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Thursday, October 4, 2012

Man in a "drunken blackout" bought 69 percent of the global market in oil futures

In 2009: "Between the hours of 1:22 a.m. and 3:41 a.m., [Steve Perkins] gradually bought 69 percent of the global market [7 million barrels of crude oil], while driving prices up from $71.40 to $73.05, by bidding higher each time. At 6:30 a.m., presumably sobering up and realizing what he’d done, he sent a message to his managing director claiming an unwell relative meant he would not be able to make it into work."
'Drunken' Broker Sent Oil to 8-Month High in 2009

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