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JPMorgan Throwing in Blythe Masters in Commodity Desk Sale

  +Follow September 17, 2013 12:52PM
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Litigation-racked investment bank JPMorgan & Chase Co. (JPM) put their multi-billion commodity desk up for sale back in July, looking for someone to take a wildly profitable but litigation-prone department off their hands. On Sept 17 the bank revealed they’re throwing in something else that has both made them a lot of money and caused them a lot of legal woes: wunderkind executive Blythe Masters, an executive renowned for her leadership, cunning, and proclivity for attracting the attention of government regulators.

Masters started at JP Morgan as an 18-year-old intern at their infamous London office, and quickly rose to head up their entire commodities department. The now 44-year-old Masters has been a divisive force in the company with her brash trades, making and losing fortunes. But there is no question she has a knack for making money, and her inclusion in the sale of the commodities desk has enticed investors.

Over 50 potential buyers have expressed interest in the unit, which JPMorgan is shedding as they face litigation from nearly every side of their business, Masters included.

In an investigation conducted by the Federal Energy Regulatory Commission, Masters was accused of lying under oath about her knowledge of an energy price-manipulation scheme that defrauded California and Michigan ratepayers of $83 million. JPMorgan eventually paid out a $410 million settlement in connection with the manipulation.

Masters has also been implicated in price fixing schemes involving silver, and was closely tied to the development and sale of the credit derivatives that would eventually plunge the entire globe into financial turmoil. Masters has become something of a pariah in the public eye concerning her involment in the development of credit-default swaps, with the Gurdian going as far as to label her  the "woman who built the financial weapon of mass destruction."

Despite ongoing investigations into her propriety, Masters is unquestionably adept, and has made a fortune for JPMorgan. She is held in incredibly high esteem by CEO Jamie Dimon, who promoted her to head up the commodities desk in 2006. Paul Fribourg, the chairman and CEO of major JPMorgan client Continental Grain is similarly impressed, and had previously said “Tell (Masters) if she’s looking for a job, she’d be first on our list.”

While the exact price of Masters’ services is up for debate, the commodities desk itself is quantifiably quite valuable, racking up $2.4 billion in revenue last year.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions.


