Friday, September 28, 2012

Broker Blacks Out And Buys $520M of Oil Futures


Steve Perkins, a broker in London got drunk and bought $520 Million worth of oil futures. His trading binge caused oil prices to rise $1.50, and he bought 69% of the global market. He unsurprisingly had his trading license revoked. If he stays sober, he will get his license back in 5 years. The Financial Services Authority told CNBC “Mr Perkins poses an extreme risk to the market when drunk.”

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