Broker bought 7 million barrels of oil on drunken binge

Posted on June 30, 2010 by stacyherbert| 74 Comments

Stacy Summary:  Of course, the broker was in London.  Story sounds as suspicious as the Russian ‘spies’ story.

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74 Responses to Broker bought 7 million barrels of oil on drunken binge

  2. Marc Authier | June 30, 2010 at 10:48 am |

    Nothing new under the sun. A british terrorist from Londonium Parasitum.
    Does the broker also do business with BP Ceo ? In real life James Bond is a terrorist stealing the gold from Russia.

  3. Dedo | June 30, 2010 at 11:45 am |

    RE: Drunk trader,..
    Good entertainment,….but that’s about it!

    Bloke at a bar: psst,.did you hear about that drunk trader,..
    unfortunate victim:..nah,..tell me more (sliding his stool away from bar)

  4. DavidC | June 30, 2010 at 11:48 am |

    “The investigation also shows that he was able to trade huge volumes with very little cash up front and no position limit, exposing how it easy it was for a single British broker on a bender to cause chaos in the oil market. ”

    I have to say that it’s a bit of oversight on PVM’s part, to have their brokers be in a position to be able to do that.

    DavidC

  5. Sam53 | June 30, 2010 at 11:48 am |

    Good morning! or Good Day! as the case may be. Here’s an interesting article on the history of BP, formerly know as the Anglo-Persian Oil Company, then British Petroleum, BP Amoco and finally BP. They were the company behind the overthrow of the democratically elected government of Iran in the 1953 CIA coup.

    BP in the Gulf – The Persian Gulf:

    http://www.atimes.com/atimes/Middle_East/LG01Ak02.html

  6. Ptah | June 30, 2010 at 11:59 am |

    half-cut for confidence…

  7. Dedo | June 30, 2010 at 12:05 pm |

    BTW: That wasn’t a joke,.it was a typical scenario,. regurgitated media think!

  8. Marc Authier | June 30, 2010 at 12:05 pm |

    King Abdallah from Saudi Arabia
    “Israeal and Iran don’t desserve existing.”

    As I recall Ben Laden comes from Saudi Arabia and is paid by the CIA.
    USA has real good and sympathetic friends. USA foreign policy is runned by godamn assholes. The truth.

  10. Marc Authier | June 30, 2010 at 12:06 pm |

    http://blog.lefigaro.fr/malbrunot/2010/06/la-violente-charge-du-roi-abda.html

    Here is the link about King Abdallah of Saudi Arabia. Real reassuring to know that that asshole one of USA’s best friend.

  11. Mini US | June 30, 2010 at 12:07 pm |

    Sounds like a good buy to me.

    They say alcohol makes you more honest.

    Oils going up and he just wanted to get in early.

  12. stacyherbert | June 30, 2010 at 12:08 pm |

    @Dedo – if you have ever met a broker, you will know that drunk traders and brokers is far more common than just this occasional story that is reported in the press

  13. Mother Earth | June 30, 2010 at 12:08 pm |

    Buying 10% of the global demand per day sounds a lot, but of course the oil that is actually consumed must be bought in advance. Apparently the daily available amount of oil is much less, which makes reliance on oil wells and strategic influences that more pronounced..

    With this much fake credit floating around I’d say it would be wise to simply block speculation in strategic resources, especially now that wars are financial.

  15. Youri Carma | June 30, 2010 at 12:12 pm |

    @stacyherbert

    Yeah who was that told that story? Max? Of two Wall Street peeps going off for a weekend to the coast or somtin. When one of the dudes got sober he, to his surprise, discovered he had bought a Villa or somtin.

  16. Mini US | June 30, 2010 at 12:12 pm |

    “Perkins has been banned because he is not a fit and proper person to be involved in regulated activities and his behaviour posed a risk to the proper functioning of the market.”

    “..fit and proper person..”

