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Questions grow over oil spike brokerage

FT.Com -- The boss of Steve Perkins, the broker at the heart of a rogue trading scandal that rocked oil markets this week, issued a bullish report suggesting prices could go higher only hours after Mr Perkins made the unauthorised trades that caused prices to spike.
The disclosure raises further questions about internal controls at PVM Oil Associates, the world’s largest oil brokerage. The London-based firm, which revealed on Thursday it had lost $10m (€7.1m, £6.1m) as a result of trades by Mr Perkins, one of its senior brokers, said the trading report was sent to clients at 08.44 in London on Tuesday, and it did not discover the rogue trading until 10.10 that morning.

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Submitted Jul 04, 2009 By: clement007

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jimshell Champion Author Pennsylvania Posts:1,045 Points:252,280 Joined:Sep 2004	Message Posted: Jul 5, 2009 8:54:53 AM Ignore jimshell Report Abuse PVN should be fined another 10 million.
hauler43 Champion Author Oakland Posts:3,544 Points:1,575,990 Joined:Sep 2003	Message Posted: Jul 5, 2009 8:53:52 AM Ignore hauler43 Report Abuse Mr.Perkins did a no no. Some folks will take advantage of the power given to them and use it too no good.
rtw777 Champion Author Florida Posts:2,937 Points:577,250 Joined:Jan 2008	Message Posted: Jul 5, 2009 8:50:58 AM Ignore rtw777 Report Abuse A bunch of crap.
w4kh Champion Author Riverside Posts:5,416 Points:989,570 Joined:May 2004	Message Posted: Jul 5, 2009 8:50:49 AM Ignore w4kh Report Abuse Manipulating the futures prices of crude oil has virtually no impact on pump prices for gasoline and diesel...
GassyKat Champion Author Wisconsin Posts:7,066 Points:1,403,945 Joined:Sep 2005	Message Posted: Jul 5, 2009 8:48:03 AM Ignore GassyKat Report Abuse How many companies have an extradition agreement with the UK? If he does bad things to the global oil price, send him around the globe to "discuss it." First place, Singapore.
jjw0608 Champion Author Milwaukee Posts:2,216 Points:770,065 Joined:Nov 2005	Message Posted: Jul 5, 2009 8:45:35 AM Ignore jjw0608 Report Abuse I need a boss like that.
rvn4me All-Star Author Texas Posts:564 Points:270,225 Joined:Jan 2009	Message Posted: Jul 5, 2009 8:45:32 AM Ignore rvn4me Report Abuse Sounds like they are playing with fire.
MightyDude Champion Author Minnesota Posts:3,869 Points:1,387,170 Joined:Mar 2003	Message Posted: Jul 5, 2009 8:37:38 AM Ignore MightyDude Report Abuse open season...
RoadhogMA All-Star Author Boston Posts:758 Points:215,190 Joined:Dec 2008	Message Posted: Jul 5, 2009 8:36:28 AM Ignore RoadhogMA Report Abuse Cant believe them
VetteBlue Champion Author San Jose Posts:4,359 Points:902,245 Joined:Jan 2007	Message Posted: Jul 5, 2009 8:36:04 AM Ignore VetteBlue Report Abuse Good that the speculators get burned once in a while. They have done it to us enough.
yukonjack Champion Author Georgia Posts:3,302 Points:936,155 Joined:Oct 2004	Message Posted: Jul 5, 2009 8:36:03 AM Ignore yukonjack Report Abuse One person did all this? Just think what would happen if two persons were acting in concert. And people say speculators don't affect oil prices.
mysub Champion Author Las Vegas Posts:2,855 Points:1,078,065 Joined:Apr 2006	Message Posted: Jul 5, 2009 8:35:15 AM Ignore mysub Report Abuse I have to agree with repeater1
arnerator Champion Author Seattle Posts:1,784 Points:370,260 Joined:Sep 2008	Message Posted: Jul 5, 2009 8:34:42 AM Ignore arnerator Report Abuse Rip off artists
kjuzenas Veteran Author Nebraska Posts:278 Points:72,470 Joined:Jul 2008	Message Posted: Jul 5, 2009 8:33:11 AM Ignore kjuzenas Report Abuse Gosh, I'm glad our markets aren't driven by greed...
Badmoon Champion Author Massachusetts Posts:1,894 Points:389,090 Joined:Oct 2008	Message Posted: Jul 5, 2009 8:32:30 AM Ignore Badmoon Report Abuse Looking for a quick score.
