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Blythe Masters On The Blogosphere, Silver Manipulation, Gold-Axed Clients And Doing The "Wrong" Thing

Tyler Durden's picture




 

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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Thu, 04/05/2012 - 15:16 | 2320143 SeverinSlade
SeverinSlade's picture

I'm junking my own post.  Now that I think about it, this would actually another form of punishment for us.  And I'm sure Blythe, being the cunt she is, would probably enjoy the experience.

Thu, 04/05/2012 - 16:30 | 2320388 Silveramada
Silveramada's picture

a h ahaha about a "clockwork orange" style big dick but in silver???

Thu, 04/05/2012 - 15:41 | 2320236 Atlas Shrieked
Atlas Shrieked's picture

Ask and you shall receive.

http://en.wikipedia.org/wiki/Jane_Darling

I think she's English too, altho I never have the audio on (that's a lie) so I wouldn't know.

Blythe is no model, but compared to her peers, she's a 10.

Now go call up your contacts at Wicked Pictures and make it happen.

Thu, 04/05/2012 - 16:01 | 2320299 Gully Foyle
Gully Foyle's picture

Atlas Shrieked

Your ability to facially recognize porn star doubles is amazing.

Maybe you could do a book, like seperated at birth but titled seperated by dick.

Fri, 04/06/2012 - 04:08 | 2321477 Atlas Shrieked
Atlas Shrieked's picture

Gully, so are you saying you approve of the likeness between Blythe and Jane?  I actually know a stripper in Oregon who likes like Jane--only better.  I think Oregon has the highest ratio of "dancers" per capita than any other state.

Blyhe is a lying mess.  For her sake, I hope she gets out before the whole thing blows up in her face--kinda like how Cassano has escaped unscathed despite his contribution to the subprime mortgage bubble.

Thu, 04/05/2012 - 15:07 | 2320120 paulbain
paulbain's picture

Gawd, I hope that the silver mavens comment on this article. I would especially like to see the following mavens comment: alias "Turd Ferguson," Harvey Organ, Jeff Nielson, and Jim Sinclair.

-- Paul D. Bain

paulbain@pobox.com

 

Thu, 04/05/2012 - 15:22 | 2320176 DoChenRollingBearing
DoChenRollingBearing's picture

"Three gets you five" it will happen...

Thu, 04/05/2012 - 19:33 | 2320826 XitSam
XitSam's picture

Harvey said, "She was lying throughout!!"

Thu, 04/05/2012 - 15:07 | 2320121 patience...
patience...'s picture

So all of a suddent JPM is worried about the blogosphere, doubtful.

I wonder what is up to be making them worry.

Thu, 04/05/2012 - 15:21 | 2320169 TN Jed
TN Jed's picture

Exactly.  Her words aren't as important as the fact that silver manipulation was a talking point at all.  She's addressing some kind of pressure from somewhere via "the blogosphere."  Rumors only get addressed when they affect.

Thu, 04/05/2012 - 19:57 | 2320672 nasa
nasa's picture

Anymore from the 'Blogoshphere' and JPM will have the kill switch thrown. 

 

Thu, 04/05/2012 - 19:36 | 2320830 XitSam
XitSam's picture

First Ben crawls out of his bank for a PR tour, now Blythe. The herd is starting to stampeed.

"Quickly, Watson! The game's afoot!"

Thu, 04/05/2012 - 15:08 | 2320122 Village Smithy
Village Smithy's picture

In other words, "if we get large enough we can make whatever we want to happen... for our clients of course."

Thu, 04/05/2012 - 15:08 | 2320125 Albertarocks
Albertarocks's picture

And now you all know what the term 'spinster' really means.

Thu, 04/05/2012 - 15:08 | 2320126 BrokeDayTrader
BrokeDayTrader's picture

Silver manipulation is the least of my problems

I'm ready to punch my fist through my computer monitor watching Apple, Starbucks, Whole Foods, and all these other drunken consumer stocks go up every fucking day as if there were no issues in Europe and the economy was at full employment.

&$#$&#%$#@&$%(#&!!!!

Thu, 04/05/2012 - 15:26 | 2320159 PSEUDOLOGOI
PSEUDOLOGOI's picture

you will continue seeing this as long as money is printed/digitally created...

in the next few years you probably will even make 1000% returns on some of these stocks (if not all of them).

then the music stops and you will see most of it vaporize.

research countries/economies that have gone through hyperinflation, it will help understand what's going on.

Furthermore, alot of these economies got out of hyperinflation by pegging their currencies to the dollar (somehow, one way or another).

The question is, what do you peg the dollar against?

answer:

- another banker cabal created  "new" currency

or 

- precious metals.

holding precious metals, by default, will allow you to survive this bout and preserve your purchasing power. (or what's currently left of it).  so.... thank God for cheap Silver!

Thu, 04/05/2012 - 22:34 | 2321192 Prometheus418
Prometheus418's picture

+1

Lot of metal bugs forget that equities can be a hedge against currency devaluation as well- I don't like that game, and won't play it, myself, but that doesn't change the basic facts of the matter.  There are plenty of investors who realize that currency is going to hell, and want something "real."  On this forum, that means metals- but there are other places where that means production capacity.  

Traditionally, metals win- but equities are still far better than bonds or cash, and if you are lucky enough to back the right horse, there's real value to be made in equity.  Trouble is picking the winners and losers...

Fri, 04/06/2012 - 01:57 | 2321387 DoChenRollingBearing
DoChenRollingBearing's picture

Excellent observation!  A good company can get you good returns.  Problem is, will the company do better than physical gold...

Thu, 04/05/2012 - 15:34 | 2320213 1eyedman
1eyedman's picture

yes its quite odd.  consider this:

in 2003 market lows, the real estate engine was in full swing, people were refi-ing like crazy and buying for actual use at increasing speed.  the results were a great deal of economic activity, buying furniture, renovating, lending/closing/title services, etc etc.  the money being created was the new debt from lower rates and sellers making money.   this lasted for another 2 years before the same area caused the collapse via blind regualtion (what bubble? theres no increase in the money supply etc).

but now with a full climb in the markets....what is the economic activity driving it???  what is the new fad/business everyone is into (like real estate was in 03/04/05)?   there isnt one.

something does not add up, to say the least.

 

Thu, 04/05/2012 - 15:10 | 2320131 pods
pods's picture

Did she pay $50k to get on the show?  

Thu, 04/05/2012 - 15:11 | 2320136 SumSUN
SumSUN's picture

Amazing how these bankers are all the same.  A lot of talking without saying anything.  

And at the end, she pleads for her buddies to have control of the hen house so they can provide "liquidity".

All your silver belongs to us Blythe.

Thu, 04/05/2012 - 15:12 | 2320138 tekhneek
tekhneek's picture

So hot.

Want to touch the hiney.

"We don't do it. It's not in our business model and it would be wrong."

Sure you don't. Sure...

