Blythe Masters, a pioneer of credit derivatives, one of the products at the heart of the financial crisis, has resigned from JPMorgan Chase after more than two decades at the bank.
Ms Masters, 45, was at the vanguard of the development of credit derivatives in the 1990s, credited with the creation of a new risk mitigation tool but after the crisis vilified as an architect of “weapons of mass destruction”.
Her friends say it was a caricature: Ms Masters developed but did not invent the product and stopped working in the area years before derivatives on mortgage securities stoked the market meltdown in 2008, though she did later act as an industry advocate.
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