    Hahahahahhahahahahahaha

    http://news.bbc.co.uk/2/hi/business/10454311.stm

  17. Youri Carma | June 30, 2010 at 12:17 pm |

    Should have said RECAP: 03 July 2009 – Rogue trader could have cost PVM Oil $650m (£400m)

  18. stacyherbert | June 30, 2010 at 12:21 pm |

    @Youri – yeah that, but we know dozens of brokers and ex brokers, they all have similar stories

  19. Mini US | June 30, 2010 at 12:22 pm |

    Maybe drinking alcohol makes your fingers get fat :0)

  20. MirrorMirror | June 30, 2010 at 12:24 pm |

    Dr. B – Liquidity and European Central Bank

    On June 30th a large liquidity injection of more than 400 billion Euros is maturing and raised the concerns of investors. Ramifications might be further down the road

    http://www.youtube.com/watch?v=NsYqtA2vIjY

  22. Youri Carma | June 30, 2010 at 12:32 pm |

    Foreclosed Homes in U.S. Sell at 27% Discount as Supply Grows http://noir.bloomberg.com/apps/news?pid=20601087&sid=aylGO8UNvGrA

  23. Bonn | June 30, 2010 at 12:39 pm |

    Why all ta commotion over a drunk trader ????
    Freakin most US presidents are always high on some substance most of the Time
    Secret Service, U.S. intel say Bush uses cocaine, Prozac, alcohol
    http://www.tomflocco.com/fs/SecretServIntelSay.htm

    So wheres ta roaring fire here ???
    ROFL
    Hic ;-)
    PS I was feelin lazy to get more legit links Even Kennedy was on some substance

  24. Youri Carma | June 30, 2010 at 12:43 pm |

    @Marc Authier

    No, it’s not! Donnow if you have listened to AJS yesterday?

    Alex had an interview with the member of the Icelandic Parliament Birgitta Jonsdottir who has close contact. Can catch the rebroadcast loop here: http://www.infowars.com/

    There gonna be some more stunning revelations on Wiki – Soon.

  25. Bonn | June 30, 2010 at 12:45 pm |

    Maybe tas ta reason US actually goes to Wars
    The freakin Presidents are hammered half of ta time

    So tat would mean Kenndy was a nice when Blown
    But Bush turned out to be a drunken Brawller
    lololololol
    ROFL
    Hic ;-)

  26. Mother Earth | June 30, 2010 at 12:46 pm |

    The dutch cafe/restaurant magnate comitted suicide..But not after loaning himself 100mln just last week to get himself out of trouble. I guess we can expect the bank congames to multiply by a million in the private sector..

    Another dutch conartist (Andre K.) managed to get a hold of Saab by pretending to be able to provide credit in return for shares as colateral. Only he didn’t have a red cent.

    I think we are losing the game because we are not playing…

  27. olgak | June 30, 2010 at 12:48 pm |

    Hi Stacey
    I notice your quote from Business Insider and their quote of Russian Finance Minister: Oil prices will fall to $60 in three years

    Just to let you know that Russian Finance Minister Mr. Kudrin is a total puppet of international banking cartel.
    He was a depute Finance Minister during 1998 Russian sovereign default.
    If anything done right in Russian economy and financing is against him. He is forced by Putin to do a few things right.
    When he talks of low oil prices which is important for Russia he is really saying to Putin and Medvedev that Russia will soon have very small income from oil and thus needs to borrow from foreign banks to enslave Russia like Greece and eventually give up natural resources.
    Putin does seem to understand it and stop him from borrowing a lot. He recently allowed borrowing $5 billion by selling bonds but Kudrin wants to borrow 1.5 trillion rubles (about $50 billion)
    Unfortunately Putin follows Kudrin’s advice a lot.
    So we will have to see if Kudrin will manage to persuade Putin and Medvedev to borrow more.

    Olga
    Moscow, Russia

  28. Marc Authier | June 30, 2010 at 12:49 pm |

    So. What will be the spectacular scoop ? Kim Ill Jung is a partner with the Pentagon ? Ben Laden has received a pay increase from the CIA ? Mossad planning to nuke Teheran ? Goldman Sachs moving to Dubai ? It better be good ? :) Don’t forget. Now that Obama has the internet kill switch law voted, he will try killing Wikileaks and yes eventually, killing the journalists too. USA is not really a democracy. It’s a dictatorship imitating a democracy. The hunting down of people is for later.

