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
bs
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.
You are right — it is Unbelievable — and I don’t believe it.
Speculators don’t affect the market.....yeah, riiiight.
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?
And apparently one amateur film maker set the middle east ablaze...or so they say.
I’m throwing the BS flag, too, since it’s football season.
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.
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
So true.
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.
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
Oil was around 35.00 barrel when Obama became President. Can anyone imagine oil going to 35.00 again.
That’s an interesting distinction.
Profit isn’t money?
not making money isn't the same thing as losing money you already made...
It was little green men from Mars—not big manufacturing bases and hundreds of millions of new drivers in third-world countries.
And the muzzie riots were caused by a short YouTube video. :’) Thanks bananaman22.
Your post made me curious; as it seemed like good info to spread around; but you are way off:
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