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dkf

(37,305 posts)
Sat Sep 29, 2012, 10:25 AM Sep 2012

Broker Sent Oil Prices to Eight Month High in a Drunken Stupor

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.”



Between the hours of 1.22am and 3.41am, Mr Perkins gradually bought 69 percent of the global market, whilst driving prices up from $71.40 to $73.05, by bidding higher each time.


http://www.zerohedge.com/news/2012-09-28/friday-humor-dont-drink-and-trade

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Broker Sent Oil Prices to Eight Month High in a Drunken Stupor (Original Post) dkf Sep 2012 OP
There is something seriously wrong if a single person can have such a catastrophic effect in markets BoWanZi Sep 2012 #1
Fucking A. lonestarnot Sep 2012 #2

BoWanZi

(558 posts)
1. There is something seriously wrong if a single person can have such a catastrophic effect in markets
Sat Sep 29, 2012, 10:29 AM
Sep 2012

I mean seriously, if this story is remotely true, something is really wrong. A single person shouldn't be able to have that kind of power. I still think that the oil prices going up so high were a serious factor in (re)crashing the economy.

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