Wow, that’s quite a story. Thanks for all the detail making it clear.
You’re welcome. Typo on my part, “stand for delivery” not stand for “deliver.”
The rumor is a bunch of traders who were unceremoniously fired from JPM by Blythe Masters, the ice-queen head of commodities trading at that firm (and who incidentally invented CDOs), and they are aware of JPM’s “book” which is what positions they hold, hatched the scheme to bankrupt their former employer, and have gained the interest in some wealthy Asian hedge fund managers to join in the fun. Look up “Wynter Benton,” the pen name of one of these former JPM traders.