Naked Capitalism has the story Twitter 2, JP Morgan, 0: Bythe Masters Withdraws After One Day Appointment as CFTC Advisor.
No, this was not a world-record revolving door stint. Blythe Masters, head of JP Morgan’s commodities group, was announced yesterday as having joined a Commodities Futures Trading Commission advisory committee. I didn’t bother writing it up because what could you say beyond what appalling evidence it was of how much the Administration was willing to toady to JP Morgan (Acting CFTC Commissioner Mark Wetjen was responsible for this tasteless idea). The Federal Energy Regulatory Committee settled with JP Morgan for $410 million over charges of manipulating the energy markets. Masters also got away with – lying to regulators during the FERC inquiry. She was lucky to escape civil charges. And that’s before we get to the fact that the missing-in-action-as-far-as-big banks-crimes-are-concerned Department of Justice, was, predictably, not willing to take up the case. By any commonsense standard, Masters should have been under the hot lights.
Now this is definitely something that deserves a Congressional investigation. Even before that, you would expect the Whitehouse to do its own investigation. Perhaps the DOJ should be investigating how this appointment could happen. Maybe the acting CFTC Commissioner Mark Wetjen should be summarily fired. This cannot be allowed to quietly disappear.
Perhaps Elizabeth Warren will save the day by insisting on an investigation.