Thu, 04/05/2012 - 15:24 | 2320183 DoChenRollingBearing
DoChenRollingBearing's picture

Very possibly the BEST reply of the day!

Thu, 04/05/2012 - 15:55 | 2320277 Capt Tripps
Capt Tripps's picture

I *might* be a bad person because I think I would really enjoy sticking it right in her pooper.

Thu, 04/05/2012 - 16:58 | 2320470 Dave Thomas
Dave Thomas's picture

But then your winkie would crumble like a cheese doodle, or end up looking like those Nazi's who opened the Ark of the Covenant.

Thu, 04/05/2012 - 18:44 | 2320732 Sabremesh
Sabremesh's picture

Her sexy/evil smile as she delivered that blatant lie practically made me jizz in my pants. On which subject, if you aren't one of the hundred million viewers who have watched this on youtube and want a chuckle:  http://www.youtube.com/watch?v=4pXfHLUlZf4

Thu, 04/05/2012 - 15:13 | 2320139 Seasmoke
Seasmoke's picture

can we get Geraldo to open up some of those JP vaults ?????

Thu, 04/05/2012 - 15:12 | 2320141 anarchitect
anarchitect's picture

The 2nd and 3rd last paragraphs, about the Fed (or Treasury, or ESF) being a JPM client, took the words out of my mouth.  Although I wouldn't be surprised if JPM magnifies the volatility by front running them.

Thu, 04/05/2012 - 15:13 | 2320144 JustanEmotion
JustanEmotion's picture

I wonder if she follows turd's blog?

Thu, 04/05/2012 - 15:14 | 2320146 slewie the pi-rat
slewie the pi-rat's picture

damn!  she's hot!

Thu, 04/05/2012 - 16:53 | 2320451 EvlTheCat
EvlTheCat's picture

Hot like Elizabeth Hurley in Bedazzle.

Thu, 04/05/2012 - 15:14 | 2320147 realtick
realtick's picture

She definitely "makes it harder" for this end user.

Thu, 04/05/2012 - 15:15 | 2320148 BrokeDayTrader
BrokeDayTrader's picture

The Euro is trading like dead meat.

WTF is holding this market afloat?

 

Thu, 04/05/2012 - 15:20 | 2320164 slaughterer
slaughterer's picture

Only four stocks at this point:

AAPL

PCLN

CMG

and that gun stock everybody here talks about. 

Thu, 04/05/2012 - 15:21 | 2320170 slewie the pi-rat
slewie the pi-rat's picture

dead meat

Thu, 04/05/2012 - 15:17 | 2320153 scatterbrains
scatterbrains's picture

I don't watch TeeVee  does she give interviews often ?  Is this a rare interview and if so why now?

 

Thu, 04/05/2012 - 16:32 | 2320394 TheDriver
TheDriver's picture

You may want to reconsider you position on not watching TV (and I'll make the assuption that you also don't participate in social media like Facebook, Twitter, etc).

As stated in another comment above, that silver manipulation was even a topic on CNBC, let alone being discussed by the very cunt who is/was purportedly at the at the center of it, is a behavioural anomaly worthy of consideration.

Thu, 04/05/2012 - 17:05 | 2320430 NotApplicable
NotApplicable's picture

Trying to smear the idea of manipulation in advance of the next attack?

Thu, 04/05/2012 - 18:04 | 2320665 ViewfromUnderth...
ViewfromUndertheBridge's picture

CFTC about to issue its findings in the 3.5 year silver investigation...after hours on Easter Friday perhaps...

Fri, 04/06/2012 - 01:09 | 2321347 slewie the pi-rat
slewie the pi-rat's picture

great, V

anything to keep scatterbrains from watching TV

Thu, 04/05/2012 - 20:50 | 2320974 TheFourthStooge-ing
TheFourthStooge-ing's picture

bums are spamming above (capital3x and fxstreet)

 

Thu, 04/05/2012 - 15:17 | 2320155 The Continental
The Continental's picture

Blythe Masters is a C.U.N.T.***

 

 

***C.U.N.T. - Craven Unscrupulous Naughty Trollop

Thu, 04/05/2012 - 15:23 | 2320158 It is a bargin ...
It is a bargin my friend's picture

I'm ashamed, shes fucking English, never knew, but she has that annoying at the end of a sentance in a higher pitch like its a question, Australian style

Thu, 04/05/2012 - 17:06 | 2320484 NotApplicable
NotApplicable's picture

I'm ashamed she's human!

Thu, 04/05/2012 - 15:19 | 2320165 Diablo
Diablo's picture

is it just me or is twitter down for everyone (ZH hasnt updated for over 20 minutes)?

thks

 

Thu, 04/05/2012 - 15:22 | 2320172 steve from virginia
steve from virginia's picture

 

She doesn't say anything at all. She runs a department at a bank. Big deal.

Corzine-JPM, that is where the action is. Did Masters have anything to do with MFG's trading activities: what did she know and when did she know it?

As for manimpulation: all markets all the time are manipulated. Get over it.

Thu, 04/05/2012 - 15:24 | 2320187 Tyler Durden
Tyler Durden's picture

Corzine-JPM is a meaningless trifle compared to Lehman-JPM.

Thu, 04/05/2012 - 15:36 | 2320219 DoChenRollingBearing
DoChenRollingBearing's picture

Good point.

You guys, one day, should write the ENCYCLOPEDIC article on all the destruction that JPM has brought down on us.  While we all have read LOTS on GS, there has been this other squid hard at working, sucking from the system as well.

Thu, 04/05/2012 - 15:54 | 2320273 Boxed Merlot
Boxed Merlot's picture

In terms of wealth re-distribution agreed.  But it's about the best way to show the muppets how brazen and reckless these incestuous forces have comingled in their wanton destruction of the US economy. 

Corzine / MFG should be used as the gateway drug to expose the masses to the absolute corruptness of these people. Their activities are nothing short of treasonous.

 

Thu, 04/05/2012 - 16:48 | 2320436 NotApplicable
NotApplicable's picture

Not to mention, many people actually know who Corzine is. Blythe Masters meanwhile, well that sounds like a name from an old western.

Thu, 04/05/2012 - 15:21 | 2320175 jayman21
jayman21's picture

CNBC taking care of advertisers.

Thu, 04/05/2012 - 15:22 | 2320177 The Lawnmower
The Lawnmower's picture

I don't care what her position is on silver. Long. Short. Who cares. You people do realize you can make money betting both ways. The retail customer isnt wired to go short so they are always long and never have an exit plan. Wall Street knows that. Thats why they make money and Joe Retail doesnt.

On to more important things. I would love to show Blythe my silver sausage. For an older broad she turns me on. Forget about taking Silver down. I'd take her down!!!  

Thu, 04/05/2012 - 15:33 | 2320209 JLee2027
JLee2027's picture

It'a a rigged market designed to fleece those who think they are smarter than the house. So you go right ahead. 

