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The Farce Is Complete: Blythe Masters Joining CFTC
We thought today's newsflow and "market action" ranked pretty high on the absurd surrealism scale. And then we saw this.
- BLYTHE MASTERS TO JOIN CFTC GLOBAL MARKETS COMMITTEE
- JPMORGAN’S BLYTHE MASTERS TO JOIN CFTC ADVISORY COMMITTEE
- CFTC SPOKESMAN COMMENTS ON BLYTHE MASTERS JOINING COMMITTEE
That's right - you read it correct: "Blythe Masters, head of JPMorgan Chase & Co.’s commodities division, is joining an advisory committee of the U.S. Commodity Futures Trading Commission, said Steve Adamske, a spokesman for the regulator. Masters, 44, was invited by acting Chairman Mark Wetjen to sit on a global markets committee at the Washington-based regulator of futures and swaps, according to a person with knowledge of the matter. Masters is scheduled to participate in a CFTC meeting on Feb. 12 to discuss cross-border guidance on rules, the person said."
Ok - ignore, if you will, all alegations about Blythe Masters "interventions" in the precious metals markets.
But don't ignore Blythe's CNBC interview in which the soon to be former JPMorganite said, days before the London Whale fiasco was exposed and so were JPM's attempts to corner the bond market, that JPM has "offsetting positions. We have no stake in whether prices rise or decline. Rather we're running a flat or relatively flat matched book" - a statement that was a bold faced lie, and was followed up with "what is commonly out there is that JPMorgan is manipulating the metals market. It's not part of our business model. it would be wrong and we don't do it."
No, Blythe had much greater manipulative ambitions, namely becoming the next Enron, which we learned after than the FERC fined JPMorgan - and the group ran by Blythe Masters - for manipulating electricity prices in California and other states.
Fast forward to today when we learn that this certified commodity market manipulator just got a job with none other than the head commodity regulators in the US?
In other words, you too can get a job at the CFTC if only you can answer yes to the following two questions (h/t Manal):
- Has your bank manipulated energy markets under your watch, and
- Have you been found guilty of commodity price manipulation
We could ask what Elizabeth Warren would think about this hilarious rotating door out of the most punished for its legal transgressions bank - with about $25 billion in legal fees, expenses and settlement charges - the same Warren who earlier today was parading with pandering populism at the Senate hearing, as a result of which nothing would change...
... but we won't. Because as we noted: nothing will ever change. Actually correction - now it will be Blythe Masters on top of the one regulators that is supposed to enforce a fair, honest and efficient commodities market.
It's almost as if they are explicitly telling the handful of people who still care about this entire charade a resounding "fuck you."
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All future Jon Corzine cases are hereby pre-forgiven. "Moral Hazard", anyone?
Free Corzine!!!
It's not almost as if - IT IS A BIG FAT F#@% - YOU
She's the same skank that created the Carbon Derivatives Scam and walked away from handcuff's by paying a bribe for manipulating energy
What's it gonna take before the pitchforks come out?
There will be no pitchforks.
The only thing that gets people off their asses is a Superbowl Party:
http://seattletimes.com/html/localnews/2022845659_seahawkscelebrationxml...
In a city of 615,000 people, 750,000 show up for a 'celebration'.
Wanna guess how many even know who Blyth Masters is?
Precisely. This is what is really depressing. All we (the informed and literate, with IQs well over 100) can really do is sit back and watch the corruption grow like a cancer.
and simmer.
and prepare.
"Chance favors the prepared mind."
Hey Island im a dumb cunt but I sure as hell know whats going down here
I hope you are right, because cancer usually kills its host.
I only know of one other person who knows who she is, and I told him.
Injustices like this makes one want to throw a banker over a fence, down a forty foot embankment. Now all we need to make the farce complete is John Corzine for treasurer.
That will be next month, Doc.
Shhhh. Don't give them any ideas.
He was on the short-short list (ie top 3 picks) for Treasury Sec. at one point. For real.
Fucking Priceless!
Nothing like supping with the devil; I hope they all have long spoons.
