From: Jes Staley
To: mjeevacation@gmail.comm <jeevacation@gmail.com>
Subject: Fw: Sunday Times on Sempra
Date: Sun, 31 Jan 2010 11:57:28 +0000
Fyi
Original Message
From: Jes Staley
To: Blythe Masters; Mike Cavanagh
Cc: Kristin C Lemkau
Sent: Sat Jan 30 23:18:17 2010
Subject: Re: Sunday Times on Sempra
Its good. It clearly says that we are not trying to go against the President. To the
contrary.
Jes
Original Message
From: Blythe Masters
To: Jes Staley; Mike Cavanagh
Sent: Sat Jan 30 19:45:45 2010
Subject: Fw: Sunday Times on Sempra
Fyi
Original Message
From: David M Wells
To: Blythe Masters; Kristin C Lemkau
Sent: Sat Jan 30 18:36:10 2010
Subject: Sunday Times on Sempra
The story below is on their website now and doesn't reflect our guidance. I will let you
know tomorrow if the paper version is different.
From The Sunday Times
January 31, 2010
Barack Obama curbs thwart RBS American sale
lain Dey
JP MORGAN, the American financial giant, has derailed the sale of Royal Bank of Scotland's
commodity-trading arm after refusing to buy its American operations.
The £2.5 billion sale of the British bank's 51% stake in RBS Sempra is being renegotiated in
light of the crackdown on bank trading operations announced by President Barack Obama.
Under the terms of the revised deal, JP Morgan will still buy the European operations of the
joint venture and the international oil-trading business.
However, the giant banking group has gone cool on buying RBS Sempra's American gas and power
division, which accounts for a large chunk of the business's profits. The American operation
engages in proprietary trading — a practice American banks will be barred from under Obama's
reforms.
One alternative being considered would see Sempra Energy, the trading firm that owns the
other 49% of the joint venture, buy back the other half of the American business from RBS. JP
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Morgan was named as an exclusive bidder for the business just days before the Obama bank
reforms were announced.
RBS was ordered to put the business up for sale by European competition authorities.
The revised deal is still considered to be significant for JP Morgan. Victor Kremer, co-
editor of Spark Spread, the energy intelligence service, said: "Acquiring RBS Sempra's
European business would give JP Morgan the City's premier metals trading business."
David Wells, J.P. Morgan, Head of Marketing and Communications for EMEA, +442073258504 work,
+447795645402 mobile
This email is confidential and subject to important disclaimers and
conditions including on offers for the purchase or sale of
securities, accuracy and completeness of information, viruses,
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available at http://www.jpmorgan.com/pages/disclosures/email.
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