum business improperly influenced prices and that the firm's traders had unfair access to market-moving data. Under fire at a hearing on whether Wall Street's ownership of commodities spurs conflicts, Goldman Sachs's Jacques Gabillon disputed senators' charges that long wait times for aluminum stockpiles had a direct effect on what companies and consumers pay for the metal. Only a handful of Goldman Sachs employees get information on the aluminum unit and reports are limited to financial performance, he said. more


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