Thu, 04/05/2012 - 15:23 | 2320180 EmileLargo
EmileLargo's picture

$2.8 Billion in "revenue"? I always get confused when Americans use the words "revenue" and "income". I assume "revenue" is just turn-over and "income" is profits (in Brit-speak)? Is that right? If they made $2.8 Billion in "revenue", that doesn't sound so great - $2.8 Billion in profits are another matter altogether. 

Thu, 04/05/2012 - 16:58 | 2320468 JW n FL
Thu, 04/05/2012 - 20:15 | 2320900 FeralSerf
FeralSerf's picture

Income is money that comes in.  Expenses is money that goes out.  Profit is the difference between those two.

Thu, 04/05/2012 - 15:25 | 2320184 Piranhanoia
Piranhanoia's picture

Imagine having a professional liar and con artist guest on your television show to advise your viewers?

What does that tell you about the female dog, the network and the medium?

Thu, 04/05/2012 - 15:52 | 2320269 SilverIsKing
SilverIsKing's picture

Tells me that Zerohedge needs a TV network.  ZHTV

Thu, 04/05/2012 - 16:52 | 2320448 JW n FL
JW n FL's picture

 

 

Preach it from the Hill Tops!!

Thu, 04/05/2012 - 17:07 | 2320488 NotApplicable
NotApplicable's picture

No need to reinvent Max Keiser.

Thu, 04/05/2012 - 15:37 | 2320186 alfred b.
alfred b.'s picture

 

    Masters and Dimon:   the whore and the pimp!

  2.8 Billion commodities revenue for ASSISTING their clients with their silver trades:   Exactly what planet do you live on???

 

Thu, 04/05/2012 - 15:31 | 2320194 EvlTheCat
EvlTheCat's picture

No this wasn't a staged PR event.  Yack!!!  I see the Bernanke educate the masses mission didn't end with his tour de force.  Now he has the minions out pimping for the FED indirectly.  Hey where is MillionDollarBoner?  He should be here to tell us all what insane conspiracy theorists we are for thinking the metals market is being manipulate.  And how lovely, well poised and intelligent Mrs. Masters was during the interview she, herself, transcribed.

Thu, 04/05/2012 - 15:39 | 2320225 slewie the pi-rat
slewie the pi-rat's picture

she loved the blogosphere the night she pulled the zH train

she has a great little ass:  lovely, well poised and intelligent...

Thu, 04/05/2012 - 20:54 | 2320980 TheFourthStooge-ing
TheFourthStooge-ing's picture

Her turdcutter is probably her only redeeming feature.

 

Thu, 04/05/2012 - 16:03 | 2320301 EvlTheCat
EvlTheCat's picture

oh, oh, I see MDB finally joined in the discussion. Like a raccoon to a garbage can!  Wow, I must be drinking the same shit as Tyler, because I am so clairvoyant (drunk).

Thu, 04/05/2012 - 16:21 | 2320352 slewie the pi-rat
slewie the pi-rat's picture

for that shithead, "joining the discussion" = jump the string

but i realized he must do so, or his "humor" won't work;  really, it is so weak that if he used the box on the bottom of the page, people would not see it as soon, and read other comments first, and so on, as we know from doing...

...so, down here, he wouldn't get near the fresh attention & people would just think he's a dumbass, which most [except for those real brainiacs who "get" him] already know

like ori, his agenda is just so much more important,  that to use the box on the bottom of the page would be demeaning or something

well, maybe blythe will think he's an asswipe, too...

she's very strict about trolls, you know...

Thu, 04/05/2012 - 16:55 | 2320457 slewie the pi rat
slewie the pi rat's picture

she's very strict about trolls, you know...and I luv it when they're strict

Thu, 04/05/2012 - 17:13 | 2320511 EvlTheCat
EvlTheCat's picture

hahaha, I say whip it!! Whip it good!

http://youtu.be/IIEVqFB4WUo

Thu, 04/05/2012 - 17:28 | 2320561 slewie the pi-rat
slewie the pi-rat's picture

i see you've met clonie, now

slewies everywhere!

 

Thu, 04/05/2012 - 17:17 | 2320525 slewie the pi-rat
slewie the pi-rat's picture

you might like her then, clonie

she's quite acrobatic, too...

...at least compared to me!

Thu, 04/05/2012 - 17:05 | 2320483 EvlTheCat
EvlTheCat's picture

slewie, that is why I like my posts being pushed to subsequent pages. Like now, by the time I sober up tomorrow, nobody will care what I wrote, and neither will I. haha

The power of obscurity is so undervalued by some.

Thu, 04/05/2012 - 17:20 | 2320533 slewie the pi-rat
slewie the pi-rat's picture

dude!  we got a nine-day weekend coming up, here

tyler is so fuked up he hasn't even mentioned QE III all day!

Thu, 04/05/2012 - 20:06 | 2320883 Jendrzejczyk
Jendrzejczyk's picture

You've been dehyphenpothecated Slewie. Deepest regrets.

Thu, 04/05/2012 - 22:57 | 2321176 slewie the pi-rat
slewie the pi-rat's picture

call the apothecary!  i may not make it much longer...

the hypothecary,too...

Thu, 04/05/2012 - 15:29 | 2320196 AmazingLarry
AmazingLarry's picture

You sure got a pretty mouth. You've been baaaad, very bad BM and it's time for your punishment. I won't tell if you won't tell...

Thu, 04/05/2012 - 15:30 | 2320199 Poor Grogman
Poor Grogman's picture

 

 

Im glad she cleared that up

 

I was misinformed, ha I actually thought that JPM was manipulating silver there for a second.

 

So silly of me.

Thu, 04/05/2012 - 15:37 | 2320221 DoChenRollingBearing
DoChenRollingBearing's picture

Hah!

Thu, 04/05/2012 - 15:31 | 2320203 JLee2027
JLee2027's picture

Arrogance. Shame on you Blythe Masters. You have a few screws missing in that head of yours. Better to be honest and dirt poor than be a scumbag lile you.

Fri, 04/06/2012 - 05:14 | 2321506 Colonial Intent
Colonial Intent's picture

The higher your morals are the lower your salary will be.

Thu, 04/05/2012 - 15:35 | 2320204 rqb1
rqb1's picture

is she robin masters child?  anyways, she was impressive last march.  it took her the last day to fill those standing, but she did it.  ag will rocket when comex is in default or when ms masters and her legion go long. 

Thu, 04/05/2012 - 16:23 | 2320358 JLee2027
JLee2027's picture

They are never be "going long" because that would destory the control game they play. Don't be fooled. 

Comex will never default either...they can paper over anything with BS contracts and crooked courts, they've learned that. See MF Global for an example. Should have been arrests within 24 hours. 6 months+ later and still...nothing.

 

Silver will go to the moon, but it won't be "natural" - it will be by force when the charade collapses.

