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Wall Street Bank Involvement with Physical Commodities United States Senate PERMANENT SUBCOMMITTEE ON INVESTIGATIONS Committee on Homeland Security and Governmental Affairs Carl Levin, Chairman John McCain, Ranking Minority Member WALL STREET BANK INVOLVEMENT WITH PHYSICAL COMMODITIES MAJORITY AND MINORITY STAFF REPORT PERMANENT SUBCOMMITTEE ON INVESTIGATIONS UNITED STATES SENATE RELEASED IN CONJUNCTION WITH THE PERMANENT SUBCOMMITTEE ON INVESTIGATIONS NOVEMBER 20 AND 21, 2014 HEARING SENATOR CARL LEVIN Chairman SENATOR JOHN McCAIN Ranking Minority Member PERMANENT SUBCOMMITTEE ON INVESTIGATIONS ELISE J. BEAN Staff Director and Chief Counsel TYLER GELLASCH Senior Counsel JOSEPH M. BRYAN Professional Staff Member Armed Services Committee DAVID KATZ Senior Counsel AHMAD SARSOUR Detailee ANGELA MESSENGER Detailee JOEL CHURCHES Detailee MARY D. ROBERTSON Chief Clerk ADAM HENDERSON Professional Staff Member HENRY J. KERNER Staff Director and Chief Counsel to the Minority MICHAEL LUEPTOW Counsel to the Minority ELISE MULLEN Research Assistant to the Minority TOM McDONALD Law Clerk TIFFANY EISENBISE TIFFANY GREAVES Law Clerk Law Clerk CHRISTINA BORTZ KYLE BROSNAN Law Clerk to the Minority Law Clerk to the Minority ANDREW BROWN CHAPIN GREGOR Law Clerk to the Minority Law Clerk to the Minority DANICA HAMES PATRICK HARTOBEY Law Clerk to the Minority Law Clerk to the Minority JENNIFER JUNGER FERDINAND KRAMER Law Clerk to the Minority Law Clerk to the Minority 12/5/14 Permanent Subcommittee on Investigations 199 Russell Senate Office Building – Washington, D.C. 20510 Majority: 202/224-9505 – Minority: 202/224-3721 Web Address: http://www.hsgac.senate.gov/subcommittees/investigations WALL STREET BANK INVOLVEMENT WITH PHYSICAL COMMODITIES TABLE OF CONTENTS I. EXECUTIVE SUMMARY. 1 A. Subcommittee Investigation. ... 2 B. Investigation Overview. ... 2 C. Findings of Fact and Recommendations. ... 9 Findings of Fact: (1) Engaging in Risky Activities. .. 9 (2) Mixing Banking and Commerce. ... 9 (3) Affecting Prices. .. 9 (4) Gaining Trading Advantages . .. 10 (5) Incurring New Bank Risks. .. 10 (6) Incurring New Systemic Risks . .. 10 (7) Using Ineffective Size Limits . ... 10 (8) Lacking Key Information. ... 10 Recommendations: (1) Reaffirm Separation of Banking and Commerce as it Relates to Physical Commodity Activities. .. 10 (2) Clarify Size Limits. ... 10 (3) Strengthen Disclosures. ... 11 (4) Narrow Scope of Complementary Activity . ... 11 (5) Clarify Scope of Grandfathering Clause. .. 11 (6) Narrow Scope of Merchant Banking Authority. .. 11 (7) Establish Capital and Insurance Minimums. ... 11 (8) Prevent Unfair Trading. .. 11 (9) Utilize Section 620 Study. .. 11 (10) Reclassify Commodity-Backed ETFs. .. 11 (11) Study Misuse of Physical Commodities to Manipulate Prices . .. 12 II. BACKGROUND. 13 A. Short History of Bank Involvement in Physical Commodities. 13 (1) Historical Limits on Bank Activities. 13 (2) U.S. Banks and Commodities . 19 B. Risks Associated with Bank Involvement in Physical Commodities.. 34 C. Role of Regulators. 42 (1) Federal Reserve Board. 43 (2) Other Federal Bank Regulators.. 44 (3) Dodd-Frank Provisions. 47 (4) Other Agencies. 48 i III. OVERSEEING PHYSICAL COMMODITY ACTIVITIES.. 50 A. Expanding Physical Commodity Activities, 2000-2008. 51 (1) Expanding Permissible “Financial” Activities. 51 (2) Authorizing Commodity-Related “Complementary” Activities.. 52 (3) Delaying Interpretation of the Grandfather Clause. 57 (4) Allowing Expansive Interpretations of Merchant Banking. 66 (5) Narrowly Enforcing Prudential Limits. 74 B. Reviewing Bank Involvement with Physical Commodities, 2009-2013.. 75 (1) Initiating the Special Physical Commodities Review. 76 (2) Conducting the Special Review. 77 (3) Documenting Extensive, High Risk Commodity Activities. 81 (a) Summarizing Banks’ Physical Commodities Activities. 81 (b) Identifying Multiple Risks. 83 (c) Evaluating Risk Management and Mitigation Practices. 88 (d) Recommendations.. 93 C. Taking Steps to Limit Physical Commodity Activities, 2009-Present.. 94 (1) Denying Applications. 94 (2) Using Other Means to Reconsider Physical Commodity Activities. 97 (3) Changing the Rules. 98 D. Analysis. 102 IV. GOLDMAN SACHS. 104 A. Overview of Goldman Sachs.. 104 (1) Background. 105 (2) Historical Overview of Involvement with Commodities. 111 (3) Current Status. 115 B. Goldman Involvement with Uranium. 118 (1) Background on Uranium . 118 (2) Background on Nufcor. 123 (3) Goldman Involvement with Physical Uranium.. 124 (a) Proposing Physical Uranium Activities. 124 (b) Operating a Physical Uranium Business . 129 (4) Issues Raised by Goldman’s Physical Uranium Activities. 133 (a) Catastrophic Event Liability Risks. 133 (i) Denying Liability.. 133 (ii) Allocating Insufficient Capital and Insurance.. 137 (b) Unfair Competition. 139 (c) Conflicts of Interest.. 140 (d) Inadequate Safeguards. 141 (5) Analysis.. 142 C. Goldman Involvement with Coal. 143 (1) Background on Coal . 143 ii (2) Goldman Involvement with Coal. 146 (a) Trading Coal. 147 (b) Acquiring the First Colombian Coal Mine. 149 (c) Operating the Mine. 151 (d) Acquiring the Second Colombian Coal Mine. 154 (e) Current Status. 157 (3) Issues Raised by Goldman’s Coal Mining Activities. ..
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