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Goodbye Blythe Masters

Tyler Durden's picture




 

A week ago we wrote: 'While it has been public for a long time that i) JPM is eager to sell its physical commodities business and ii) the most likely buyer was little known Swiss-based Mercuria, there was nothing definitive released by JPM. Until moments ago, when Jamie Dimon formally announced that JPM is officially parting ways with the physical commodities business. But while contrary to previous expectations, following the sale JPM will still provide commercial gold vaulting operations around the world, it almost certainly means farewell to Blythe Masters." Sure enough:

  • JP MORGAN COMMODITY CHIEF BLYTHE MASTERS LEAVING, WSJ SAYS       
  • MASTERS DEPARTURE DISCLOSED IN JPMORGAN MEMO
  • MASTERS TO `CONSIDER FUTURE OPPORTUNITIES,' ACCORDING TO MEMO
  • MASTERS TO HELP JPMORGAN WITH COMPLETION OF MERCURIA DEAL: MEMO       

Farewell Blythe: we hope your replacement will be just as skilled in keeping the price of physical gold affordable for those of us who keep BTFD every single day.

* * *

And since it is nostalgia day, here is, from April 2012, "Blythe Masters On The Blogosphere, Silver Manipulation, Gold-Axed Clients And Doing The "Wrong" Thing"

In an article that is about three years overdue, "JPMorgan's practices bring scrutiny" the FT finally takes aim at that other "vampire squid", JP Morgan, which technically is incorrect: because if Goldman is a nimble and aggressive creature, with infinite tentacles in every governmental office, and unencumbered by massive liabilities, JPMorgan is just as connected, but unlike Goldman, it is a behemoth in every other possible capacity, and with its trillion in deposits, matched by tens of billions in bad loans, is a true Bank Holding Company. As such 'Jabba the Hutt' would be a far more appropriate allegory to describe the the firm, whose reach, scope and scale lead the FT to classify it as "Three times a pallbearer, never a corpse."

As some may recall, back in October 2009, Zero Hedge did an exhaustive expose on the relationship between JPMorgan and the then version of MF Global, Lehman Brothers, whose perfectly functioning division, its North American Brokerage, ended up being scooped up by Barclays for pennies on the dollar. In the meantime, however, JPMorgan, with the backing of the Fed, proceeded to demand as much extra collateral for Lehman repo positions on hold with JP Morgan and the Tri-Party repo system, of which JPM is one of only two custodians, simply because it could, and because this is the easiest way for the bank that is even closer to the Fed than Goldman Sachs, to procure liquidity during times of broad distress. Such as when the money market is about to freeze to death. Since then, the topic of just how much JPMorgan may have ripped off the Lehman estate has escalated, and is set to be an epic showdown in the form of a lawsuit which "accuses JPMorgan of using its “life and death power as the brokerage firm’s primary clearing bank” to put a “financial gun” to its head and demand excess collateral." And here is the kicker: "It claims JPMorgan abused its access to US government officials and then “accelerated Lehman’s free fall into bankruptcy”, hoovering up collateral to protect itself to the detriment of the firm and other eventual creditors."

And therein lies the rub: because of all TBTF banks, JPMorgan is literally at the nexus of the entire $16 trillion shadow banking system, the very system that the Fed, much more than traditional liabilities, knows and uses constantly to hypothecate and rehypothecate assets, in essence creating money out of nothing, and which in conjunction with the other Tri-Party repo dealer, Bank of New York, as well as State Street, provides the US financial system with over $30 trillion in shadow credit money in the form of custodial assets - liquidity the bulk of which is not accounted for in any conventional monetary textbook or in any modern theory of money as it is such a novel development, yet which is still 100% fungible, and is by far the biggest secret of the American monetary system. It can be seen as summarized in the following graphic, first created by Citi's Matt King back in the week before Lehman failed (full report can be read here, and should be by anyone who wishes to understand just what is truly going on behind the scenes in modern finance).

Keep in mind, these are the same custody assets which, as explained previously in the case of MF Global, can be rehypothecated in serial fashion, creating a virtually infinite amount of "money" as long as everyone who is in on the fraud agrees to maintain the ponzi. Of course, if and when someone demands delivery of an underlying assets, the whole thing falls apart, which is what happened with AIG, with Lehman, and to a smaller degree, MF Global.

So what does all of this have to do with Blythe Masters?

Simple.

