Goldman Sachs executives will again come in for a grilling at a congressional hearing this Thursday.
Two of the bank’s executives, along with executives from JPMorgan Chase and Morgan Stanley, will appear at a hearing that will examine the role that Wall Street banks play in the commodities markets.
The hearings are the culmination of a two-year investigation by the Senate’s Permanent Subcommittee on Investigations.
The hearings are likely to touch some of the same areas that were covered in an article in The New York Times about a Goldman-owned aluminum warehouse in Detroit, as part of its Metro International Trade Services. An investigation by The Times looked at maneuvering by Goldman to unfairly take advantage of its role in both the commodities trading market and the physical commodities market.
The first of three panels at Thursday’s hearing will include the president and chief executive of Metro International Trade Services, Christopher Wibbelman, along with Jacques Gabillion, the head of Goldman’s global commodities principal investment group.
A spokesman for Goldman, Andrew Williams, said, “We look forward to discussing the role we play in helping great American companies manage their businesses in the face of constantly changing commodity prices.”
Simon Greenshields, global co-head of commodities at Morgan Stanley, and John Anderson, co-head of global commodities at JPMorgan Chase, are also scheduled to appear at the hearing.
On Friday, regulators responsible for overseeing the commodities markets will testify.
At a 2010 hearing of the Permanent Subcommittee on Investigations, Goldman executives, including the firm’s chief executive, were criticized for the role the firm played in the mortgage markets before the financial crisis.