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?