At the end of the day, and as the Lehman lawsuit alleges, JPMorgan has intimate access to US government officials, and particularly the Federal Reserve, who will in turn take advantage of all JPM facilities, including its trading desk, to preserve the sanctity and foundations of the $30+ trillion in custodial assets and rehypothecation system, which further means that any potential implication that fiat money is impaired has to be wiped out. As it so happens, soaring prices of gold and silver are the primary if not only means left to express rising doubts in the future viability of the dollar, but in the viability of the fiat system in the first place. Which means that the Fed is, without a doubt, one of the biggest "clients" of the Fed in a symbiotic crosshold, where what the Fed wants, JPM has to execute and vice versa.

This brings us to the transcript of Blythe's interview on CNBC, in which a primary topic, ironically, was whether or not Jamie Dimon's firm manipulates the prices of precious metals, and particularly silver. What followed was the usual avalanche of platitudes that only a muppet can love:

  • "JPM's commodities business is not about betting on commodity prices but about assisting clients"... "it's about assisting clients in executing, managing, their risks and ensuring access to capital so they can make the kind of large long-term investments that are needed in the long run to expand the supply of commodities"...
  • "There's been a tremendous amount of speculation particularly in the blogosphere on this topic. I think the challenge is it represents a misunderstanding as the nature of our business. As i mentioned earlier, our business is a client-driven business where we execute on behalf of clients to achieve their financial and risk management objectives. The challenge is that commentators don't see that. So to give you a specific example, we store significant amount of commodities, for example, silver, on behalf of customers we operate vaults in New York City, Singapore and in London. And often when customers have that metal stored in our facilities, they hedge it on a forward basis through JPMorgan who in turn hedges itself in the commodity markets. If you see only the hedges and our activity in the futures market, but you aren't aware of the underlying client position that we're hedging, that would suggest inaccurately that we're running a large directional position. In fact that's not the case at all.
  • "We have offsetting positions. We have no stake in whether prices rise or decline. Rather we're running a flat or relatively flat matched book.
  • "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."

Ah yes, because JPMorgan never engages in "wrong" activites...

And while we admire JPM's naive statement that it can triple its commodities revenues to $2.8 billion in 2011, while everyone else was losing money in the space, without taking prop bets, we just don't buy it. Just as we didn't buy Goldman's explanation that its prop desk only accounted for 12% of that firm's revenue, as Goldman told us directly (coupled with our challenge of prop trading in 2009, a pursuit taken on by Paul Volcker a few weeks later, resulting in the Volcker Rule). Needless to say, once the firm did break out its prop trading, it became quite clear just how huge of a factor prop trading truly was for Goldman. Because taken at face value, it would mean that all else equal, JPMorgan transacted at least 3 times more in flow in 2011 than in 2010. Yet, everyone knows that trading volumes in 2011 slumped relative to 2010. So no, Blythe, we appreciate your explanation, but we would appreciate the truth even more.

And yet there is one simple explanation that would make Blythe's story 100% correct: would JPMorgan consider the Fed, whose interests in keeping the price of precious metals as low as possible, and are aligned with those of JPM for the reasons listed above, its client?

Because if so, then absolutely everything falls into place, as JPMorgan is merely the overt conduit by which the Fed, and specifically the New York Fed, conducts monetary policy in the commodities space, just as Brian Sack would conduct open market operations in the bond arena, and as the FRBNY uses, on occasion, Citadel, and its HFT expertise, to execute its discretionary stock trades (yes, we know about those too).

We would welcome Blythe's comments on any and all of the topics listed above.

In the meantime, for those who missed it, here's Blythe.

 

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Wed, 04/02/2014 - 12:46 | 4617681 q99x2
q99x2's picture

Damn I was hoping she would've jumped.

Wed, 04/02/2014 - 12:51 | 4617700 Two-bits
Two-bits's picture

Jummped into the SecTres chair you mean?

Wed, 04/02/2014 - 12:58 | 4617723 Pladizow
Pladizow's picture

Ding-Dong the witch is dead?

Probably not!

And perhaps JPM will later buy the Swiss firm through one of its off shore shadow banking subsidiaries?

Wed, 04/02/2014 - 13:01 | 4617741 Manthong
Manthong's picture

Hmm.. “JPM will still provide commercial gold vaulting operations”

How do you pronounce “Force Majeure?”

Wed, 04/02/2014 - 13:07 | 4617755 jcaz
jcaz's picture

It sounds like this- "Flight-to-avoid-prosecution"....