Thu, 04/05/2012 - 15:33 | 2320210 lynnybee
lynnybee's picture

even i know who this person is .   how can she even live with herself is beyond me.   why isn't she in jail ?   

Thu, 04/05/2012 - 15:36 | 2320220 JW n FL
JW n FL's picture

 

 

One can never be Jailed for doing Gods Work, my Love.

Thu, 04/05/2012 - 15:38 | 2320224 DoChenRollingBearing
DoChenRollingBearing's picture

+ 1 to both lynnybee & JW

Keeping it real...

Thu, 04/05/2012 - 15:33 | 2320211 Lmo Mutton
Lmo Mutton's picture

Shut up bitch. And go make me a sammich.

Thu, 04/05/2012 - 15:42 | 2320230 JW n FL
JW n FL's picture

 

 

SAMMMICCHHHHEEEZZZZ!!!! YUMMY! for my Tummy!

dont forget the Puss Relish!

http://www.youtube.com/watch?v=z_6OgrtFCqM

and you will need Juice to go with your SAMMICHEZ!

http://www.youtube.com/watch?feature=endscreen&v=xnFzdx2HUZ0&NR=1

You know Bylthe LOVES Puss Relish in her Juice!

Thu, 04/05/2012 - 20:33 | 2320932 FeralSerf
FeralSerf's picture

You want onions on that shit sammich?

Thu, 04/05/2012 - 15:35 | 2320212 JW n FL
JW n FL's picture

 

 

I Pinky Sware that JP Morgans Management of the Metals Market is NOT! to control Price for the Federal Reserve (our Partner NOT! Client) and other FIAT Masters of the World!

 

LOL!!! *Cough* BULLSHIT! *Cough*

Thu, 04/05/2012 - 15:56 | 2320279 JW n FL
JW n FL's picture

 

 

Who owns the Federal Reserve?

 

 

The Federal Reserve System fulfills its public mission as an independent entity within government. It is not "owned" by anyone and is not a private, profit-making institution.

As the nation's central bank, the Federal Reserve derives its authority from the Congress of the United States. It is considered an independent central bank because its monetary policy decisions do not have to be approved by the President or anyone else in the executive or legislative branches of government, it does not receive funding appropriated by the Congress, and the terms of the members of the Board of Governors span multiple presidential and congressional terms.

However, the Federal Reserve is subject to oversight by the Congress, which often reviews the Federal Reserve's activities and can alter its responsibilities by statute. Therefore, the Federal Reserve can be more accurately described as "independent within the government" rather than "independent of government."

The 12 regional Federal Reserve Banks, which were established by the Congress as the operating arms of the nation's central banking system, are organized similarly to private corporations--possibly leading to some confusion about "ownership." For example, the Reserve Banks issue shares of stock to member banks. However, owning Reserve Bank stock is quite different from owning stock in a private company. The Reserve Banks are not operated for profit, and ownership of a certain amount of stock is, by law, a condition of membership in the System. The stock may not be sold, traded, or pledged as security for a loan; dividends are, by law, 6 percent per year.

http://www.federalreserve.gov/faqs/about_14986.htm

As you can CLEARLY SEE!! 6% Dividens are NOT! PROFIT!!!

 

Getting Bigger

Instead, the Fed and its secret financing helped America’s biggest financial firms get bigger and go on to pay employees as much as they did at the height of the housing bubble.

Total ** assets ** held by the six biggest U.S. banks increased 39 percent to $9.5 trillion on Sept. 30, 2011, from $6.8 trillion on the same day in 2006, according to Fed data

** http://www.ffiec.gov/nicpubweb/nicweb/Top50Form.aspx **

The Fed’s Secret Liquidity Lifelines

http://www.bloomberg.com/data-visualization/federal-reserve-emergency-lending/#/overview/?sort=nomPeakValue&group=none&view=peak&position=0&comparelist=&search=

Thu, 04/05/2012 - 15:35 | 2320216 Ted Baker
Ted Baker's picture

GUYS DO NOT BE SURPRISED IF THE SEC STARTS INVESTIGATING JPM THIS YEAR ABOUT THE WELL-KNOWN MANIPULATIVE SILVER AND GOLD PRICES FOR THE LAST 3-4 YEARS...SHE MAY EVEN BE CALLED TO BE GIVEN EVIDENCE IN CONGRESS..WATCH THE SPACE...NOT TO MENTION THE CUSTODIAN UNETHICAL PRACTICES..MOST PEOPLE WILL AGREE TO IT..TIME TO SIZE DOWN THIS BANK WHICH IS NOT LONGER BIG TO FAIL INSTITUTION

Thu, 04/05/2012 - 16:04 | 2320309 SilverIsKing
SilverIsKing's picture

Forget about the SEC.  Perhaps if Obama believes that JPM is quietly backing Romney, then Holder makes some noise with JPM but you can expect nothing from the SEC.

Fri, 04/06/2012 - 05:13 | 2321505 Colonial Intent
Colonial Intent's picture

Possibly there might be an investigation, then obama and the govt can use the results to get what he wants from them.

Nuffing against the guy but thats the political reality folks:-)

Thu, 04/05/2012 - 15:40 | 2320217 EmileLargo
EmileLargo's picture

"We don't take speculative positions in commodities". Umm, yeah right! How about the $250 million loss on a naked short in the coal market back in 2010??? So if you can short coal, you can...............................

Thu, 04/05/2012 - 15:38 | 2320223 TheGoodDoctor
TheGoodDoctor's picture

Sounds like she is putting the blame on "customers" meaning the US Government maybe?

Thu, 04/05/2012 - 15:39 | 2320226 OMG
OMG's picture

She needs

 

 

 

 

She needs

 

To be skull fucked

 

 

 

 

 

 

Repeatedly

 

Thu, 04/05/2012 - 15:40 | 2320231 Tsunami Wave
Tsunami Wave's picture

Very nicely written article Tyler(s).  Good work on continually shining the light on these cockroaches.. I only wish I knew as much about finance as you guys know. Keep up the good work.

Thu, 04/05/2012 - 15:53 | 2320272 DoChenRollingBearing
DoChenRollingBearing's picture

Seconded!

Thu, 04/05/2012 - 15:40 | 2320232 alfred b.
alfred b.'s picture

 

   Maybe time for BM to be MFed!

Thu, 04/05/2012 - 15:43 | 2320241 terryg999
terryg999's picture

"It would be wrong, and we dont' do it!"

 

Her body language suggests otherwise.

Thu, 04/05/2012 - 16:56 | 2320458 NotApplicable
NotApplicable's picture

Those contortions are necessary in order to redfine "manipulate."

"When I say a word, it means only what I want it to mean. No more, or no less."

Thu, 04/05/2012 - 15:44 | 2320242 Fix It Again Timmy
Fix It Again Timmy's picture

B.M. - Pink Slime gone waaaaaay BAD!

