We thought today's newsflow and "market action" ranked pretty high on the absurd surrealism scale. And then we saw this.
- BLYTHE MASTERS TO JOIN CFTC GLOBAL MARKETS COMMITTEE
- JPMORGAN’S BLYTHE MASTERS TO JOIN CFTC ADVISORY COMMITTEE
- CFTC SPOKESMAN COMMENTS ON BLYTHE MASTERS JOINING COMMITTEE
Ok - ignore, if you will, all alegations about Blythe Masters "interventions" in the precious metals markets.
But don't ignore Blythe's CNBC interview in which the soon to be former JPMorganite said, days before the London Whale fiasco was exposed and so were JPM's attempts to corner the bond market, that JPM has "offsetting positions. We have no stake in whether prices rise or decline. Rather we're running a flat or relatively flat matched book" - a statement that was a bold faced lie, and was followed up with "what is commonly out there is that JPMorgan is manipulating the metals market. It's not part of our business model. it would be wrong and we don't do it."
No, Blythe had much greater manipulative ambitions, namely becoming the next Enron, which we learned after than the FERC fined JPMorgan - and the group ran by Blythe Masters - for manipulating electricity prices in California and other states.
Fast forward to today when we learn that this certified commodity market manipulator just got a job with none other than the head commodity regulators in the US?
In other words, you too can get a job at the CFTC if only you can answer yes to the following two questions (h/t Manal):
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