  30. dan valley | June 30, 2010 at 12:58 pm |

    Supreme Court nominee Elena Kagan: Israel means a lot to me

    http://www.haaretz.com/jewish-world/u-s-supreme-court-nomine…

  32. Bonn | June 30, 2010 at 1:01 pm |

    Man tis needs annotter posting
    http://www.tomflocco.com/fs/SecretServIntelSay.htm
    Stew Webb, a long-time federal whistleblower http://www.stewwebb.com who told us his infant daughter Amanda was taken from him by Bush crime family associates—a daughter he has not seen for over 21 years—said “Federal agents told me George Herbert Walker Bush has been taking about 150 mg of prozac per day since the early 1980’s and is known among the intelligence community as ‘Poppy’ Bush due to his past heroin ‘poppy-seed’ addiction and serious dependency on alcohol,” while his family uses “Poppy” as a moniker to refer to their grandfather.

    This week’s November 21, 2005 issue of the National Enquirer quotes the elder Bush’s personal chef Ariel De Guzman as saying Bush 43 “never leaves home without his own hefty supply of spirits,” and is protected “from poisoning by secret enemies,” since we take “cases of vodka around the world with us,” according to his new Bush Family Cookbook (Scribner).

    So worried about being poisoned by his enemies, George Bush Sr. reportedly has a personal poison patrol, according to De Guzman’s Enquirer story: “our guys watch the food preparation, pick up his plate and serve it to the President without anyone else touching it,” reminiscent of Greek and Roman emperors who had personal “tasters.”

    Webb told us that one of his friends, FBI operative Darlene Novinger, personally witnessed the elder Bush receiving delivery of an ounce of cocaine at the Vice President’s residence from a member of the Smatt Brothers Jamaican drug cartel.

    Unfortunately, Novinger died a few years ago, having been murdered by anthrax poisoning after seeing her father, mother and husband murdered before her own death as a result of explosive reports she filed regarding Bush 41 ties to narcotics trafficking.

    Government retaliation against Novinger was so intense, that her home in Harrisburg, Pennsylvania had to be torn down by the State Environmental Protection Agency, caused by massive contamination with deadly micro plasma agents strong enough to kill others in her community—and one neighbor did die mysteriously without the victim family knowing it could have brought a criminal or civil suit against the government for damages directly linked to Novinger’s death.
    Freakin Lunatics
    Hic ;-)

  33. dan valley | June 30, 2010 at 1:02 pm |

    This is what we need… Competing Currencies

    http://www.youtube.com/watch?v=dBaQgZ5PfAg

  35. Dedo | June 30, 2010 at 1:05 pm |

    @DanV,…..Love the gold plated knuckle dusters,……you mean business then? : )

  36. Youri Carma | June 30, 2010 at 1:12 pm |

    The Dutch investment fund assets in 2009 almost doubled to EUR 400 billion because some big pension funds invested EUR 174 billion – in special for this purpose created investment funds – before pension funds handled this money themselves, says the DNB (The Duch Central Bank) in a publication today (google trans from Dutch) http://tinyurl.com/2coavef

  37. Bonn | June 30, 2010 at 1:20 pm |

    http://www.rumormillnews.com/cgi-bin/archive.cgi?read=32261AMERICA'S POLITICAL PRISONERS

    Posted By: Rixon
    Date: Sunday, 18-May-2003 05:20:37 A Partial List voxfux.com
    Whistle blowers gettin it bad
    ->Richard Taus (former FBI) – Federal and then cooperating state officials in New York filed false charges against Taus and he was sentenced to 80 years in prison
    ->Ronald Rewald. Rewald was the head of a large and secret CIA operation
    Rewald was then sentenced to 81 years for allegedly making off with large sums of money
    ->Stephen Crittenden Justice Department went after him, using the standard false charge routine, and sentencing him to federal prison.

    tears more just follow ta link
    Hic ;-)

  38. Bonn | June 30, 2010 at 1:22 pm |

    @ Max & Stacy
    Looks like we will never get Justice in USA unless the 50 year old Hijacked Justice Dept is Freed from ta clutches of the Banks & Drug Lords

  39. Youri Carma | June 30, 2010 at 1:23 pm |

    3-month Euribor at highest level in 2010: 0.76%

    The Euribor, the European interbank rate, since the end of March doing a quiet but very steady increase. The three-month rate has now increased from 0.634% to 0.767% today.

    See Graph: http://data.rtl.nl/_internal/cimg!0/18h9cyqbv2hqu74hc602h05o5p20j4c.jpeg

    3 month

    The 3-month rates are also far from the highest point in recent times. At the height of the (first) credit crisis in October 2008 was the three-month at 5.40%. If banks no longer trust each other, even expect that the money might not come back, then they demand more interest from each other. That seems to explain the steady rise.

