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GasBuddy News Article

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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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Author Topic: Questions grow over oil spike brokerage Post a Reply Back to Topics
REPLIES (newest first)
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Champion Author Pennsylvania

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Message Posted: Jul 5, 2009 8:54:53 AM

PVN should be fined another 10 million.
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Champion Author Oakland

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Message Posted: Jul 5, 2009 8:53:52 AM

Mr.Perkins did a no no. Some folks will take advantage of the power given to them and use it too no good.
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Champion Author Florida

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Message Posted: Jul 5, 2009 8:50:58 AM

A bunch of crap.
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Champion Author Riverside

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Message Posted: Jul 5, 2009 8:50:49 AM

Manipulating the futures prices of crude oil has virtually no impact on pump prices for gasoline and diesel...
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Champion Author Wisconsin

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Message Posted: Jul 5, 2009 8:48:03 AM

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.
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Champion Author Milwaukee

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Message Posted: Jul 5, 2009 8:45:35 AM

I need a boss like that.
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All-Star Author Texas

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Message Posted: Jul 5, 2009 8:45:32 AM

Sounds like they are playing with fire.
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Champion Author Minnesota

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Message Posted: Jul 5, 2009 8:37:38 AM

open season...
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All-Star Author Boston

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Message Posted: Jul 5, 2009 8:36:28 AM

Cant believe them
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Champion Author San Jose

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Message Posted: Jul 5, 2009 8:36:04 AM

Good that the speculators get burned once in a while. They have done it to us enough.
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Champion Author Georgia

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Message Posted: Jul 5, 2009 8:36:03 AM

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.
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Champion Author Las Vegas

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Message Posted: Jul 5, 2009 8:35:15 AM

I have to agree with repeater1
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Champion Author Seattle

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Message Posted: Jul 5, 2009 8:34:42 AM

Rip off artists
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Veteran Author Nebraska

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Message Posted: Jul 5, 2009 8:33:11 AM

Gosh, I'm glad our markets aren't driven by greed...
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Champion Author Massachusetts

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Message Posted: Jul 5, 2009 8:32:30 AM

Looking for a quick score.
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Champion Author Lansing

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Message Posted: Jul 5, 2009 8:29:29 AM

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.
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Champion Author Wichita

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Message Posted: Jul 5, 2009 8:28:26 AM

There are spoilers in every industry. We have to be vigilant and keep trying to flush them out.
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Champion Author Indianapolis

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Message Posted: Jul 5, 2009 8:27:25 AM

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.
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Champion Author Wisconsin

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Message Posted: Jul 5, 2009 8:26:32 AM

Now you know why we are paying so much for the oil and the end product, gas
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Champion Author Kansas

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Message Posted: Jul 5, 2009 8:25:45 AM

The speculators will do anything they can to drive the price up. Lying and
cheating is just at the top of the list.
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Champion Author Ontario

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Message Posted: Jul 5, 2009 8:23:41 AM

I agree with BBHybrid
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Veteran Author Minnesota

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Message Posted: Jul 5, 2009 8:20:58 AM

Are there no controls on thia type of trading?
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Champion Author Illinois

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Message Posted: Jul 5, 2009 8:20:58 AM

Sounds like greed kicking in again
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Champion Author Pittsburgh

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Message Posted: Jul 5, 2009 8:20:38 AM

down with the traders. trying to inflate prices for profits for the rich
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Champion Author Utah

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Message Posted: Jul 5, 2009 8:20:27 AM

How can add to what has been said??!!

Something has got to change.
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Champion Author Oklahoma

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Message Posted: Jul 5, 2009 8:19:40 AM

Sounds like a bunch of traders attempting to manipulate prices to their advantage.
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Champion Author Tennessee

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Message Posted: Jul 5, 2009 8:18:43 AM

They need to be rounded up and taken to a leper colony!
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Champion Author Baltimore

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Message Posted: Jul 5, 2009 8:16:46 AM

They're all a bunch of thieves in my mind.
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Champion Author Manitoba

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Message Posted: Jul 5, 2009 8:13:35 AM

I don't trust any of them anymore.

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Champion Author London

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Message Posted: Jul 5, 2009 8:13:06 AM

Wall Street is full of speculators
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Champion Author Halifax

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Message Posted: Jul 5, 2009 8:12:57 AM

Time to go back to some hard labour prisons.
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All-Star Author Ohio

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Message Posted: Jul 5, 2009 8:12:51 AM

He should be prosecuted.
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Champion Author Chicago

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Message Posted: Jul 5, 2009 8:12:46 AM

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...
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Champion Author Orange County

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Message Posted: Jul 5, 2009 8:12:22 AM

I agree, he should share a cell with Bernie Madoff.
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Champion Author Maine

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Message Posted: Jul 5, 2009 8:10:40 AM

He should be a bunk mate of Bernie Madoff...
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Champion Author Delaware

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Message Posted: Jul 5, 2009 8:09:57 AM

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.
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Champion Author Syracuse

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Message Posted: Jul 5, 2009 8:07:15 AM

Speculators should be thrown off the planet.
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Champion Author San Diego

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Message Posted: Jul 5, 2009 8:05:49 AM

TAKE EM OUT AND STRING EM UP.
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Champion Author Kentucky

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Message Posted: Jul 5, 2009 8:04:48 AM

Only time will tell.
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Champion Author St. Louis

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Message Posted: Jul 5, 2009 8:04:43 AM

you realize that the traders and speculators are actually admitting that they can and do influence oil prices !@!
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All-Star Author Montreal

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Message Posted: Jul 5, 2009 8:04:35 AM

the price is definitely driven by the stock market.
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Champion Author Fort Worth

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Message Posted: Jul 5, 2009 8:04:35 AM

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]
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Champion Author Scranton

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Message Posted: Jul 5, 2009 8:03:48 AM

Just proves that speculators run the market, not suppliers and consumers.
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Champion Author Indiana

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Message Posted: Jul 5, 2009 8:01:43 AM

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.
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Champion Author Ohio

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Message Posted: Jul 5, 2009 8:01:25 AM

One day up - Next down down They don,t know what there talking about!
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Champion Author Atlanta

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Message Posted: Jul 5, 2009 8:01:17 AM

Is anyone out there surprised? Greed is worse than drug addiction.
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Champion Author New Haven

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Message Posted: Jul 5, 2009 7:58:26 AM

And the punishment for this is?....
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All-Star Author Austin

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Message Posted: Jul 5, 2009 7:56:05 AM

What a bunch of idiots
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Champion Author Virginia

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Message Posted: Jul 5, 2009 7:55:31 AM

We (the US government) put these rules in place and now we (the people/taxpayer) are pay the price for it.
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Champion Author Phoenix

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Message Posted: Jul 5, 2009 7:49:11 AM

Not exactly a Ponzi scheme, but just as damaging. Jail time would be good.
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Champion Author Ontario

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Message Posted: Jul 5, 2009 7:48:50 AM

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!!!!
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Champion Author Gary

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Message Posted: Jul 5, 2009 7:47:37 AM

yo yo effect
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