Wed, 04/02/2014 - 13:22 | 4617803 john39
john39's picture

goldman getting out of HFT.... JPM getting out of commodities...   these are huge changes, obviously based on insider knowledge of what is probably about to happen.

Wed, 04/02/2014 - 15:35 | 4618372 FL_Conservative
FL_Conservative's picture

Am I the only one that thought the headline said the following as I scanned this article really quickly?

 

JP MORGAN COMMODITY THIEF BLYTHE MASTERS LEAVING, WSJ SAYS

Wed, 04/02/2014 - 20:42 | 4619462 philipat
philipat's picture

FUBM

Wed, 04/02/2014 - 13:02 | 4617746 wallstreetapost...
wallstreetaposteriori's picture

She's gonna jump over to bitcoin and end her career forever.

Wed, 04/02/2014 - 13:06 | 4617754 Citxmech
Citxmech's picture

She better hurry-up.  Doesn't look like there's much life left in BTC. . . 

Wed, 04/02/2014 - 13:32 | 4617845 cossack55
cossack55's picture

Mrs. Fonestar?

Wed, 04/02/2014 - 15:33 | 4618329 Citxmech
Citxmech's picture

I think I hear Mr. Fonestar now:

(voice in the distance) 

"Owwwwwww, my BitCoin hurts!"

Wed, 04/02/2014 - 16:01 | 4618492 Deathrips
Deathrips's picture

Cant wait to meet the new boss.....same as it ever was.

 

I will still piss on her grave..promise.

 

Stack IT!

 

RIPS

Wed, 04/02/2014 - 17:34 | 4618801 DeadFred
DeadFred's picture

The nice hairdos in her pics can cover the horns well but you will never see her feet. You can't do much to disguise cloven hooves.

Wed, 04/02/2014 - 12:51 | 4617702 Freddie
Freddie's picture

 Maybe she will get a nail gun as a going away present or some Polonium.

Wed, 04/02/2014 - 13:31 | 4617840 gafgroocK
gafgroocK's picture

 

 

I'd nail her

Wed, 04/02/2014 - 17:12 | 4618737 CHX
CHX's picture

oh that ambiguity...

Wed, 04/02/2014 - 18:41 | 4619005 Theosebes Goodfellow
Theosebes Goodfellow's picture

~" I'd nail her."~

 

Before or after you nailed her?

 

(Count 'em. That's a quad entendre!) =)

Wed, 04/02/2014 - 12:56 | 4617728 toys for tits
toys for tits's picture

So her initials are B.M.. 

Fitting.

Wed, 04/02/2014 - 13:26 | 4617814 SoilMyselfRotten
SoilMyselfRotten's picture

Yeah Freddie, a gold nail gun that shoots silver nails. Have to make sure you kill her soul.

Thu, 04/03/2014 - 10:14 | 4621012 robertsgt40
robertsgt40's picture

I could've sworn her name was Blight Masters

Wed, 04/02/2014 - 12:46 | 4617682 resurger
resurger's picture

Biaaaaaaaaaaaaaaaaaaaaaaaaaatchhhhhhhhhhhhhhhhhh!

Wed, 04/02/2014 - 12:47 | 4617683 Kaiser Sousa
Kaiser Sousa's picture

by you fucking MoneyChanger BITCH!

eat shit and die slowly....

Wed, 04/02/2014 - 12:48 | 4617690 resurger
resurger's picture

So the markets will celberate the SNP 1900 tdy or tomorrow (I dont know if an HFT is picking up this news now)

Must get those 10 points

Wed, 04/02/2014 - 13:49 | 4617927 Whalley World
Whalley World's picture

I am set to receive a big settlement April 8. When I went to Cuba March 14 Gold was inching up to $1400, when i got back it was under $1300

Blythe, you bitch, I love you, all that settlement is going to gold so she saved me at least $5k

What a babe!

Thu, 04/03/2014 - 15:33 | 4622291 papaclop
papaclop's picture

That goes for the rest of the crooks at JPM too. I see little Jamie got a raise. Isn't fascism fun?

Wed, 04/02/2014 - 12:47 | 4617685 villainvomit
villainvomit's picture

Bye bye bitch !

Wed, 04/02/2014 - 13:14 | 4617781 Canadian Dirtlump
Canadian Dirtlump's picture

Later you mordant cunt. Try not to suck any dicks on the way home.

Wed, 04/02/2014 - 12:47 | 4617687 falak pema
falak pema's picture

Mercury on fleeting wings will take her wherever the commodity thugs want to plant their tents. 

