Free Republic
Browse · Search
General/Chat
Topics · Post Article

Skip to comments.

UNBELIEVABLE: Broker in Drunken Stupor Moves Oil Markets to 8 Month High
Oilprice.com ^ | 09/27/2012 | James Burgess

Posted on 09/30/2012 11:09:02 AM PDT by bananaman22

On June the 30th 2009 oil mysteriously jumped by more than $1.50 a barrel during the night, to reach its highest price in eight months, the kind of swing that is caused by a major geopolitical event.

The amazing, true cause of this price spike has now been released by a Financial Services Authority investigation (FSA).

Although not authorised to invest company cash in trades Steve Perkins, a long standing, senior broker at PVM Oil Futures, had managed to spend $520 million on oil futures contracts throughout the night.

On the morning of the 30th an admin clerk called Mr Perkins to ask why he had bought 7 million barrels of crude during the night. Mr Perkins had no recollection of the transactions, and it turned out that he had made the trades during a “drunken blackout.”

By the time PVM had realised the transactions had not been authorised by a client, they had incurred losses of $9,763,252. Full article at: Broker Sent Oil Prices to Eight Month High in a Drunken Stupor


TOPICS: Business/Economy; Miscellaneous; Weird Stuff
KEYWORDS: broker; drunk; drunkbroker; oil; oilmarket; oilprice

1 posted on 09/30/2012 11:09:08 AM PDT by bananaman22
[ Post Reply | Private Reply | View Replies]

To: All

bs


2 posted on 09/30/2012 11:10:23 AM PDT by KevinDavis (Romney / Ryan 2012)
[ Post Reply | Private Reply | To 1 | View Replies]

To: bananaman22

What an unlikely cover for Soros or one of his minions. I guess we have to have another fall guy like MStewart to make it look like the admin is watching the outhouse.


3 posted on 09/30/2012 11:13:24 AM PDT by A Strict Constructionist (We're an Oligrachy...Resistance to tyrants is obedience to God. Thomas Jefferson)
[ Post Reply | Private Reply | To 1 | View Replies]

To: bananaman22

You are right — it is Unbelievable — and I don’t believe it.


4 posted on 09/30/2012 11:16:03 AM PDT by bunster
[ Post Reply | Private Reply | To 1 | View Replies]

To: bananaman22

Speculators don’t affect the market.....yeah, riiiight.


5 posted on 09/30/2012 11:16:35 AM PDT by stboz
[ Post Reply | Private Reply | To 1 | View Replies]

To: bananaman22

If one drunk broker can affect the price of oil, this country is finished. If the price of oil is so sensitive that a single broker can affect it, what is there to say?


6 posted on 09/30/2012 11:23:35 AM PDT by tennmountainman
[ Post Reply | Private Reply | To 1 | View Replies]

To: bananaman22

7 posted on 09/30/2012 11:24:32 AM PDT by Brandonmark (2012: Our Hope IS Change!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: tennmountainman
If one drunk broker can affect the price of oil, this country is finished.

And apparently one amateur film maker set the middle east ablaze...or so they say.

8 posted on 09/30/2012 11:35:07 AM PDT by randog (Tap into America!)
[ Post Reply | Private Reply | To 6 | View Replies]

I’m throwing the BS flag, too, since it’s football season.


9 posted on 09/30/2012 11:35:20 AM PDT by AlmaKing
[ Post Reply | Private Reply | To 7 | View Replies]

To: bananaman22

My God, My God, why hast thou forsaken us?

Answer:. Same Sex marriage, abortion on demand, a Muslim Anti-Christian President,Attacks on prayer in schools, Homosexuality being taught in schools,removal of the ten commandments from public property and the ACLU attacks on the cross.


10 posted on 09/30/2012 11:54:31 AM PDT by Venturer
[ Post Reply | Private Reply | To 1 | View Replies]

To: bananaman22
By the time PVM had realised the transactions had not been authorised by a client, they had incurred losses of $9,763,252.

how... did they not sell it for a higher price??? i doubt it

11 posted on 09/30/2012 12:05:53 PM PDT by Chode (American Hedonist - *DTOM* -ww- NO Pity for the LAZY)
[ Post Reply | Private Reply | To 1 | View Replies]

To: randog

So true.