Seriously if you can't beat em you join em.
CFTC= JPM= Squid=FED=crony baloney.
Now I have invented one of those equations that rocks the world like : E = Mc2
PS : If there is ONE person in Congress who hits the nail on the head every time its EW. You guys have to give her credit for that and eat your tea party hats while you're at it.
You may not know it but EW is now seen, like in this video, as a virally recognisable spokewoman of high stature of anti banking resistance in Congress. Her image here in Europe is impeccable, as the ONLY truth seeker in a crony corrupt Congress, fighting a lone fight against the Banksta cabal.
She is seen here like some of you guys see that controversial figure of Nigel Farage in the EU; his IMAGE in ZH is as uncompromising as hers is here on the EU Internet.
I know that Nigel Farage is not admired in Europe as he is a rabid nationalist and reactionary; a tea party type guy in the European context.
So EW is a "softy, slimy, statist liberal" to some of you guys from the other side of the political spectrum.
No problem with that. I admire her 'cos I take her on face value and she does not hold her punches. That video is spot on target in my book.
We see her that way in Canada too, not that it matters. This Neo-con and Neo-lib crap blurs the lines and makes them indistiguishable. Then there's EW, out-standing, standing-out, where she is pot shot material for the status quo seekers among you.
I appreciate what she says, but what can she get done?
More Kabuki?
She'll end up dead.
Dangerous world, out there. Brakes fail; airplanes crash. crazy loners with a gun turn up.
Fox meet hen house! I'm still waiting for Chickens meet roost
I tell ya ... they are deliberately trying to drive us mad
can only speak for myself, but i think it's working.
!!!
Blythe Masters should be prosecuted, for Christ sake, not promoted. Apparently the american citizens are just punching bags, now; or tackling dummies.
But happy patriotic punching bags, who love slow-motion flags and eagles.
You're spot on today! ++
Most are idiots as far as I can see.
This is just, totally, like, radical man!
It is way beyond radical.
I just deleted what I wrote as it was too crass.
In essence, what I wrote was basically just that I thought she looks like she can take a dick.
She can take you alright, you have been taken for a while now.
You know this.
please see your doctor and get checked out for VD. you can get the clap just looking at her photos.
sounds suspiciously like an onion article ...
just got back from my Silver dealer...
i shall not be swayed no matter the spread of the MoenyChangers corruption of this banker controlled US govt....
to the death is this war i have been fighting with these sociopaths for the last 7 years...
DEATH TO THE MONEYCHANGERS.....
Fauxcahontas. Unbelievable what a ____________ she is.
Wasp look, wasp grin, wasp all over. Id still punch her in the pants.
Could the Anti-Christ be a misunderstood concept? Perhaps it is a chick and it was the Auntie-Christ? Still evil, etc...
She Blythely Masters YOU!
Lillith.
Pre-christian. Pre-judaism
Not bad, MsCreant, not bad.
Who's next, Corzine?
hope so - treasury secretary asst. - would be perfect - and madoff head of social security admin
He isn't already head of SSA? In spirit at least
I wouldn't doubt it obama's people let him off the hook last July
Why not the BernanQE?
Maybe she's trying to get off the new "banksta hit list", or at least "take refuge in the police station"
In conclusion whoever has the acess to infinite government currency gets to set the price of things in the "free market". Feel free to play in the Casino and bet on which way the Big Banks want to move the price of something.
Well, who ELSE are they gonna pick? Some commy liberal femanist like Warren who hates America, and the troop?
If need to stop letting these OWS liberal anti-business wachos, who hate America, prevent the hard working business leaders of this great-n-glorious country do the job they are supposed to do: which is to make money and increase the wealth of America which benefits all Americans; regardless what the liberal pinko say who keep trying to force this classwarfare crap down the throats of the hard working Americans who pay taxes, taxes that just go to those lazy bastards on welfare, that's who we should be worried about, those goddamn lazy bastards on welfare not the hard working business leaders who work hard and pay taxes and make this country great!
Excuse me, madame, your sarc is showing.