Wed, 04/02/2014 - 12:48 | 4617691 Laughinggrizzley
Laughinggrizzley's picture

I wonder if they are letting her take the solid gold dildo as a parting gift?

Wed, 04/02/2014 - 12:59 | 4617736 Grande Tetons
Grande Tetons's picture

Indeed, they are. It is molded to represent the acutal size of Mr. Dimon's wanker. In this case...about one inch. 

Wed, 04/02/2014 - 13:21 | 4617799 Canadian Dirtlump
Canadian Dirtlump's picture

She got a life time supply of silver shorts.

Wed, 04/02/2014 - 15:27 | 4618351 Citxmech
Citxmech's picture

You mean like these?:

http://www.hussystore.com/silver-metallic-hot-shorts.aspx

I guess they could be the female corollary to "Gold Shirt Indian Guy."

Wed, 04/02/2014 - 12:50 | 4617694 Algosaurus Rex
Algosaurus Rex's picture

Oh, the humanity!

Wed, 04/02/2014 - 12:51 | 4617705 jmcadg
jmcadg's picture

Fuck off you big footed bitch.

Wed, 04/02/2014 - 12:52 | 4617707 Son of Captain Nemo
Son of Captain Nemo's picture

Oh please Do Tell...

She found a job working for Brad Katsuyama at IEX Group in the front office???

Wed, 04/02/2014 - 12:56 | 4617716 Dr. Engali
Dr. Engali's picture

Did she get a gold watch for her years of service?

Wed, 04/02/2014 - 15:35 | 4618373 Freddie
Freddie's picture

Tungsten.

Wed, 04/02/2014 - 12:54 | 4617717 buzzsaw99
buzzsaw99's picture

Germany learned the hard way about usa bank "vaulting".

Wed, 04/02/2014 - 12:54 | 4617718 fooshorter
fooshorter's picture

Blythe: I just want to see the basement where the chinese gold is!!

Jamie: YOUT AINT SEEING THE BASEMENT BITCH!

Wed, 04/02/2014 - 12:56 | 4617726 williambanzai7
williambanzai7's picture

Wed, 04/02/2014 - 13:00 | 4617739 Son of Captain Nemo
Son of Captain Nemo's picture

One of my all time favorites!

Wed, 04/02/2014 - 12:58 | 4617733 sampo
sampo's picture

Fuck you, witch!

Wed, 04/02/2014 - 13:00 | 4617734 Tortuga
Tortuga's picture

I place this vile horrific excuse for a human being in the same class  as the contents of a night soil hut.

May she rot in hell and be forever cursed with a continous period, for all the human suffering she has caused.

Wed, 04/02/2014 - 13:27 | 4617821 Kaiser Sousa
Kaiser Sousa's picture

now that was original...

"permenant period" - very scary.

Wed, 04/02/2014 - 13:00 | 4617735 ebworthen
ebworthen's picture

Good riddance.

Too bad she'll just be replaced by some other harpie or warlock.

Wed, 04/02/2014 - 12:59 | 4617737 Bow Tie
Bow Tie's picture

getting out of dodge, but we'll remember!

Wed, 04/02/2014 - 13:02 | 4617745 Max Cynical
Max Cynical's picture

As much as you may be celebrating this news...she's probably one of the most successful and wealthiest women on Wall Street and will be aggressively recruited into an even more high profile job.

Wed, 04/02/2014 - 13:07 | 4617752 ebworthen
ebworthen's picture

She could probably make some good coin in a bukkake bondage humiliation session, but something tells me she's a Dominatrix.

Wed, 04/02/2014 - 13:13 | 4617780 Son of Captain Nemo
Son of Captain Nemo's picture

Trust me.  She swallowed many a Jamie load with that huge English horse mouth of hers...

Wed, 04/02/2014 - 13:31 | 4617841 economessed
economessed's picture

Her safe word is "SHINY."

Wed, 04/02/2014 - 13:04 | 4617748 Save_America1st
Save_America1st's picture

I hope her suicidal thoughts don't eventually get the best of her.

Look out for open elevator shafts and nail-guns, bitch.  And if you ever go skydiving you better make sure to pack your own chute!!!

;-)

Wed, 04/02/2014 - 13:05 | 4617751 williambanzai7
williambanzai7's picture


.

Blythe has a crappy new job

She looks like she's ready to sob

She's not helping looters

She's showing her hooters

It's better than helping banks rob!

The Limerick King

Wed, 04/02/2014 - 13:08 | 4617759 ParkAveFlasher
ParkAveFlasher's picture

With that attitude, sweetheart, you'll never make it in this town.