Thu, 04/05/2012 - 15:45 | 2320246 lynnybee
lynnybee's picture

I thought JPMORGAN was bankrupt !    How can they be giving money to the University of Colorado, Denver if they are bankrupt ?   What kind of switcheroo is going on here ?     $5.5MILLION ?   did they take that money out of the bailout money that the taxpayers gave them !     I absolutely hate her, what a bunch of b.s. propoganda is coming out of her mouth ?   (  if i'm missing something here, or have this wrong, someone plz feel free to fill me in )

Thu, 04/05/2012 - 15:56 | 2320282 DoChenRollingBearing
DoChenRollingBearing's picture

+ 1

I think that you are reading this exactly right, lynnybee.  Kudos to you for speaking the truth here at ZH all this time about all of the LIARS out there in the "financial community."

Thu, 04/05/2012 - 15:45 | 2320247 loveyajimbo
loveyajimbo's picture

She does not mention that JPM always has refused to verufy the customer accounts they are supposedly hedging against... why?  Simple, because it is bullshit.  Dimon is dangerous because he is not aware of what a cancerous piece of shit he is... while Blankfein at least knows full well that he IS a vapid dog turd.

Thu, 04/05/2012 - 15:46 | 2320249 Long-John-Silver
Long-John-Silver's picture

Metals Pit Trader: Where is my (physical) Gold and Silver? A client is demanding delivery.

Blythe Masters: We suffered a horrible boating accident while transferring everything from New York City, Singapore and London to Venezuela.

 

 

Thu, 04/05/2012 - 15:47 | 2320252 JW n FL
JW n FL's picture

 

 

Blythe Masters body double ----> http://www.youtube.com/watch?v=v7S7YQpnklU&NR=1&feature=endscreen Veracosa!

Thu, 04/05/2012 - 15:47 | 2320253 Scalaris
Scalaris's picture

My question to Mrs. Masters is what would be the outcome of simultaneous filing of physical silver delivery by all parties, on behalf of whom JPMorgan is charging for vault storage services. 

 

Thu, 04/05/2012 - 17:50 | 2320630 semperfi
semperfi's picture

ANSWER:  "Well Scalaris, I would give them the option of A) fucking me in the ass or B) still requesting your physical delivery.  And if you choose B) then YOU get fucked in the ass! - ahahahahahahaha!!! "

Thu, 04/05/2012 - 15:49 | 2320257 earnyermoney
earnyermoney's picture

I'm sure she'd like to answer some follow up questions. http://blythemasters.blogspot.com/

Thu, 04/05/2012 - 15:49 | 2320260 alien-IQ
alien-IQ's picture

Would "strangling" this woman count as "hitting" a woman? Because I would never want to "hit" a woman...but...I'd love to strangle this bitch.

Thu, 04/05/2012 - 16:07 | 2320316 alfred b.
alfred b.'s picture

 

   You're in luck...she's not a woman, just a wench in bankster dimon's toolbox.

Thu, 04/05/2012 - 15:49 | 2320261 Whalley World
Whalley World's picture

I would like to take this opportunity to thank America's metal discounter JPM and most notably Blythe Masters for giving me another excellent entry point for my silver purchases, thanks Blythe, but you are still a Bitch.

Thu, 04/05/2012 - 15:52 | 2320267 loftgroovv
loftgroovv's picture

I think she's pretty hot.

 

Does that make me evil?

Thu, 04/05/2012 - 15:58 | 2320288 Village Smithy
Village Smithy's picture

You must have a dominitrix fetish, that's all.

Thu, 04/05/2012 - 16:15 | 2320335 semperfi
semperfi's picture

Yeah, she's pretty hot - but she'd look even hotter with a bone in her mouth.

Thu, 04/05/2012 - 16:30 | 2320385 JLee2027
JLee2027's picture

Now that was funny. Maybe mr. Banzi can create one?

Thu, 04/05/2012 - 15:52 | 2320271 alfred b.
alfred b.'s picture

 

   Betcha, I hold more real silver in my shoebox than she holds in her 3 vaults !!!

Thu, 04/05/2012 - 15:56 | 2320281 stant
stant's picture

first time ive seen her live. until now i had only seen turd fergeusons version on yt

Thu, 04/05/2012 - 15:58 | 2320283 Wakanda
Wakanda's picture

Watch Blythe's energy collapse at 4:25 when she says "We don't do it."  She never regains her composure after that.

Big lie, big act, but not a great actor.

They must be pretty desperate to trot her out for the dog and p(h)ony show.

Thu, 04/05/2012 - 16:59 | 2320471 NotApplicable
NotApplicable's picture

Maybe it's time to take out the blogosphere.*

 

* I always thought that was the name of Blogovich's hairdo.

Thu, 04/05/2012 - 15:58 | 2320291 Chaffinch
Chaffinch's picture

I couldn't see the interview - the link didn't work - so I found the transcript.

April 05, 2012
CNBC EXCLUSIVE: CNBC TRANSCRIPT: SENIOR COMMODITIES CORRESPONDENT SHARON EPPERSON SPEAKS ONE-ON-ONE WITH BLYTHE MASTERS, J.P. MORGAN HEAD OF GLOBAL COMMODITIES, TODAY ON CNBC’S “POWER LUNCH”
WHEN: Today, Thursday, April 5, 2012

WHERE: CNBC’s “Power Lunch”

Following is the unofficial transcript of a CNBC EXCLUSIVE interview with J.P. Morgan's Head of Global Commodities, Blythe Masters, today on CNBC’s “Power Lunch” (M-F, 1-2PM ET). All references must be sourced to CNBC
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SHARON EPPERSON: HI, SUE. YOU KNOW, IT'S BEEN A VOLATILE WEEK IN COMMODITIES AND THIS SECTOR IS OFTEN EXTREMELY VOLATILE. IT REALLY UNDERSCORES THE ESSENTIAL NEED TO BETTER EDUCATE STUDENTS ABOUT ALL FACETS OF THIS SECTOR AND I'M JOINED NOW BY BLYTHE MASTERS, WHO IS THE HEAD OF GLOBAL COMMODITIES AT JPMORGAN. JPMORGAN TODAY JUST MADE A $5.5 MILLION GIFT TO CREATE THIS COMPREHENSIVE CENTER FOR COMMODITIES HERE AT THE UNIVERSITY OF COLORADO, DENVER. IT'S THE LARGEST GIFT THAT THE SCHOOL HAS EVER RECEIVED. AND BLYTHE, WHY IS JPMORGAN MAKING SUCH AN IMPORTANT INVESTMENT AT THIS TIME?