GasholeMI Champion Author Lansing Posts:3,814 Points:473,940 Joined:Jul 2008	Message Posted: Jul 5, 2009 8:29:29 AM Ignore GasholeMI Report Abuse Maybe we should have Mooneys look into this. They are the people who rated the CDO's at AAA and in tandem with Fannie Mae started the real estate tumble. No one has even suggested that they be investigated.
ljmatney Champion Author Wichita Posts:2,907 Points:416,390 Joined:Jul 2008	Message Posted: Jul 5, 2009 8:28:26 AM Ignore ljmatney Report Abuse There are spoilers in every industry. We have to be vigilant and keep trying to flush them out.
bikechuck Champion Author Indianapolis Posts:1,265 Points:820,870 Joined:Apr 2006	Message Posted: Jul 5, 2009 8:27:25 AM Ignore bikechuck Report Abuse I detest the money manipulators who are after prifits and not producing anything worthwhile. Their has to be a way to control this form of 'robbery', it costs everyone.
hybridaholic Champion Author Wisconsin Posts:1,873 Points:309,680 Joined:Dec 2008	Message Posted: Jul 5, 2009 8:26:32 AM Ignore hybridaholic Report Abuse Now you know why we are paying so much for the oil and the end product, gas
repeater1 Champion Author Kansas Posts:2,008 Points:1,116,675 Joined:Oct 2005	Message Posted: Jul 5, 2009 8:25:45 AM Ignore repeater1 Report Abuse The speculators will do anything they can to drive the price up. Lying and cheating is just at the top of the list.
Ringmaster2008 Champion Author Ontario Posts:1,527 Points:296,285 Joined:Apr 2008	Message Posted: Jul 5, 2009 8:23:41 AM Ignore Ringmaster2008 Report Abuse I agree with BBHybrid
ghmortensen Veteran Author Minnesota Posts:392 Points:623,745 Joined:Jan 2007	Message Posted: Jul 5, 2009 8:20:58 AM Ignore ghmortensen Report Abuse Are there no controls on thia type of trading?
6642337 Champion Author Illinois Posts:16,637 Points:654,250 Joined:Jun 2006	Message Posted: Jul 5, 2009 8:20:58 AM Ignore 6642337 Report Abuse Sounds like greed kicking in again
BBHybrid Champion Author Pittsburgh Posts:2,089 Points:417,000 Joined:Aug 2008	Message Posted: Jul 5, 2009 8:20:38 AM Ignore BBHybrid Report Abuse down with the traders. trying to inflate prices for profits for the rich
Rick01 Champion Author Utah Posts:2,559 Points:1,132,335 Joined:Sep 2005	Message Posted: Jul 5, 2009 8:20:27 AM Ignore Rick01 Report Abuse How can add to what has been said??!! Something has got to change.
fltdoc Champion Author Oklahoma Posts:2,121 Points:348,440 Joined:Oct 2008	Message Posted: Jul 5, 2009 8:19:40 AM Ignore fltdoc Report Abuse Sounds like a bunch of traders attempting to manipulate prices to their advantage.
ladyjj Champion Author Tennessee Posts:14,875 Points:427,710 Joined:Apr 2008	Message Posted: Jul 5, 2009 8:18:43 AM Ignore ladyjj Report Abuse They need to be rounded up and taken to a leper colony!
Terrapinone Champion Author Baltimore Posts:2,121 Points:880,790 Joined:May 2004	Message Posted: Jul 5, 2009 8:16:46 AM Ignore Terrapinone Report Abuse They're all a bunch of thieves in my mind.
Mooseman1 Champion Author Manitoba Posts:4,018 Points:659,010 Joined:Jul 2007	Message Posted: Jul 5, 2009 8:13:35 AM Ignore Mooseman1 Report Abuse I don't trust any of them anymore.
kruk Champion Author London Posts:1,889 Points:212,425 Joined:Jan 2007	Message Posted: Jul 5, 2009 8:13:06 AM Ignore kruk Report Abuse Wall Street is full of speculators
Lukus Champion Author Halifax Posts:2,057 Points:425,025 Joined:Nov 2007	Message Posted: Jul 5, 2009 8:12:57 AM Ignore Lukus Report Abuse Time to go back to some hard labour prisons.
car253 All-Star Author Ohio Posts:956 Points:299,690 Joined:Oct 2008	Message Posted: Jul 5, 2009 8:12:51 AM Ignore car253 Report Abuse He should be prosecuted.
reb4 Champion Author Chicago Posts:5,094 Points:559,200 Joined:Sep 2004	Message Posted: Jul 5, 2009 8:12:46 AM Ignore reb4 Report Abuse He knew... they all know what they are doing... They aren't stupid, just us consumers and our law makers who allow the stealing of money in the name of commerce and free enterprise...
Jamer Champion Author Orange County Posts:2,538 Points:422,350 Joined:Jul 2002	Message Posted: Jul 5, 2009 8:12:22 AM Ignore Jamer Report Abuse I agree, he should share a cell with Bernie Madoff.
dhawk24 Champion Author Maine Posts:1,649 Points:398,175 Joined:Jul 2008	Message Posted: Jul 5, 2009 8:10:40 AM Ignore dhawk24 Report Abuse He should be a bunk mate of Bernie Madoff...
