Big banks’ dealings in the commodity storage business may sound like the most esoteric of financial esoterica. But it’s an issue that potentially affects all Americans, down to the price of gas fueling their cars and the electricity powering their homes. The Senate hearing drilled down on the cost of a humble can of beer.
“It has cost MillerCoors tens of millions of dollars in excess premiums over the past several years and billions to the entire industry, with no end in sight,” began the testimony of Tim Weiner, the brewer’s global risk manager for commodities and metals.
keyboard shortcuts: V vote up article J next comment K previous comment