    1 month

    The one-month Euribor, the basis of many variable mortgages, including the ING, since the lowest level ever (0.397% on March 31 this year), increased to 0.485% today. As banks put away money together for one month now and thank them basic stringing to 0.485% interest per annum. They put the money away at the ECB they get 0.25% annual interest.

    Source: RTL.nl

    WJS: Three-Month Euribor Leaps Ahead Of ECB LTRO Expiry http://online.wsj.com/article/BT-CO-20100630-703256.html

  40. Dedo | June 30, 2010 at 1:23 pm |

    I was searching for snakes,.bankers,.lizards,.crocodiles,.etc, and I came across this clip !
    Quite handy to know, if ever you are confronted with one of the above,..: )

    http://www.youtube.com/watch?v=iHBXSkil8Tw&feature=channel

  42. Fiatmentalist | June 30, 2010 at 1:27 pm |

    Searched for the word cocaine, couldnt find it whoooooooooot?

  43. dan valley | June 30, 2010 at 1:30 pm |

    Dedo..those be genuine Han Cholo Knuckles….who says gold is useless.

  44. Mike/Liverpool | June 30, 2010 at 1:34 pm |

    Gold getting KILLED!
    Mike

  45. dan valley | June 30, 2010 at 1:34 pm |

    Amt Italy spent last yr to bail out its Parmigiano Reggiano & Grana Padano cheese industries: $65,000,000 http://harpers.org/x/2009/3/19

  46. dan valley | June 30, 2010 at 1:38 pm |

    How much longer before the world cup is over and the JP Morgan (prediction) of 600 gold comes to pass?

  47. dan valley | June 30, 2010 at 1:42 pm |

    Jim Cramer sayz…”.Love this–people accusing me of being on Obama propaganda team–ha! yeah, that’s me alright.”

    There are no words……….

  49. MirrorMirror | June 30, 2010 at 2:07 pm |

    Michael Lewis ( The Big Short ) : “Wall St. Can’t Control Itself”

    http://www.youtube.com/watch?v=4lKPmUkeJ7A

  50. Youri Carma | June 30, 2010 at 2:14 pm |

    Solvency II Betting Rules boost demand for reinsurance coverage in Europe makes Zurich Hot again even from Bermuda http://noir.bloomberg.com/apps/news?pid=20601087&sid=aj5j_W6dXJIY&pos=7

  51. Bammma | June 30, 2010 at 2:18 pm |

    What a maroon I believe it just a click of a mouse Lets pray nobody ever hits the nuke button on drunken binge

  52. Bonn | June 30, 2010 at 2:19 pm |

    @ Danny
    I had’nt heard of Jackie MAason before
    Tanks mate gonna go through all his acts now
    Hic ;-)

  53. zaphodity | June 30, 2010 at 2:25 pm |

    Really love to sit here and debate if the sun will rise tomorrow with you all but I got better things to do. Entertaining show as always Max and Stace

  54. Bonn | June 30, 2010 at 2:25 pm |

    @ Danny tis one is good too
    The recession is ‘over’ again
    http://www.youtube.com/watch?v=niJOYGhEjwk&feature=channel
    lololol
    ROFL
    Hic ;-)

  55. MirrorMirror | June 30, 2010 at 2:26 pm |

    Per Email :


    Dear Liberty Activist,
    The FEC has launched a pair of investigations on Campaign for Liberty.
    Both are meritless, but could seriously disrupt our growing program.
    Please read Campaign for Liberty President John Tate’s letter below and stand with us.
    This is exactly the type of government action to quell liberty that I have spent my life opposing.
    Sincerely,

    Congressman Ron Paul

    http://www.chooseliberty.org/fecattacks1.aspx?pid=fc8

  56. Frans | June 30, 2010 at 2:42 pm |

    Very funny story, thanks for the link!!

  57. Frans | June 30, 2010 at 2:44 pm |

    Silver getting KILLED!! And that after I dreamt last night that it rised an 9.09% Honestly: I saw in green letter on the screen!

  58. frances snoot | June 30, 2010 at 2:48 pm |

    Do those competing currencies act within the context of global trade?

  59. frances snoot | June 30, 2010 at 2:52 pm |

    Ron Paul wants us to be eunuchs in a global context. Isn’t that the new goal of the patriots?