Wolfwings Champion Author Delaware Posts:2,493 Points:548,325 Joined:May 2004	Message Posted: Jul 5, 2009 8:09:57 AM Ignore Wolfwings Report Abuse Hopefull, this "trader" (traitor) will be chastised. Considering the $10M loss, I should thing he should be removed from ANY JOB that might consist of handling money.
03mdx Champion Author Syracuse Posts:1,135 Points:373,535 Joined:Sep 2008	Message Posted: Jul 5, 2009 8:07:15 AM Ignore 03mdx Report Abuse Speculators should be thrown off the planet.
DABEE1073 Champion Author San Diego Posts:1,528 Points:311,535 Joined:Jun 2008	Message Posted: Jul 5, 2009 8:05:49 AM Ignore DABEE1073 Report Abuse TAKE EM OUT AND STRING EM UP.
PaylessKY Champion Author Kentucky Posts:1,430 Points:377,430 Joined:Oct 2008	Message Posted: Jul 5, 2009 8:04:48 AM Ignore PaylessKY Report Abuse Only time will tell.
techque Champion Author St. Louis Posts:2,458 Points:1,256,510 Joined:Apr 2005	Message Posted: Jul 5, 2009 8:04:43 AM Ignore techque Report Abuse you realize that the traders and speculators are actually admitting that they can and do influence oil prices !@!
goldilox88 All-Star Author Montreal Posts:817 Points:342,155 Joined:Jun 2008	Message Posted: Jul 5, 2009 8:04:35 AM Ignore goldilox88 Report Abuse the price is definitely driven by the stock market.
OleMiss79 Champion Author Fort Worth Posts:4,024 Points:461,930 Joined:May 2008	Message Posted: Jul 5, 2009 8:04:35 AM Ignore OleMiss79 Report Abuse Just goes to show that speculators are bad for the working people of this country -- even foreign speculators impact us. [Edited by: OleMiss79 at 7/5/2009 9:05:59 AM EST]
Marson Champion Author Scranton Posts:2,943 Points:860,795 Joined:Oct 2006	Message Posted: Jul 5, 2009 8:03:48 AM Ignore Marson Report Abuse Just proves that speculators run the market, not suppliers and consumers.
AuburnTim Champion Author Indiana Posts:2,374 Points:585,845 Joined:May 2005	Message Posted: Jul 5, 2009 8:01:43 AM Ignore AuburnTim Report Abuse They can't ever find wrongdoing when they investigate big oil or related markets? Just shows you how blind our government is and uncaring they are when it comes to doing things for THE PEOPLE. This person or persons should all be in jail and never be able to trade again. You know if we did it we would surely be doing jail time.
pricechecker08 Champion Author Ohio Posts:2,679 Points:553,040 Joined:Jan 2008	Message Posted: Jul 5, 2009 8:01:25 AM Ignore pricechecker08 Report Abuse One day up - Next down down They don,t know what there talking about!
BartBuzz Champion Author Atlanta Posts:2,400 Points:523,060 Joined:Aug 2006	Message Posted: Jul 5, 2009 8:01:17 AM Ignore BartBuzz Report Abuse Is anyone out there surprised? Greed is worse than drug addiction.
lindact Champion Author New Haven Posts:2,588 Points:512,735 Joined:May 2008	Message Posted: Jul 5, 2009 7:58:26 AM Ignore lindact Report Abuse And the punishment for this is?....
ttwiw All-Star Author Austin Posts:833 Points:657,020 Joined:Sep 2005	Message Posted: Jul 5, 2009 7:56:05 AM Ignore ttwiw Report Abuse What a bunch of idiots
Bleeder Champion Author Virginia Posts:2,580 Points:549,665 Joined:Jan 2008	Message Posted: Jul 5, 2009 7:55:31 AM Ignore Bleeder Report Abuse We (the US government) put these rules in place and now we (the people/taxpayer) are pay the price for it.
AZMandM Champion Author Phoenix Posts:5,147 Points:972,040 Joined:Feb 2006	Message Posted: Jul 5, 2009 7:49:11 AM Ignore AZMandM Report Abuse Not exactly a Ponzi scheme, but just as damaging. Jail time would be good.
bicycler Champion Author Ontario Posts:8,246 Points:1,449,610 Joined:May 2005	Message Posted: Jul 5, 2009 7:48:50 AM Ignore bicycler Report Abuse 1- Get Perkins out of the business! 2- At least suspend the company he works with and levy a large fine on them! 3- Institute stiff controls on specdevils!!!!
Lengas Champion Author Gary Posts:6,760 Points:1,453,610 Joined:Nov 2004	Message Posted: Jul 5, 2009 7:47:37 AM Ignore Lengas Report Abuse yo yo effect