Blythe Masters Meets Several Times with Bart Chilton Regarding Position Limits

The CFTC needs to consult with Blythe and JP Morgan before implementing position limits?
Would this be necessary if it were not for JP Morgan's massive manipulative position, which is so large and so naked short that it would cause an instantaneous collapse of the biggest TBTF bank, resulting in a domino collapse of the worldwide fiat financial system?

"She is definitely not a shrinking violet," said Bart Chilton of the Commodity Futures Trading Commission, who had several meetings with her on potential regulatory changes.
Bloomberg News
On July 21, J.P. Morgan Chase & Co. investment-bank chief Jes Staley was on an airplane when he punched out an email to Blythe Masters, his embattled head of commodities. "I will not give up on you and your vision," he wrote, reassuring her.

Blythe Masters, commodities chief at J.P. Morgan, shown in Washington last year. She started at the bank as an 18-year-old intern in London.

Mr. Staley's note came after a series of setbacks for Ms. Masters. One of J.P. Morgan's most powerful executives, the 41-year-old Ms. Masters is charged with turning around the commodities operation and building it into the biggest on Wall Street. And though the blunt executive has been given many resources, her division recently has suffered defections and miscues while falling far short of expectations in 2010.
"I think she is feeling a little heat," said a person close to her.



The same qualities that distinguished her as an executive have on occasion made her seem combative, said people who have worked with Ms. Masters. At a private meeting with U.S. senators in the summer of 2008, she pointedly disagreed with an expert in the room who said J.P Morgan had an incentive to drive oil prices higher.
"Are you calling me a liar?" she said, according to a person who witnessed the exchange.
"She is definitely not a shrinking violet," said Bart Chilton of the Commodity Futures Trading Commission, who had several meetings with her on potential regulatory changes.
But Ms. Masters has been uncharacteristically rattled, people close to her say, ever since a trader earlier this year made a bad bet on a decline in European coal prices and lost $130 million when prices jumped. The loss spawned bad press and, concerned about leaks, Ms. Masters curtailed a distribution list in July for the group's profit and loss statements and risk limits.
On a July 22 conference call with her group, she speculated about whether competitors had planted stories about the business and encouraged her employees to speak up if they knew the source, according to a recording of the call. She assured employees on the call that rivals are "scared s—less of us" and promised that "we are going to build and finish building the No. 1 commodities-trading franchise on the planet."
When she took over the commodities business in 2006, Ms. Masters clashed with several high-profile traders who weren't as enthusiastic about their new boss and where she wanted to take the unit, people familiar with the matter said.
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