(I hope)
What is it like to have multiple (s)arcasms this early in the afternoon? What do you do with the rest of your day?
what is commonly out there is that JPMorgan is manipulating the metals market. It's not part of our business model. it would be wrong and we don't do it.
So she never denied that JPM could technically do it, just that they wouldn't... Hrm.
Now that is an interesting bit of trivia
The joke's on us.
Brookslyn Born just had an orgasm, while spitting up her JD, on the news
Bad story. You make it sound like she is joining the CFTC. This is an advisory committee of industry professionals:
CFTC Commissioner Mark Wetjen chairs the Global Markets Advisory Committee. Members include industry professionals, representatives of futures exchanges, and market participants.
ALL the members are hitters from finance. Citadel, UBS, BlackRock, Cargill, etc.
http://www.cftc.gov/About/CFTCCommittees/GlobalMarketsAdvisory/gmac_members
Stories like this make ZH look exactly like the alarmist and ignorant Chicken Little that others love to label the site.
Nothing Fascist here promise!
What is all this fuss I hear about the Supreme Court decision on a "deaf" penalty? It's terrible! Deaf people have enough problems as it is
Oh, wait, nevermind.
nothing to see here, business as usual. move along now
So you are saying the CFTC is a legitimate regulator operated by honest people?
LOL. GTFO.
Yes and advisory committee groups like Bilderberg, the Trilateral commision and lobbyists do not have any influence at all because they are not "official".
Did you even read the story? It clearly says that she is joining the advisory committee. Never mind the ridiculousness of the fact that the morgue as one of larges, if not the largest, violator of the rules and manipulator of markets is advising the CFTC on the rules.
This is as absurd as the phony show hearings about the London whale when the congress critters were asking Jami Dimon if the regulations were too tough, or just about right. A criminal operation like the morgue has no right to be commenting on public policy.
"The whale has been well and truely harpooned"
Laughter all around as Jamie tells a big fib at an investor conference last year in Paris
Yes I did. The full advisory list is below. Adding Blythe Masters to this list does not materially change anything.
And since clearly many of you have never dealt with these regulators, let's be clear. They depend on industry to help them regulate. That might seem paradoxical, but the fact is that most regulators are compensated far less than the people they compensate, so the regulators are a combination of young people who are still learning, middle managers trying to either position themselves for a private sector job or generally cover their ass, and old hands looking to make the minimum number of waves as they wait for their pensions. A regulator would be a fool to get gung ho to attack a big fish - even if they're right, the big fish have the ability to call their paid congressman, who will quash upstart the investigation (and the young regulator's career) long before the investigation can gather speed. The only investigations that occur are ones that go public first (e.g. London Whale), where the regulators are forced to investigate.
The smartest people in the room (and the most ambitious) are always on the private sector side, so simply put, the public sector is always learning from the private sector, and unless someone blows a whistle, the public sector is completely unequipped to effectively investigate clever misconduct.
By the way, for the record, JPM has never been as short PMs as everybody thinks they are, if they are short at all. Certainly not on the IB side.
And as far as metals, the place to look for JPM misconduct is not precious metals, but warehouses, where JPM still owns Henry Bath and makes a princely sum choking that market. As does GS with Metro, etc.
Mr. Robert F. Klein
Managing Director and Associate General Counsel
Citigroup Global Markets, Inc.