BLYTHE MASTERS: THANKS, SHARON. THE ANSWER IS THAT COMMODITIES ARE INCREASINGLY AT THE CENTER OF THE PUBLIC EYE. THEIR INFLUENCE ON GROWTH, ON ECONOMIES, ON DISPOSABLE INCOME IS SOMETHING WE ALL INDIVIDUALLY FEEL EVERY DAY. AND OF COURSE CORPORATIONS AND GOVERNMENTS FEEL IT TOO. AND THE CHALLENGE IS TO ENSURE THAT WE HAVE THE RIGHT TALENT IN THIS PARTICULAR AREA SO THAT PUBLIC UNDERSTANDING AND POLICY DECISIONS AS WELL AS THE OPERATIONS OF COMPANIES CAN BE SUCCESSFUL. SO THE DECISION TO FUND THE COMMODITIES CENTER HERE AT CU DENVER WAS REALLY DRIVEN BY THE BELIEF THAT WE NEED TO INCREASE AND EXPAND TALENT IN THE COMMODITY MARKETS BECAUSE COMMODITIES PLAY SUCH AN IMPORTANT ROLE IN ECONOMIC GROWTH.

EPPERSON: AND JPMORGAN HAS BEEN INVESTING HEAVILY IN COMMODITIES FOR SOME TIME DEFINITELY UNDER YOUR LEADERSHIP. WE'VE SEEN AS SUE MENTIONED A TRIPLING OF YOUR REVENUES IN 2011 TOPPING $2.8 BILLION. TREMENDOUS GROWTH MANY SEE IT AS PART OF YOUR VISION, YOUR STRATEGY FOR THE REASON THAT THAT HAS HAPPENED. IS THAT REALLY SUSTAINABLE?

MASTERS: WELL, WE'VE BEEN INVESTING IN THE COMMODITIES BUSINESS. AND IT'S IMPORTANT TO REALIZE THAT OUR COMMODITIES BUSINESS IS NOT ABOUT BETTING ON COMMODITY PRICES. IT'S ABOUT ASSISTING CLIENTS IN EXECUTING, MANAGING THEIR RISKS. ENSURING ACCESS TO CAPITAL SO THAT THEY CAN MAKE THE KIND OF LARGE LONG-TERM INVESTMENTS THAT ARE NEEDED IN THE LONG RUN TO EXPAND THE SUPPLY OF COMMODITIES. AND THAT IS AN AREA WHICH WE ANTICIPATE WILL CONTINUE TO GROW VERY, VERY RAPIDLY OVER THE NEXT COUPLE OF DECADES IN FACT. SO, YES, WE ARE VERY EXCITED ABOUT THE PROSPECTS FOR GROWTH IN THIS PARTICULAR AREA.

EPPERSON: AND YOU'RE LOOKING AT GROWTH NOT ONLY IN AGRICULTURE AND METALS AND IN OIL, BUT ACROSS THE BOARD IN ALL FACETS. THAT'S WHAT YOU'RE INVESTING IN. A LOT OF CONCERN HAS BEEN PLACED THOUGH ABOUT JPMORGAN PARTICULARLY ITS POSITIONS IN THE METALS SPACE AND LOOKING AT YOUR POSITIONS IN SILVER WE TALKED EARLIER ABOUT THE VOLATILITY IN THE SILVER MARKET, CAN YOU TALK ABOUT JPMORGAN'S POSITIONS AND PRICE VOLATILITY AND HOW ARE THEY RELATED?

MASTERS: YEAH. THAT'S A GREAT QUESTION. AND YOU'RE RIGHT, THAT THERE'S BEEN A TREMENDOUS AMOUNT OF SPECULATION PARTICULARLY IN THE BLOGOSPHERE ABOUT THIS TOPIC. I THINK THE CHALLENGE IS THAT THE SPECULATION 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 ALL OF THAT ACTIVITY SIMULTANEOUSLY. SO JUST TO GIVE YOU A SIMPLE EXAMPLE, WE STORE SIGNIFICANT AMOUNTS OF COMMODITIES, FOR EXAMPLE, SILVER, ON BEHALF OF CUSTOMERS WE OPERATE VAULTS IN NEW YORK CITY, IN 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, THEN IT 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 MATCH BOOK.

EPPERSON: WHAT IS COMMONLY OUT THERE IS THAT JPMORGAN IS MANIPULATING THE METALS MARKET. FROM WHAT YOU'RE OUTLINING THAT IS NOT POSSIBLE BECAUSE OF THE DIFFERENT SIDE OF THE BUSINESS THAT YOU'RE IN PART OF.

MASTERS: THAT'S RIGHT. IT'S NOT PART OF OUR BUSINESS MODEL. IT WOULD BE WRONG AND WE DON'T DO IT.

EPPERSON: YOU'VE HAD SUCH A LONG HISTORY AT JPMORGAN IN THE DERIVATIVES MARKET NOW HEADING COMMODITIES. ONE OF THE OTHER THINGS THAT IS REALLY STRUGGLING FOR MANY TRADERS IS TRYING TO FIGURE OUT WHAT REGULATION IS GOING TO LOOK LIKE AND HOW THAT'S GOING TO IMPACT THEIR BUSINESS. WHAT IS YOUR VIEW? AND HOW CONCERNED ARE YOU ABOUT REGULATIONS THAT ARE COMING DOWN FOR THE OTC DERIVATIVES MARKET AND FOR COMMODITIES?

MASTERS: AGAIN, ANOTHER GREAT QUESTION. I THINK I WANT TO SAY FIRST THAT JPMORGAN STRONGLY SUPPORTS THE NEED FOR IMPROVED REGULATION IN FINANCIAL MARKETS AND FINANCIAL INSTITUTIONS BROADLY. THE KEY IS TO ENSURE THAT THAT REGULATION IS GOOD REGULATION. AND WITH THIS TYPE OF TOPIC, THE DEVIL IS ALMOST ALWAYS IN THE DETAILS. SO IN THE INTEREST OF GREATER TRANSPARENCY, LESS SYSTEMIC RISK IN THE SYSTEM, LESS CONNECTIVITY BETWEEN MAJOR PLAYERS, ALL OF THOSE THINGS WE FEEL GREAT STRIDES HAVE BEEN MADE IN ADVANCING REGULATION TO PROMOTE THOSE OBJECTIVES. HAVING SAID THAT, WE HAVE TO BE AWARE OF UNINTENDED CONSEQUENCES. AND THERE'S A REAL RISK OF THOSE UNINTENDED CONSEQUENCES. FOR EXAMPLE, IF YOU MAKE IT DIFFICULT FOR INSTITUTIONS TO TRANSACT IN COMMODITY MARKETS BY EXCESSIVELY EXPOSING THEIR ACTIONS TO THE PUBLIC DOMAIN TOO QUICKLY, THAT WOULD DRAIN LIQUIDITY AND MAKE IT HARDER FOR END USERS TO HEDGE.

EPPERSON: THERE IS A CONCERN ABOUT LIQUIDITY LONGER TERM?

MASTERS: YES.

EPPERSON: I WANT TO THANK YOU SO MUCH FOR JOINING US. BLYTHE MASTERS, HERE JOINGING US AT THE UNIVERSITY OF COLORADO, DENVER SCHOOL OF BUSINESS. AND WHERE THEY HAVE MADE THIS TREMENDOUS GIFT. THANK YOU FOR YOUR PERSPECTIVE ON THE COMMODITIES SECTOR.

