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July 23, 2013

MillerCoors Urges Federal Reserve Crackdown On Wall Street's Aluminum Dealings

The Federal Reserve should toughen oversight of big banks such as Goldman Sachs and JPMorgan Chase due to their negative influence over commodities, including the aluminum in beer cans, brewer MillerCoors will urge on Tuesday.

“The maker of popular beers Coors Light and Miller High Life will tell the Senate Banking Committee that financial groups, through their ownership of warehouses, are distorting the aluminum market by controlling how much aluminum flows out of their storage facilities, leading to extra rent and other costs for industrial companies.

Tim Weiner, MillerCoors global risk manager of commodities and metals, said in prepared remarks that rules exploited by banks and other warehouse owners have cost his company tens of millions of dollars in recent years as a result of an ‘economic anomaly in the aluminum and other base metal markets.’

The alleged gaming has cost aluminum purchasers overall an extra $3 billion, an expense that likely has been passed on to beer and soda drinkers.”


Read full Huffington Post article here

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