Mr. David Goone
Chief Strategic Officer and Senior Vice President
Intercontinental Exchange
Mr. Richard Berliand
Member, Supervisory Board
Deutsche Börse AG
Ms. Kim Taylor
President
CME Group
Mr. John Nixon
Chief Executive Officer Electronic Broking
ICAP
Mr. Joe Nicosia
Senior Vice President for Cotton and Coffee
Louis Dreyfus Commodities
Mr. Stephen O’Connor
Chairman of the Board
ISDA
Mr. Paul Hamill
Managing Director
Global Fixed Income Trading
UBS
Mr. Dan Roth
President and Chief Executive Officer
National Futures Association
Mr. Costa Randall
Managing Director
Citadel
Mr. David Downey
Chief Executive Officer
OneChicago
Ms. Darcy Bradbury
Managing director
D. E. Shaw & Co.
Mr. Michael Dawley
Board Member
Futures Industry Association
Mr. Chris Allen
Managing Director and Global Head of Regulatory Strategy
Barclays
Ms. Supurna VedBrat
Managing Director
BlackRock
Mr. Sunil G. Hirani
CEO
trueEX
Mr. Yasushi Takayama
General Counsel
Nomura Securities International
Mr. David Weisbrod
Chief Executive Officer
LCH
Mr. Clive Christison
Regional Business Leader of Integrated Supply and Trading
BP
Mr. James J. Hill
Managing Director
Global Credit Derivatives Officer
Morgan Stanley
Mr. George Harrington
Global Head
Fixed Income Trading
Bloomberg
Mr. Doug Hepworth
Independent Account Controller
Gresham Investment Management
Mr. Raj Mahajan
Chief Executive Officer
Allston Holdings
Mr. Clinton Lively
Senior Vice President and Global Head of Market Risk
RBC
Ms. Blythe Masters
Head of Global Commodities
J.P. Morgan
Ms. Caitlin Kline
Derivatives Specialist
Better Markets
Mr. Mike Lesage
President of Risk Management
Cargill
Ms. Samara Cohen
Managing Director
Securities Division
Goldman Sachs
Mr. John Parsons
Executive Director of MIT Center for Energy and Environmental Policy Research
I've seen some dumb posts over the years here, but yours is right up there with the worst of them. You're either blind, ignorant, dumb or all three. The CFTC doesn't do any enforcement of commodity law. They are totally captured and a toothless agency.
I would love to have the regulators be the multi millionaires. Enough to never work again. I think it is obvious that it would be profitable to have them paid mainly by bonuses on convictions.
Also, lets just stop the farce of "Innovative Financial Products". No product should be released before regulators have seen it and devised, designed, tested and deployed automatic review and tracking plans.
Insider Trading tracking and every other crime tracking should be as simple as a SQL statement. The fact that it is not is an indictment to the whole industry.
People have no other choice than to assume everyone on WS is a criminal until proven otherwise.
Who, other than other criminals, would put their money in their hands?
Yes we know, they invented the game and they control the game. You have been sucked into the matrix troll burger.
Well it sure is nice that Blythe could take time out of her busy schedule, to leave a comment such as this on ZeroHedge.
Thanks, for stopping by, Blythe.
I read your other post too.
So your point is that they are all toothless and crooked and Ms. Masters is not going to make it worse.
IOW same as it ever was, same as it ever was, and so this is not news? They were captured and crooked before, they are captured and crooked now?
I could buy that.
I think you should buy Silver; because the price shows really good support around these levels; and she could "pour oil on the troubled waters" when it's time for JPM to manipulate the up-ramp. Manipulators do whatever is easiest.
Talk about the "bitch fox" guarding the hen house!
Un-fucking-believable! Or should I say in-fucking-credible!!!
This reminds me of Michael Taylor and Monsanto...
HAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHA
That's what Blythe will have posted across the front and back of her CFTC business card.
Logical choice.. / s
Is there anybody, who believes anything official? I am starting the countdown.
Runaway!!!!!!
The goal has been to make the regulatory system a joke. Once in a while a small criminal is used to justify these orgs existence.
Jamie Diamon's way of lowering fees (fines).
Well, you know, gotta break the glass ceiling somehow.
They put her in there as a desperation move,,they know the phys market is in the process of eating their lunch..for christ sake just keep stacking it will fuck them good in the end,,,if you know what I mean..
In other words, you too can get a [blow]job at the CFTC
Kind of awesome how the administration so cleanly and clearly kicks the US commodity market's credibility right in the balls.
I have seen some really bizarre things before .... but this takes the cake.
They sure can't think outside the box?
