Is anyone's belief system shattered? On June 30, 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 according to cnbc.
The amazing, true cause of this price spike has now been
released by a Financial Services Authority investigation (FSA). Although not
authorized 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, the FSA said.
On the morning of the 30th, an admin clerk called Perkins to
ask why he had bought 7 million barrels of crude during the night. Perkins had
no recollection of the transactions, and it turned out that he had made the
trades during a “drunken blackout," according to the FSA. By the time PVM realized the transactions had
not been authorized by a client, they had incurred losses of $9,763,252….
Read all about it at http://www.cnbc.com/id/49197769
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