Thu, 04/05/2012 - 16:02 | 2320303 Chaffinch
Chaffinch's picture

So, okay, the silver bit I get what she is saying, and of course I don't buy it, but what is the other question about? What does she mean about exposing the actions of institutions too quickly by some sort of regulation? Hell, with HFT, their actions are so damned fast and furious by the time we see their actions it is too late!! What is she worried about here? Is it just a diversion to avoid the position limits debate?

Thu, 04/05/2012 - 17:04 | 2320481 NotApplicable
NotApplicable's picture

Obviously advance damage-control of some sort.

Thu, 04/05/2012 - 16:02 | 2320304 el-greco
el-greco's picture

"The right honorable lady is working to a brief and doesn't believe a word she has just said"

Margaret Thatcher

 

As to Sharon Eperson...if you havent figured it out so far, there is truly no hope for you!

Thu, 04/05/2012 - 16:05 | 2320313 frippy
frippy's picture

Sue Herrera is a cow but I would shtoop Blythe. Then toss her a SAE for the effort.

Thu, 04/05/2012 - 16:06 | 2320315 zerotohero
zerotohero's picture

just another mouth piece puppet.

Thu, 04/05/2012 - 16:09 | 2320317 Kali
Kali's picture

My question is:  WHO would be stupid enough, if they had such a large qty, to let JPM hold their PMs?  Doesn't seem someone smart enough to buy that much PM would be stupid enough to trust it to those CRIMINALS.  Who audits the supposed PMs  JPM is  holding for their "clients".  I call bullshit.

 

P.S.  My eyes are burning after watching that, my skin is still crawling too.  Creepy to watch evil personified.

Thu, 04/05/2012 - 16:24 | 2320372 rosiescenario
rosiescenario's picture

That's my thought, too.

 

Just who are these clients, what is the "significant" amount of silver they hold, and why do they need to be selling futures against their holding???

 

This sounds like a crock.

 

 

Thu, 04/05/2012 - 16:11 | 2320322 rosiescenario
rosiescenario's picture

All else aside, just who would the clients be with that amount of silver AND the need to lock its price through forward sales?

 

"... 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 basi.."

 

What is "significant"....does that figure come close to the level of paper silver JPM has been selling?

 

If it were me questioning here, I'd just aceept what she said at face value, but ask just who these clients are and how much they have put in JPM's vault...

Thu, 04/05/2012 - 16:55 | 2320434 Kali
Kali's picture

I am sure if someone had such large quantities they would want an independent audit to verify every now and then.  Kyle Bass moved all that gold out of Noob York after auditing his client's gold and the shenanigans there.  Sincerely, I would hope the megarich who are holding vast quantities of PMs are not that stupid.  But it wouldn't surprise me if they are.  Wouldn't those very same folks be royally pissed off that JPM is degrading the "worth" of their investment JPM is holding for them with all those shorts driving the price down?  Just too many loose ends here.  .

Thu, 04/05/2012 - 18:02 | 2320613 dogbreath
dogbreath's picture

I think that there are very few who are not fair game.   the predators after all are bonus or commision driven employees so why wouldn't some 40 tonne muppet  be seen as fair game by the velociraptor and teradactyl scavengers.

the game is in the open now and does it not appear that the herd is being run into and out of traps repeatedly.   real estate only goes up.  bonds are safe,  market tanks and everyone flees to the dolar.   gold almost 2000 and silver 50,  bonds.  CDS's on greek bonds,  APPL  etc. etc.     Sorry Mr  Blue Blood but nobody forsaw the market moving against you said by the guy who made 4% on the return trip.    <-----  i can imagine the boys just laughing their asses off watching the herd run hither and dither.   These guys probably studied buffulo hunting from the plains indians.   The indians liked running them off a cliff.

Thu, 04/05/2012 - 16:12 | 2320326 Lost Wages
Lost Wages's picture

Don't worry, everyone.

Everything is under JPM's control.

Thu, 04/05/2012 - 16:12 | 2320327 Ignatius J Reilly
Ignatius J Reilly's picture

If her client is the Fed, and the Fed is owned by the private banking system......larger banks having a larger stake of course,..... in effect she is her own client. she manipulates the market for herself.

 

I would love a false SEC investigation.  do they even have jurisdiction?  who cares. we are all already screwed.

Thu, 04/05/2012 - 16:17 | 2320331 earleflorida
earleflorida's picture

classic - 'the devil is [delete>almost] always in the details',... in spades

pump [back-up the truck] at $1550-$1575, and sell [throw the truck in reverse] at $1750 - $1750

wash, rinse, and recycle,... pretty much the long and short [?]  of it --- kinda simple, and, 'in your face', if not for chairsatan and jamie baby being the fool's for 'tptb'.  

pathetic 

Thu, 04/05/2012 - 16:13 | 2320334 marathonman
marathonman's picture

I particularly enjoyed this article describing how JPMorgan took out MF Global with the help of  bankrupcy reform laws in the mid-2000's that gave them preferential treatment with the derivatives contracts.  JPMorgan truly is the vampire squid:  http://www.informationclearinghouse.info/article30016.htm

Thu, 04/05/2012 - 16:16 | 2320341 Peter Pan
Peter Pan's picture

Too many demeaning personal comments about the woman although i understand the frustration. The reality however is that we should not be hoping for a higher fiat price of silver but for silver to take the place of fiat.

Thu, 04/05/2012 - 16:23 | 2320368 Canadian Dirtlump
Canadian Dirtlump's picture

as what can only be described as a financial terrorist how could there be anything but disdain for her? I'd love to part that horse toothed bitches hair with a louisville slugger..

Thu, 04/05/2012 - 16:22 | 2320360 Canadian Dirtlump
Canadian Dirtlump's picture

this slunt and hitlery clinton are in a drag (queen) race for the top satanic which in the political economic elite.

 

The fact that blythe helped invent the credit default swap probbaly pushes her over the edge. Hopefully it will be into a meat grinder.

Thu, 04/05/2012 - 16:22 | 2320362 Seal
Seal's picture

 

He who fights with monsters should look to it that he himself does not become a monster. And when you gaze long into an abyss the abyss also gazes into you. Nietzsche 

 

The Fed, in its attempt to suppress “speculators”, has become the monster. Silver has a long history of price suppression via the Silver Users Association & Kodak [remember them?] and then a later backlash from the Hunt Bros. esp. after Greenspan that frustrated trader, wheeler-dealer and wonk Govt. employee began intervening in the markets via JPM

 

Thu, 04/05/2012 - 16:23 | 2320366 semperfi
semperfi's picture

C'mon y'all - lets give kudos to JPM for keeping the silver price artificially low for so long that when the supply starts to become a problem and price explodes we get the enjoyment of:  1) gaining wealth, and 2) watching JPM and the rest of the Cartel get fucked over

Thu, 04/05/2012 - 16:25 | 2320373 JLee2027
JLee2027's picture

Just remember the Nuremberg trials.