Not a big fan of Warren though. At her confirmation hearing, she begged Yellen to do something for the "american people" which I think is a euphemism for yet again, loose monetary policy. Regardless, when as a pol you beg the Fed to do something, you pretty much have no clue as to what the Fed was ostensibly created for: liquidity that's it, no politics.
But Yellen can't declare everyone 'native americans' in order for them to all partake of the minority benefits like Warren did, can she?
Right...when I think of Native Americans, I think of how the government is going to help us, then I remember all those treaties signed with Native Americans.
We should give them the country back, they did a much better job running it.
WTF u talkin bout? Bammy gonna help da Choctaws.
By 'liquidity' do you mean 'sucking our every once of wealth from the middle calls'? I thought so.
No. The Fed was not supposed, in its initial charter, suppose to meddle in the economy. It was merely suppose to wait for banks calling it for liquidity. The Fed would assess their balance sheet, and provide it if they were good for the money (ie: 'printing' money, create deposits, etc.)
It would do wonders if it kept it to that, but the best would be getting rid of it.
What do you mean "It's almost as if"? The banksters have flipped us the bird.
Like a serial child rapist being put in command of child protective services.
Oh, yes, this will turn out fabulous.
You couldn't make this shit up, fucking unreal!
but only an ADVISORY position......LOL
Or like having a DSS worker who handcuffs kids to her front porch?
http://www.wral.com/sheriff-dss-worker-arrested-after-boy-found-handcuff...
Or a gun-running accomplice to murder in charge of the DoJ.
This is a rigged game of Monopoly
We have been warned for over 50 years this was happening, that a small click of criminals determined to overthrown the US government.
http://www.youtube.com/watch?v=vOyEZr46YrU
Robert Welch 1958 (10 min)
I used to see Birchers passing out their pamphlets and think them to be 'way out there'.
Not so much now.
hear dat. always saw them at guns shows and thought they were crazy........not so much anymore
Now that you've woken up, how was the coffee?
'Determined to?" Have. Obama is from the south side of Chicago (where I grew up). All politicians from the south side are owned by the Mob.
+100
"It's almost as if they are explicitly telling the handful of people who still care about this entire charade a resounding "fuck you.""...
Reading "between the lines" I think it's safe to say PM manipulation has only begun it's journey, and will more than likely stay pummeled until Blythe's bosses decide to start WWIII!
Or somebody gets mad enough to take them out!
Damn that's the most depressing thing I have ever read.
U.S. Commodity Futures Trading Commission just said: You piss-ant, What are you going to do about this? And then he gave the audience a big middle finger!
She'll have access to all the files that need to be destroyed.
And we'll hire the best company from Massachusetts to get that done when the time comes.
Just ask the Argentine Government what great work they do?
She'll have access to all the whistleblowers who need to be destroyed.
And It is not even Friday
JUST
FUCKING
WOW
!@#$!@%!#$^!@%^@$%&#$^&!@#%$!#$%^@#$%&#^&#%^&*%$&*
Ever get the feeling that the universe is an allegorical farce, and a badly written one at that? If I wrote this, I'd never give her character an on-the-nose name like "Blythe Masters," suggesting at once - and too neatly - both a blythe attitude toward her engineered economic ruin of the middle class, and mastery of that class as well. People say "You can't make this shit up," but in this case, it would be more accurate to say, "I would not make this shit up - I'm better than that."
You say FUCK, I say UNFUCK. As in UNFUCKING BELIEVABLE.
She will remake that place in her own image. That's her charter.
Bonus: Morgue was afraid a squid would get the post. Now she can persecute squid crimes.
CUNTS one and all!
One of the few laws that should be passed. If you leave a job in the private financial industry you must not work as a financial regulator for at least 10 years, and vice versa.
OMG, that MILF is sooo hot.
Which one? Warren?......er, or Tarullo?
OMG, that MILF is sooo hot.
I wouldn't dirty my dick with that!
Ya can't make this stuff up!
She is now Masters of the Universe. Next thing they'll be naming the most famous golf tournament after her. Uh, maybe they already did.....
Hmm.. 'Blythe Masters Open in Hawaii'.. Umm yeah I can see that.
