Global market warning: Drunken broker Like pushed oil price to 8 month high overni

**claud3** · 09-28-2012

A drunken broker could shake up the global oil market as much as any major political incident. A report claims Steve Perkins pushed oil prices $1.50 higher.

The senior broker at PVM Oil Futures spent $520 million of his client’s cash on oil futures contracts throughout the night during a “drunken blackout". The US Financial Services Authority found out about while investigating a mysterious oil price spike on June 30, 2009.

During two hours in the middle of the night the drunken broker Steve Perkins purchased 7 million barrels of crude or 69%of the global market, bringing prices up to $73.05 from $71.40, by bidding higher each time, CNBC reported.

The next morning an admin clerk called Perkins to ask why he had bought so much crude during the night, but Perkins couldn’t recollect buying 7 million barrels. Later after he apparently sobered up, and terrified with what he had done, the broker sent a message to his boss claiming he had to stay at home to care of a sick relative.

By the time PVM realized the transactions had not been authorized by a client investment company, they had suffered losses of $9,763,252 and sparked an official investigation. Perkins confessed having drinking problems, saw his trading license revoked and was fined $116,878.

But regulators took pity on the unfortunate Perkins, promising to re-approve his license in five years, if he stays sober, although they warned that, “Mr Perkins poses an extreme risk to the market when drunk.”

Link: http://rt.com/business/news/drunken-...-oil-hike-212/

This was to funny to pass up, even for me

They need more guys like this in the stock market. Or at least pushing the buttons