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Goldman Spars With Senators Over Its Aluminum Business

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Goldman Sachs Group Inc. executives sparred with lawmakers over accusations that its aluminum business improperly influenced prices and that the firm’s traders had unfair access to market-moving data.

Under fire at a hearing today on whether Wall Street’s ownership of commodities spurs conflicts, Goldman Sachs’s Jacques Gabillon disputed senators’ charges that long wait times for aluminum stockpiles had a direct effect on what companies and consumers pay for the metal. Only a handful of Goldman Sachs employees get information on the aluminum unit and reports are limited to financial performance, he said.