It's almost as if they are explicitly telling the handful of people who still care about this entire charade a resounding "fuck you."
Almost as if? Make no mistake. They are saying "fuck you". They know there aren't that many of us on ZH.
Better to watch the SuperBowl than to watch the eternal swindlers on Wall Street, eh?
Blythe you ignorant slut....
Ignorant misguided slut.
Fixed it for ya.
Its an appointed position?
does anyone know if she's still a British citizen?
She doesn't have to be Her full Name (Blythe Sally Jess Masters) tells you EVERYTHING.
She was born into the Elite (passports mean nothing , they could easily have 20 of them. The question is: WHICH BIT OF HER PROPERTY YOU ARE IN
Jon Corzine lives! All hail the New Committee to Save the World. They are all so freaking brilliant & ethical (/s).
And where is our trusty financial 'news' media like David Weidner? Mocking Jim Rogers, Ray Dalio, Marc Faber et al ......
This only bothers people with a sense of fair-play and a traditional view of business ethics.
All that went down the pipes long ago, into the sewers of the financial district. This bunch is a gang of pirates, but they do dress nice.
The greasy Miss Masters is a purrfect choice for the team. And it is a textbook example of banker chutzpah.
Beatings will intensify until moral improves.
Yeah and they should attack Kitco metals, to make it complete. Oh wait they are totally doing that.
Your comment would be funny, if Kitco actually had any metal.
Those who are complaining apparently lack an appreciation of poetry.
I don't always find corruption so unfucking believeable.
But when I do, I look to JP Morgan.
Stay angry my friends.
Kudos Noel, great reply.
President Obama is running for a 3rd term, no?
There won't be a 3rd term, he'll disband Congress (not that it will matter) and assume the role of Emperor!
I found my reaction to this posted multiple times already: "You've got to be fucking kidding me."
Tyler is right, the farce is complete. I had my last major revelation come from the bitcoin takedown a couple months ago, and this is just confirmation: absolutely no market is free or real, and the inmates run the asylum. Moves like this simply mean that what was corruption that was hidden decades ago, will be done in the open now -- and what is hidden now will defy all belief. It also means that we're approaching the shitshow at warp 9.9, and it's going to be truly insane.
I'd been waffling on my action plan this year, but I think this is one of the final signs it's time to pull what little shit I have left in the system... out.
Un-fucking-believable.
I'm finally cleaning my guns. I hate misfires due to dirty mechanisms.
At this point, they're just saying "Fuck you, whaddaya gonna do about it, bitch?" I'm long lampposts.
Seems like just a confirmation signal ...
The Muppets: Bohemian Rhapsody
http://www.youtube.com/watch?v=tgbNymZ7vqY (4:46)
All other posters are correct: "You have got to be fucking kidding me!" This cunt belongs in Federal Prison, not the CFTC.
zhers its called plutocracy it won't last
It wil out last the youngest here.
Did her unemployment and foodstamps run out? Must have been a bitch only getting one meal out of the monthly EBT allowance.
She would look good on the end of my pole.
she was a looker when she was young. that picture is old. the years of corruption have not been kind to her .no amount of money can make her beautiful.
Blythe slumming it? Means whole lot more bullshit coming, need cover.
The Farce Is Complete
Fixed it.
The feces is complete. The regulation organizations have turned into crap.
I can't help but think this and the suicides are related somehow.
And that can only mean, a Major Major Major crime is soon going to come to light.
This also means, the Witch is untouchable. She's a member of the Untouchables.
I read somewhere (Silver Doctors) that the Bankster Sewer-sides maybe somehow related to some FX Fraud issue.
Blythe has discovered that you can make more money leaking info than you can working for Jamie.
1st paragraph of CFTC's Missions and Responsibilities webpage:
"The mission of the Commodity Futures Trading Commission (CFTC) is to protect market participants and the public from fraud, manipulation, abusive practices and systemic risk related to derivatives – both futures and swaps – and to foster transparent, open, competitive and financially sound markets."
Speechless.