Wed, 04/02/2014 - 13:16 | 4617787 NotApplicable
NotApplicable's picture

How did you get my whiteboard?

Wed, 04/02/2014 - 18:56 | 4619065 StychoKiller
StychoKiller's picture

Nice Photoshop!  I suggest doing a little blurring on the edges of her hair in order to blend in with the background.

 

Wed, 04/02/2014 - 13:08 | 4617761 Save_America1st
Save_America1st's picture

You know that arrogant bitch is reading ZH right now wondering what everyone is saying about her sorry ass! 

Hi Blythe...don't let that door hit your fat ass on the way out...and watch out for high ledges, bridges, and nail-guns. 

Which Hooters will you be shlepping shitty wings at???

Wed, 04/02/2014 - 13:09 | 4617763 Calculus99
Calculus99's picture

You can tell she's been 'Americanised' because after every question she's asked, her reply is 'great question'.

I've never met an American, who I've asked a question to, that hasn't replied 'that's a great question', yet my questions are often pathetic!

Wed, 04/02/2014 - 13:18 | 4617791 NotApplicable
NotApplicable's picture

You need to get out more. The only people I ever hear say that are selling something.

Wed, 04/02/2014 - 13:10 | 4617768 Rising Sun
Rising Sun's picture

Does it have a sex tape yet?

 

A scan of some of its pics indicates it has rather large boobies.  And we rather like large boobies!!!!!!!!!!!

Wed, 04/02/2014 - 13:11 | 4617772 peakaboo
peakaboo's picture

She can manipulate my goldenrod anytime.

Wed, 04/02/2014 - 13:12 | 4617775 Save_America1st
Save_America1st's picture

And Bloom-Turd thought Blythe Masters was "just what the regulatros needed"!

wow...

http://www.bloombergview.com/articles/2014-02-07/blythe-masters-was-just-what-regulators-needed

Wed, 04/02/2014 - 13:16 | 4617786 Son of Captain Nemo
Son of Captain Nemo's picture

SA1st

Thanks for posting that one as I remembering reading it vividly and asking myself if Bloomberg could post something like that -how is it allowed to continue?...

Wed, 04/02/2014 - 13:15 | 4617783 Ignorance is bliss
Ignorance is bliss's picture

One day Blythe will be considered a hero to joe stackers everywhere. I am sorry to see her go. Cause you can never have enough shiny in your pocket.

Wed, 04/02/2014 - 13:15 | 4617784 1stepcloser
1stepcloser's picture

Fuck you later, Blythe

Wed, 04/02/2014 - 13:18 | 4617790 drinkin koolaid
drinkin koolaid's picture

Hate the bitch, but I'm a dude and I'd do her in a second. Of course, I'd need to know if Dimon did her first.

Wed, 04/02/2014 - 13:20 | 4617798 NotApplicable
NotApplicable's picture

I've never understood the attraction to old women, when the world is continually refilled with newer models.

Wed, 04/02/2014 - 14:09 | 4618030 drinkin koolaid
drinkin koolaid's picture

Didn't say that I'd marry her, just fuck her.

Wed, 04/02/2014 - 15:52 | 4618441 Maxter
Maxter's picture

Yea I am not worried for her.  Good money might await her in the porn industry.  She would probably be a nice MILF.

Wed, 04/02/2014 - 13:18 | 4617792 PlusTic
PlusTic's picture

She has a new gig, conjugal visit celebrity at Rikers Island...

Wed, 04/02/2014 - 13:20 | 4617796 Atomizer
Wed, 04/02/2014 - 13:29 | 4617828 kragsquest
kragsquest's picture

WHAT NO ORANGE JUMPSUIT FOR HER, SO WELL DESERVED?

Wed, 04/02/2014 - 13:30 | 4617835 silverserfer
silverserfer's picture

crash JPM buy silver?

Wed, 04/02/2014 - 13:30 | 4617839 icanhasbailout
icanhasbailout's picture

Next stop: Treasury.

Wed, 04/02/2014 - 13:32 | 4617846 Cornholiovanderbilt
Cornholiovanderbilt's picture

Hasta lavista you 'bossy' cunt!

Wed, 04/02/2014 - 13:34 | 4617852 SharkBit
SharkBit's picture

RIP. Bitch!

Wed, 04/02/2014 - 13:36 | 4617862 SharkBit
SharkBit's picture

I mean do you get that people just fucking hate you and hate JPMorgan?

