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Banks’ commodity trade exemption should be revoked, Chilton says

Posted on 16 September 2013

U.S. lawmakers should revoke an exemption that lets Goldman Sachs (GS) Group Inc. and Morgan Stanley own commodity warehouses and other assets, Commodity Futures Trading Commission member Bart Chilton said.
The Wall Street firms, converted to bank holding companies during the 2008 credit crisis, benefit from “extraordinary treatment” under the exemption included in a 1999 law, Chilton said in remarks prepared for a speech tomorrow to the Michigan Agri-Business Association………………………………………..Full Article: Source


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