Wednesday, June 30, 2010
The next time someone tells you
That speculation isn't driving the price of oil up when there is no other reason for the price to rise, just remind them of this tale of British stiff upper something.
Britain's financial regulator has fined and banned a former broker for manipulating oil prices by buying more than 7 million barrels while on a drinking binge.The lad was totally pissed and buying like a drunken sailor or a hedge fund manager.
The FSA said Perkins bought huge volumes of Brent crude oil in the early hours of the morning on June 30, 2009 after drinking heavily for several days and then lied repeatedly to his employer to cover up his actions.
Perkins' unauthorized trading pushed the price of Brent crude oil futures up to almost $73.50 a barrel -- at that point the highest level prices had hit on the InterContinental Exchange in 2009.
In the days leading up to the trades, Perkins had been drinking heavily at a company golf weekend and had carried on drinking on the Monday afternoon, the FSA said.
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