12 posted on 09/30/2012 12:07:53 PM PDT by tennmountainman
[ Post Reply | Private Reply | To 8 | View Replies]

To: Chode

If the purchases he made drove oil to a record, when they sold it by definition they sold it for less than they paid.

The odd think about this story is that the company apparently has such loose controls that an employee without authorization has access to $.5B in company money.


13 posted on 09/30/2012 12:14:37 PM PDT by Sherman Logan (Perception wins all the battles. Reality wins all the wars.)
[ Post Reply | Private Reply | To 11 | View Replies]

To: Sherman Logan
i guess i'd like to see the price they sold it for... and if they did lose money, it prolly went on the books as a loss and a write off on their taxes, yes?

somehow i doubt they actually lost money just some profit

14 posted on 09/30/2012 12:21:41 PM PDT by Chode (American Hedonist - *DTOM* -ww- NO Pity for the LAZY)
[ Post Reply | Private Reply | To 13 | View Replies]

To: Chode

Oil was around 35.00 barrel when Obama became President. Can anyone imagine oil going to 35.00 again.


15 posted on 09/30/2012 12:44:17 PM PDT by Orange1998
[ Post Reply | Private Reply | To 11 | View Replies]

To: Chode

That’s an interesting distinction.

Profit isn’t money?


16 posted on 09/30/2012 12:56:24 PM PDT by Sherman Logan (Perception wins all the battles. Reality wins all the wars.)
[ Post Reply | Private Reply | To 14 | View Replies]

To: Sherman Logan
not making money isn't the same thing as losing money you already made...
17 posted on 09/30/2012 1:09:17 PM PDT by Chode (American Hedonist - *DTOM* -ww- NO Pity for the LAZY)
[ Post Reply | Private Reply | To 16 | View Replies]

To: bananaman22

It was little green men from Mars—not big manufacturing bases and hundreds of millions of new drivers in third-world countries.


18 posted on 09/30/2012 1:30:15 PM PDT by familyop ("Wanna cigarette? You're never too young to start." --Deacon, "Waterworld")
[ Post Reply | Private Reply | To 1 | View Replies]

To: AdmSmith; AnonymousConservative; Berosus; bigheadfred; Bockscar; ColdOne; Convert from ECUSA; ...

And the muzzie riots were caused by a short YouTube video. :’) Thanks bananaman22.


19 posted on 09/30/2012 4:59:18 PM PDT by SunkenCiv (https://secure.freerepublic.com/donate/)
[ Post Reply | Private Reply | View Replies]

To: Orange1998
“Oil was around 35.00 barrel when Obama became President. Can anyone imagine oil going to 35.00 again.”

Your post made me curious; as it seemed like good info to spread around; but you are way off:

http://data.cnbc.com/quotes/CLX2/tab/2

20 posted on 09/30/2012 5:05:16 PM PDT by HereInTheHeartland (Encourage all of your Democrat friends to get out and vote on November 7th, the stakes are high.)
[ Post Reply | Private Reply | To 15 | View Replies]

To: HereInTheHeartland

According to crudeprimerate.com the oil price on Jan. 30, 2009 was $41.68.


21 posted on 09/30/2012 6:51:58 PM PDT by mia
[ Post Reply | Private Reply | To 20 | View Replies]

To: HereInTheHeartland
At least someone is paying attention. I meant to say Bush. Sorry.

“Oil was around 35.00 barrel when Obama Bush became President. Can anyone imagine oil going to 35.00 again.”

22 posted on 09/30/2012 9:04:49 PM PDT by Orange1998
[ Post Reply | Private Reply | To 20 | View Replies]

To: mia

23 posted on 09/30/2012 9:06:55 PM PDT by Orange1998
[ Post Reply | Private Reply | To 21 | View Replies]

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
General/Chat
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson