Bitcoin Default Swaps: Blythe Masters Joins Bitcoin Startup

To gold bugs, Blythe Masters is the Darth Vader of precious metals.  His circuitous career path is stranger than fiction, with road kill all around her.

http://www.zerohedge.com/news/2015-03-10/bitcoin-default-swaps-blythe-masters-joins-bitcoin-startup

Blythe Masters’ Ex-Husband Launches Bitcoin Hedge Fund from the Island of Jersey

Perhaps this is why they are no longer married.  He's into Bitcoin--she's into suppressing silver prices.

http://libertyblitzkrieg.com/2014/07/11/blythe-masters-ex-husband-launches-bitcoin-hedge-fund-from-the-island-of-jersey/

Blythe Masters Withdraws From CFTC : Furious Twitter Backlash Blamed

http://www.zerohedge.com/news/2014-02-07/blythe-masters-withdraws-cftc-furious-twitter-backlash-blamed

The Farce Is Complete: Blythe Masters Joining CFTC

Word has it that Blythe Masters has recently resigned her post at the CFTC.  The fox was caught guarding the henhouse.

http://www.zerohedge.com/news/2014-02-06/farce-complete-blythe-masters-joining-cftc

Why Blythe Masters is Telling the Truth About Precious Metals Manipulation

JPMorgan was again recently busted for price manipulation, this time in the energy markets, which means commodities head Blythe Masters lied under oath again.  The pay off to make this latest transgression go away was $500 million.

This is a re-post of Ms. Masters declaring JPMorgan doesn't make directional bets, and that they merely "make markets" for clients and provide "liquidity."  A few weeks later, JPMorgan fessed up to the London Whale trader booking $6 billion in losses before they were able to unwind the trade.

Masters and her boss Jamie continue to lie through their teeth, all the while enjoying their reputation as the biggest and most stable of banks.   Of course, no one mentions their $76 trillion in notional value derivatives exposure.


http://www.silverdoctors.com/why-blythe-masters-is-telling-the-truth-about-precious-metals-manipulation/

JPMorgan Caught in Swirl of Regulatory Woes

If I'm such a conspiracy theorist, how did I predict Blythe Masters of JPMorgan would be investigated by federal authorities--3 years before it is actually materializing?

http://dealbook.nytimes.com/2013/05/02/jpmorgan-caught-in-swirl-of-regulatory-woes/

Blythe Masters' Crowning Achievement: The Credit Default Swap

Here's more on our lady Blythe Masters.

http://www.zerohedge.com/news/2013-05-03/blythe-masters-crowning-achievement-credit-default-swap

Blythe Masters Interview on CNBC

This sure sounds like 2007--only the interview took place in 2012.  Perhaps Blythe can explain the derivatives blow up in 2008, and JPMorgan's $6 billion "whale trade" loss last year.  JPMorgan is always "flat", eh?  Sure--so is the earth.

http://blythemasters.blogspot.com/2012/11/blythe-masters-interview-on-cnbc.html

CNBC: And you're looking at growth not only in agriculture and in 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?

Blythe Masters:  Yeah. that's a great question. And you're right, there's been a tremendous amount of speculation particularly in the blogosphere about this topic. I think the challenge is that that speculation represents a misunderstanding as to 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 specific 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 a relatively match book.

Quotes from Blythe Masters, JPMorgan Chase Head of Global Commodities

• "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." - Blythe Masters, Head of Global Commodities, JPMorgan Chase, during a CNBC interview in April, 2012

Why does the media continue to posit that "no one saw it coming" when referring to JPMorgan's disastrous unwinding of their credit risks?  Losses may exceed $5 billion.  But hey, they were perfectly hedged, right?

Physical Silver (PSLV) Premium To NAV Surges To Record High

http://www.zerohedge.com/article/physical-silver-pslv-premium-nav-surges-record-high

For what it's worth, Blythe Masters is the doyenne of JPMorgan's commodities trading desk.  The huge perma-short position in silver futures must feel like a noose around the neck.

Artist's Impression Of JPM's CEO Hearing That Silver Is Trading Over $500

Knowledgeable gold and silver bugs will catch every inside joke, but even precious metals neophytes will appreciate this parody.   Google Jamie Dimon, Blythe Masters, Ben Bernanke, Tim Geithner, Ted Butler, and Max Keiser to understand the characters.  I'm assuming viewers know who the mustachioed psychopath is.



http://www.youtube.com/watch?v=I0mhX9hpq3g&feature=player_embedded

"Don't Panic" - Blythe Masters, JPMorgan head of commodities

"Don't Panic. No one's going to get screwed." declared Blythe Masters, JPMorgan Chase's head of commodities.

Given JPMorgan is allegedly the biggest short in the LMBA and COMEX silver markets--while silver prices are soaring, she has every reason to panic. Oh, and add in the mounting lawsuits against JPMorgan for manipulation of silver prices, and Blythe herself may be out of a job soon. Perhaps she can hang on until the end of the year to ensure collection of her million-dollar bonuses.


http://www.bloomberg.com/news/2010-08-03/blythe-masters-says-don-t-panic-over-jpmorgan-commodities-loss-job-cuts.html