    It won’t mean less American aggression, unfortunately, seeing as American aggression is supported by Europe, needed by Europe, and enabled by Europe.

  60. frances snoot | June 30, 2010 at 2:55 pm |

    Doubt that? I wouldn’t:

    (they need to change the name to Intra-American Development Bank)

    http://www.iadb.org/news-releases/2010-06/english/idbs-multilateral-investment-fund-backs-emergency-liquidity-program-for-haitian-7350.html

  61. tom | June 30, 2010 at 2:58 pm |

    Add that to our list of excuses:

    I had the wrong theory – El Maestro

    It’ s not my department (pioneered by Ken Lay, increasingly popular)

    I was out to lunch – Warren Buffet

    We were on drugs – Peewee Herman Von Romper Room.

    I was on a bender – middle level City oil broker (at least his bosses are smart enough to hide behind him)

    This is a “meritocracy”?

  62. frances snoot | June 30, 2010 at 3:00 pm |

    http://www.ndf.fi/portfolio-latin-america-and-the-caribbean.shtml

    (note the availability of sdr to those development banks grounded in World Bank soil)

  65. Dedo | June 30, 2010 at 3:14 pm |

    Hi Frances,……sleep in did we? : )
    Don’t let it happen again !

    I like my afternoon coffee with a slice of Frances, around mid’ afternoon.

  66. Bonn | June 30, 2010 at 3:28 pm |

    Anotter brilliant Jackie Mason on Ronald Reagan
    Jackie Mason Classic Presidential Comedy
    http://www.youtube.com/watch?v=ju9AIZHKNJQ&feature=channel
    Lol
    Hic ;-)

  67. frances snoot | June 30, 2010 at 3:28 pm |

    Hello, Dedo. I thought I’d listen a bit. Never hurts to be silent.

    But I wonder at this clown act:

    http://www.campaignforliberty.com/blog.php?view=12076

    Here the Voice of the World Bank comes against Honest Money.

    (hahahaha)

    Paul basically says that our dollar-exchange standard is over. And Volcker, who must be profiting from those sdr-funded third world project insists that no one says it’s coming.

    And Paul says the sdr must not be ‘revived’.

    Revived? The index of apartheid liquidity never died since its inception. Indeed, UNCTAD and the UN have both shimmied up to the plate to forward that multilateral system of exchange which Volcker lies about.

    And that idea of sovereignty within the context of global trade of Paul’s is ill-served by his innocent schoolboy manner. Paul is quite the actor.

    What shmucks.

  68. Dedo | June 30, 2010 at 3:46 pm |

    @Frances,….An excellent example of the dialectic in action, me thinks !
    As you’re quite aware (and have so stated),..it’s always an advantage, to step aside, and really listen and watch all perspectives that are thrown into the mix,…and see what pops out the oven : )

  69. frances snoot | June 30, 2010 at 3:51 pm |

    Dedo:
    The dialectic involves a thesis and an antithesis, correct? Synthesis is found as the third way.

    Those two neither implied synthesis nor outlined a thesis. It was more like a waltz with Volcker stepping on Paul’s little satin-covered shoooe. Volcker insisted that the big boys (his buddies) hadn’t talked about any need to deny speculators an hit from the crack pipe.

  70. frances snoot | June 30, 2010 at 3:53 pm |

    Where’s gold-knuckled DanV? Haven’t I pillaged his hero?

    What kind of effeminate hero is that Paul?

    But that’s okay. George Washington is steering the raft. Paul is only selling tickets.

  72. Dedo | June 30, 2010 at 4:01 pm |

    @Frances: Ron Paul and his cronies are the thesis,..the new order coming in,..the antithesis,..(bringing into consciousness),..the synthesis will emerge from these,….everyone will unconsciously be influenced into the coming,..new,new order!
    The more we discuss these topics ,..the more supplanted, become these “intentional” thought processes
    Can ya see what it is yet!
    http://www.youtube.com/watch?v=1KVMKVzp9Ok&feature=related

  73. frances snoot | June 30, 2010 at 4:13 pm |

    Reminds me of the art on desks at the high school were I had a brief hiatus, Dedo. Juvenile and clever.

    What energy is wasted!

    Ron Paul is the wafer being offered as host by the press.

  74. frances snoot | June 30, 2010 at 4:14 pm |

    Gold, seashells, dog vomit–whatever.