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JPMorgan looks to unload oil-supply agreement

  • JPMorgan (NYSE:JPM) is in talks to sell its oil-supply agreement with Philadelphia Energy Solutions to Bank of America (NYSE:BAC).
  • Operated as a joint venture between Sunoco and the Carlyle Group (NASDAQ:CG), Philadelphia Energy Solutions is one of the largest refineries in the country, processing 330K barrels of crude a day.
  • Under the terms of the current agreement, JPMorgan supplies the refinery with crude oil and credit and receives refined fuel products that it can trade.
Comments (4)
  • funfun
    , contributor
    Comments (2823) | Send Message
     
    Bank of America Management is taking on the business of oil supply? Haven't the bumbling bosses of this unwieldy financial conglomerate had enough trouble trying to running a bank and wealth management business in legal compliance and competently?

     

    What? Is Bank of America the next ENRON?

     

    …funfun..
    3 Sep 2014, 06:27 AM Reply Like
  • funfun
    , contributor
    Comments (2823) | Send Message
     
    What? Is Bank of America the next ENRON?

     

    Haven't the bumbling bosses of this unwieldy financial conglomerate had enough trouble running a bank and wealth management business with competency and in legal compliance? And now an oil supply operation?

     

    …funfun..
    3 Sep 2014, 06:32 AM Reply Like
  • naf6858
    , contributor
    Comments (5) | Send Message
     
    i only just found out that chase was in the oil business--and as a shareholder of chase i am glad to see them divest

     

    but what the heck i also own bank of america so now what

     

    these guys must be pretty stupid or pig headed to put these shoes on
    3 Sep 2014, 08:39 AM Reply Like
  • NYCTEXASBANKER
    , contributor
    Comments (2491) | Send Message
     
    naf6858

     

    Commodities have always been traded by banks in the first or third party. The idea is to have an orderly and liquid market. Guys like fun fun have trouble just with making post as above is an example. It might be better if you took your money off the table as I doubt you understand all the places banks are within the economy. Please do not take that advice as a negative. It seems to me that your risk tolerance is unaware of all aspects of banking
    4 Sep 2014, 04:51 PM Reply Like
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