Wednesday, February 1, 2012

Blythe Replaces Faissola who is Vice Chairman of ISDA

Things are getting hairier than hairy.  Two days ago we reported that Blythe is taking over for Deutsche Bank's Michele Faissola as head of the GFMA, and will also retain her role as Head of Commodities at JPMorgan.

After deeper research and a reader tip, we have uncovered that Michele Faissola is the Vice Chairman of ISDA.  Prior to the Blythe's insertion into the GFMA Chair, effective Feb 1, Michele Faissola was both the head of the GFMA and the Vice Chairman of the ISDA.  As you can see from GFMA's mission statement below, they might as well just be combined into one organization.   

"The Global Financial Markets Association (GFMA) was established as a way to join together the common interests of financial institutions across the globe in response to the increasingly global nature of financial market regulation.
GFMA’s mission is to develop policies and strategies for global policy issues in the financial markets that encourage sound regulation and effectively functioning markets, thereby promoting coordinated advocacy efforts across its partner associations.
The Association for Financial Markets in Europe (AFME), based in London and Brussels, is the European regional member of GFMA. The Asia Securities Industry & Financial Markets Association (ASIFMA), based in Hong Kong, is the Asian regional member of GFMA. The Securities Industry and Financial Markets Association (SIFMA), with offices in New York and Washington, D.C., is the U.S. regional member of GFMA."

The real story appears to be that we needed to put one of our banksters onto one of these banking oversight committees to smooth over the haircuts which are going to take place with the European Debt Crisis soon and make sure they are carried out exactly according to the wishes of Mr. Dimon and Mr. Blankfien.  Michele Faissola with his stellar reputation of working with Italian tycoons/money laundering , must have been told that he was now only going to be responsible for "oversight" of one of the two organizations.  Meanwhile, The Morgue puts Asset Number 1 in place to carry out the dirty work.