Wed, 04/02/2014 - 13:41 | 4617886 SharkBit
SharkBit's picture

What a lying cunt!

Wed, 04/02/2014 - 13:35 | 4617856 Dr.Engineer
Dr.Engineer's picture

I hope she has a lot of dirt on the insiders.  Otherwise she better hide her nail gun, rope, nylons, boat, and all those other tools the highly skilled CIA uses to remove whistle blowers.  Oh, she better stay on the ground too -- no more than 1.5 floors high.

Wed, 04/02/2014 - 13:35 | 4617858 Yen Cross
Yen Cross's picture

      JPM funding the "Commodity Center"? Great, all we need is another backdoor NGO to fuck things up!

Wed, 04/02/2014 - 13:37 | 4617863 Sizzurp
Sizzurp's picture

Next stop IMF with Lagarde?  Wouldn't that suck.

Wed, 04/02/2014 - 13:36 | 4617864 thamnosma
thamnosma's picture

Such a nice head, perfect for a platter.

Wed, 04/02/2014 - 13:49 | 4617924 Conax
Conax's picture

Blythe- all your clothes make you look fat and dumpy.  And old.

 

(They hate that)

Wed, 04/02/2014 - 14:31 | 4618124 Mr Giggles
Mr Giggles's picture

Those shoes make your bum look big. There I said it.

Wed, 04/02/2014 - 14:04 | 4617944 A_Nejad
A_Nejad's picture

You see her face, and you just know she'd fucked the entire Israeli Soccer team (and their cousins in NY) to get that post....No more use for the prostitute, even for the sake of a great late night BJ at the office.

Wed, 04/02/2014 - 14:08 | 4618018 Itchy and Scratchy
Itchy and Scratchy's picture

U make that sound like a bad thing?

Wed, 04/02/2014 - 14:28 | 4618116 NoTTD
NoTTD's picture

Marry me, Blythe.

Wed, 04/02/2014 - 14:29 | 4618118 Mr Giggles
Mr Giggles's picture

I fear even crucifix, garlic, steak and hammer, will not finish this.

Wed, 04/02/2014 - 14:33 | 4618134 Itchy and Scratchy
Itchy and Scratchy's picture

I prefer my stake medium rare!

Wed, 04/02/2014 - 14:57 | 4618228 RealityCheque
RealityCheque's picture

Bye bye you cunt.

Hope theres a painful, debilitating and fatal disease in your very near future.

Wed, 04/02/2014 - 15:00 | 4618238 BBullionaire
BBullionaire's picture

God help you Blythe, i'm sure that many men have suffered  at the hands of your short selling, And some shall seek vengengance. you will never sleep soundly again. someday someone will come for you. enjoy bitch

Wed, 04/02/2014 - 15:01 | 4618239 Itchy and Scratchy
Itchy and Scratchy's picture

Team Player. Swallowed the evidence!

Wed, 04/02/2014 - 15:19 | 4618244 Youri Carma
Youri Carma's picture

Goodbye Blythe Masters ... our beloved Silver Witch.

Who's gonna guarantee low silver prices now evil genius asks? https://www.youtube.com/watch?v=Ud0pdhoisxc

http://img.photobucket.com/albums/v393/youricarma/Miscellaneous/BlitheMasters-Vampirella3.jpg

http://img.photobucket.com/albums/v393/youricarma/Miscellaneous/BlitheMasters-Vampirella1.jpg

Maybe it’s time now that Pierre Jovanovic book ‘Blyth Masters’ gets translated into English finally http://www.jovanovic.com/angeQDM.htm

Wed, 04/02/2014 - 15:15 | 4618291 unununium
unununium's picture

"would JPMorgan consider the Fed, whose interests in keeping the price of precious metals as low as possible, and are aligned with those of JPM for the reasons listed above, its client?"

Don't stop with the metals business.  That's small potatoes compared to treasuries.  Who else but the Fed could be on the other end of all those interest rate swaps?

Wed, 04/02/2014 - 15:32 | 4618365 agstacks
agstacks's picture

"Don't woory Blythe, the IMF will hire you."

 

Wed, 04/02/2014 - 15:38 | 4618381 pipes
pipes's picture

I have two words for any prospective successor.

 

Mary

Barra

 

Good luck with that.

Wed, 04/02/2014 - 17:32 | 4618793 Carl Popper
Carl Popper's picture

I'd fuck her.  

 

But then again I am not that picky unless I am paying top dollar.  

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