Friday, April 6, 2012

JP Morgan's ‘London Whale’ Rattles Debt Markets

Talk about bad timing.  As we discussed earlier, only hours after Blythe Masters told CNBC viewers that JP Morgan is in the position of executing for clients and runs a flat match book, news of the 'London Whale' emerged: accusations that a single JP Morgan trader's CDS PROP position is so large that it is causing major directional disturbances in the market.

24 hours later, the reports that a single JP Morgan trader's derivatives positions are massively influencing the CDS market have now lept the chasm from the blogosphere into the MSM.
Care to rephrase yesterday's interview Ms. Masters?