Taking orders and "going along to get along because everyone is doing it" is no excuse. They hung the bastard Nazi's anyway.  That is your future JP Morgue.

Thu, 04/05/2012 - 16:27 | 2320375 bobola
bobola's picture

If she is tellling the truth, then this person is wrong;

 

Dear CFTC Staff,

Hello, I am a current JPMorgan Chase employee. This is an open letter to all commissioners and regulators. I am emailing you today b/c I know of insider information that will be damning at best for JPMorgan Chase. I have decided to play the role of whistleblower b/c I no longer have faith and belief that what we are doing for society is bringing value to people. I am now under the opinion that we are actually putting hard working Americans unaware of what lays ahead at extreme market risk. This risk is unnecessary and will lead to wide-scale market collapse if not handled properly. With the release of Mr. Smith’s open letter to Goldman, I too would like to set the record straight for JPM as well.

I have seen the disruptive behavior of superiors and no longer can say that I look up to employees at the ED/MD level here at JPM. Their smug exuberance and arrogance permeates the air just as pungently as rotting vegetables. They all know too well of the backdoor crony connections they share intimately with elected officials and with other institutions. It is apparent in everything they do, from the meager attempts to manipulate LIBOR, therefore controlling how almost all derivatives are priced to the inherit and fraudulent commodities manipulation. They too may have one day stood for something in the past in the client-employee relationship. Does anyone in today’s market really care about the protection of their client? From the ruthless and scandalous treatment of MF Global client asset funds to the excessive bonuses paid by companies with burgeoning liabilities. Yes, we at JPMorgan that are in the know are fearful of a cascading credit event being triggered in Greece as they have hidden derivatives in excess of $1 Trillion USD. We at JPMorgan own enough of these through counterparty risk and outright prop trading that our entire IB EDG space could be annihilated within a few short days. The last ten years has been market by inflexion point after inflexion point with the most notable coming in 2008 after the acquisition of Bear.

I wish to remain anonymous as of now as fear of termination mounts from what I am about to reveal. Robert Gottlieb is not my real name; however he is a trader that is involved in a lawsuit for manipulative trading while working with JPMorgan Chase. He was acquired during our Bear Stearns acquisition and is known to be the notorious person shorting in the silver future market from his trading space, along with Blythe Masters, his IB Global boss. However, with that said, we are manipulating the silver futures market and playing a smaller (but still massively manipulative) role in manipulating the gold futures market. We have a little over a 25% (give or take a percentage) position in the short market for silver futures and by your definition this denotes a larger position than for speculative purposes or for hedging and is beyond the line of manipulation.

On a side note, I do not work directly with accounts that would have been directly impacted by the MF Global fiasco but I have heard through other colleagues that we have involvement in the hiding of client assets from MF Global. This is another fraudulent effort on our part and constitutes theft. I urge you to forward that part of the investigation on to the respective authorities.

There is something else that you may find strange. During month-end December, we were all told by our managers that this was going to be a dismal year in terms of earnings and that we should not expect any bonuses or pay raises. Then come mid-late January it is made known that everyone received a pay raise and/or bonus, which is interesting b/c just a few weeks ago we were told that this was not likely and expected to be paid nothing in addition to base salary. January is right around the time we started increasing our short positions quite significantly again and this most recent crash in gold and silver during Bernanke's speech on February 29th is of notable importance, as we along with 4 other major institutions, orchestrated the violent $100 drop in Gold and subsequent drops in silver.

As regulators of the free people of this country, I ask you to uphold the most important job in the world right now. That job is judge and overseer of all that is justice in the most sensitive of commodity markets. There are many middle-income people that invest in the physical assets of silver, gold, as well as mining stocks that are being financially impacted in a negative way b/c of our unscrupulous shorts in the precious metals commodity sector. If you read the COT with intent you will find that commercials (even though we have no business being in the commercial sector, which should be reserved for companies that truly produce the metal) are net short by a long shot in not only silver, but gold.

It is rather surprising that what should be well known liabilities on our balance sheet have not erupted into wider scale scrutinization. I call all honest and courageous JPMorgan employees to step up and fight the cronyism and wide-scale manipulation by reporting the truth. We are only helping reality come to light therefore allowing a real valuation of our banking industry which will give investors a chance to properly adjust without being totally wiped out. I will be contacting a lawyer shortly about this matter, as I believe no other whistleblower at JPMorgan has come forward yet. Our deepest secrets lie within the hands of honest employees and can be revealed through honest regulators that are willing to take a look inside one of America's best kept secrets. Please do not allow this to turn into another Enron.

Kind Regards,

-The 1st Whistleblower

 

Thu, 04/05/2012 - 16:28 | 2320381 Proxyoflove
Proxyoflove's picture

Oh Silly Sally, why so nervous? ;)

Thu, 04/05/2012 - 16:30 | 2320386 johnnymustardseed
johnnymustardseed's picture

I get perplexed by the anger some on this blog have towards the Occupy Wall Street Movement especially after you see and understand how corrupt these fuckers are. JPM has moved to a postion above any kind of regulation and will do as they please. They will forever hold over the head of regulators the nuclear option of fuck with us and we will take you all down. There will never be a appreciable move in the metals market as long as JPM has complete control.. my physical will still be there and have some value and maybe my grand children will see the value of my foresite to buy precious metals.

Thu, 04/05/2012 - 17:13 | 2320510 riphowardkatz
riphowardkatz's picture

they direct their anger and effort to the wrong people. needs to be directed at the government. from what I have seen most occupy want more government which ends up meaning more control for JPM. 

They are also wealth redistribution fanatics. Taking from one and giving to another at the point of the governments gun is stealing. It is wrong it is impractical and it is immoral. 

Fri, 04/06/2012 - 05:03 | 2321502 Colonial Intent
Colonial Intent's picture

Go down and talk to your local occcupy, you may be surprised.

You appear to be parroting MSM talking points about them.

Thu, 04/05/2012 - 16:31 | 2320390 lunaticfringe
lunaticfringe's picture

I too, missed the part where you shorted a years worth of silver in one hour. Apparently all of your clients has to hedge at precisely the same time. Tell this shit to someone else.

 

Missing too, is that BM invented derivatives and the weapons of mass destruction that ruined the world's economy.

 

Go fuck yourself Blythe.

Thu, 04/05/2012 - 16:50 | 2320396 slewie the pi-rat
Thu, 04/05/2012 - 17:14 | 2320517 Vint Slugs
Vint Slugs's picture

I'm sure that traders who use TA successfully must laugh up their sleeves at naifs like Steve St. Angelo (who he?).

 

How about these lines from his piece:

1. I am not going to name names, but I would imagine those who have been following the gold and silver markets for quite some time, know who I am talking about.

2. I did not plan on writing this article...

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