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Farhana
2 Sep 14 21:25:47
RT @dannyyadron: FBI finds no evidence J.P. Morgan breach extended to other big U.S. banks $JPM http://t.co/Bj36hxXjFJ
ConnectSmallBiz
2 Sep 14 21:19:18
RT @dannyyadron: FBI finds no evidence J.P. Morgan breach extended to other big U.S. banks $JPM http://t.co/Bj36hxXjFJ
Jahi Faucette
2 Sep 14 20:51:38
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2 Sep 14 19:36:22
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Market Updates
2 Sep 14 19:28:32
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Perfor Mance
2 Sep 14 19:23:42
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2 Sep 14 19:11:32
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2 Sep 14 19:00:04
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Nereida Diesen
2 Sep 14 18:55:43
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Ketan Jhaveri
2 Sep 14 18:51:44
RT @dannyyadron: FBI finds no evidence J.P. Morgan breach extended to other big U.S. banks $JPM http://t.co/Bj36hxXjFJ
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2 Sep 14 18:38:19
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Ivan the K™
2 Sep 14 18:35:26
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Mohamud
2 Sep 14 18:35:01
$JPM still strong since 8/22 buy signal (The Tenkan Sen / Kijun Sen Cross signal) http://t.co/ACFV4r4Hej
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2 Sep 14 18:28:45
$JPM: State: Data breach involving JP Morgan Chase http://t.co/TecI5gHNGz http://t.co/JboAIR0r4o
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2 Sep 14 18:07:16
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2 Sep 14 18:00:04
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Cara Whedbee
2 Sep 14 17:49:43
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Jay Terrill
2 Sep 14 17:35:23
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2 Sep 14 17:31:06
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Mae
2 Sep 14 17:05:04
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2 Sep 14 17:00:05
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Texas Shelia
2 Sep 14 16:59:53
RT @dannyyadron: FBI finds no evidence J.P. Morgan breach extended to other big U.S. banks $JPM http://t.co/Bj36hxXjFJ
MINA RICHARDSON
2 Sep 14 16:53:44
RT @DanaMattioli: Scoop: JP Morgan is in talks to sell oil-supply agreement w/ Philadelphia Energy Solutions to BofA. Link to come $JPM $BAC
Maureen Kovacik
2 Sep 14 16:41:50
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2 Sep 14 16:28:39
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2 Sep 14 16:25:48
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Marshall Moore
2 Sep 14 16:20:14
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Quantpost Financial
2 Sep 14 16:15:52
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MarketCurrents
2 Sep 14 16:15:50
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2 Sep 14 16:03:07
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2 Sep 14 16:01:02
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michael
2 Sep 14 16:00:54
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michael
2 Sep 14 16:00:36
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michael
2 Sep 14 16:00:11
RT @loriannlarocco: Tmrw on @SquawkCNBC we'll be talking about the wave of hacking attacks w: @HackingDave #hacking #homedepot #JPMorgan #t…
Patrick
2 Sep 14 16:00:05
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Gilbert MAHE
2 Sep 14 15:48:54
RT @CliffatMIG: $JPM: [$$] J.P. Morgan to Sell Oil-Supply Pact http://t.co/GDBtAdd1CC http://t.co/KjTDvNoDE8
D.R. Schmidt
2 Sep 14 15:42:00
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Marco DiPompeo
2 Sep 14 15:40:23
RT @dannyyadron: FBI finds no evidence J.P. Morgan breach extended to other big U.S. banks $JPM http://t.co/Bj36hxXjFJ
Carmine
2 Sep 14 15:38:55
RT @DanaMattioli: Scoop: JP Morgan is in talks to sell oil-supply agreement w/ Philadelphia Energy Solutions to BofA. Link to come $JPM $BAC
Salvatore Baiamonte
2 Sep 14 15:37:01
RT @DanaMattioli: WSJ Scoop: J.P. Morgan in Talks to Sell Oil-Supply Agreement with Philadelphia Refinery: http://t.co/JozmO6G7Hh $JPM
Ruxandra Lazarescu
2 Sep 14 15:30:38
RT @DanaMattioli: WSJ Scoop: J.P. Morgan in Talks to Sell Oil-Supply Agreement with Philadelphia Refinery: http://t.co/JozmO6G7Hh $JPM
Stock News Headlines
2 Sep 14 15:28:36
$JPM: [$$] J.P. Morgan to Sell Oil-Supply Pact http://t.co/GDBtAdd1CC http://t.co/KjTDvNoDE8
Barb Peterson
2 Sep 14 15:26:05
RT @dannyyadron: FBI finds no evidence J.P. Morgan breach extended to other big U.S. banks $JPM http://t.co/Bj36hxXjFJ
Alex Cohen
2 Sep 14 15:19:22
RT @DanaMattioli: J.P. Morgan in Talks to Sell Oil-Supply Agreement with Philadelphia Refinery: http://t.co/Yu65X03M9d $JPM
KimAllen
2 Sep 14 15:19:13
RT @dannyyadron: FBI finds no evidence J.P. Morgan breach extended to other big U.S. banks $JPM http://t.co/Bj36hxXjFJ
WCTI Partners
2 Sep 14 15:13:03
RT @DanaMattioli: Scoop: JP Morgan is in talks to sell oil-supply agreement w/ Philadelphia Energy Solutions to BofA. Link to come $JPM $BAC
Dana Mattioli
2 Sep 14 15:12:47
WSJ Scoop: J.P. Morgan in Talks to Sell Oil-Supply Agreement with Philadelphia Refinery: http://t.co/JozmO6G7Hh $JPM
gagz
2 Sep 14 15:11:20
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B Cashin
2 Sep 14 15:08:34
RT @DanaMattioli: Scoop: JP Morgan is in talks to sell oil-supply agreement w/ Philadelphia Energy Solutions to BofA. Link to come $JPM $BAC
				
				
  +Follow September 17, 2013 12:52PM
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