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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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Lengas Champion Author Gary Posts:8,364 Points:1,736,355 Joined:Nov 2004	Message Posted: Jul 5, 2009 7:47:37 AM Ignore Lengas Report Abuse yo yo effect
KillChain Champion Author Albuquerque Posts:2,229 Points:597,625 Joined:Jun 2006	Message Posted: Jul 5, 2009 7:47:11 AM Ignore KillChain Report Abuse Hang him high!
fire@53 Champion Author Philadelphia Posts:7,051 Points:1,823,450 Joined:May 2003	Message Posted: Jul 5, 2009 7:46:51 AM Ignore fire@53 Report Abuse Right. This was a classic cya for the company.
BeaverBilly Champion Author Alberta Posts:4,960 Points:1,571,735 Joined:Feb 2003	Message Posted: Jul 5, 2009 7:46:08 AM Ignore BeaverBilly Report Abuse He should be locked up with Madoff.
PizzaMon Champion Author Philadelphia Posts:2,183 Points:952,235 Joined:Jun 2006	Message Posted: Jul 5, 2009 7:45:55 AM Ignore PizzaMon Report Abuse Why admit that a deliberate trade was a crime and discipline the culprit? Just use it to your advantage.
throttle Champion Author Maryland Posts:7,842 Points:1,648,480 Joined:Jul 2004	Message Posted: Jul 5, 2009 7:45:17 AM Ignore throttle Report Abuse How many other examples like this are there?
DerHahn Champion Author Illinois Posts:8,089 Points:1,144,100 Joined:May 2004	Message Posted: Jul 5, 2009 7:44:07 AM Ignore DerHahn Report Abuse proof of manipulation, yet what will be done about it? nothing except more people will try to do it.
jackson661 Champion Author Columbus Posts:1,732 Points:570,995 Joined:May 2006	Message Posted: Jul 5, 2009 7:42:57 AM Ignore jackson661 Report Abuse Criminals belong behind bars. These speculators should not be involved with pushing oil price. This should be left up to supply and demand.
Gas Slave Champion Author Lansing Posts:3,274 Points:771,095 Joined:Jul 2004	Message Posted: Jul 5, 2009 7:42:48 AM Ignore Gas Slave Report Abuse Strip the company of its market, and let someone else have a shot. While those guys rot in jail.
REKEY Champion Author South Carolina Posts:3,617 Points:725,250 Joined:May 2008	Message Posted: Jul 5, 2009 7:40:15 AM Ignore REKEY Report Abuse Greedy bastards!
cableman31 Champion Author New York Posts:4,017 Points:1,065,855 Joined:May 2004	Message Posted: Jul 5, 2009 7:39:32 AM Ignore cableman31 Report Abuse There has to be controls on the oil market. I don't like government interference, but oil is a necessity to run the world and it needs some kind of stability. Speculation is not stability. [Edited by: cableman31 at 7/5/2009 8:40:36 AM EST]
bumpygas Champion Author Nebraska Posts:3,489 Points:955,500 Joined:Oct 2007	Message Posted: Jul 5, 2009 7:37:27 AM Ignore bumpygas Report Abuse Criminals belong behind bars. He and several speculators and oil industry CEOs can be classified as such for gouging and stealing the consumer blind.
AvantiMick Champion Author Indiana Posts:8,001 Points:1,598,445 Joined:Dec 2005	Message Posted: Jul 5, 2009 7:35:21 AM Ignore AvantiMick Report Abuse And...who says there is no MANIPULATION!!
danny999 Champion Author Florida Posts:3,671 Points:656,910 Joined:Oct 2008	Message Posted: Jul 5, 2009 7:33:32 AM Ignore danny999 Report Abuse WHO SAYS THERE'S NOOO SPECULATION.???
roadkillGA Champion Author Georgia Posts:3,382 Points:485,950 Joined:Jun 2008	Message Posted: Jul 5, 2009 7:33:06 AM Ignore roadkillGA Report Abuse Spike or hike
Lovelee Champion Author Detroit Posts:14,370 Points:1,070,825 Joined:Mar 2007	Message Posted: Jul 5, 2009 7:32:35 AM Ignore Lovelee Report Abuse Put the jack ass in jail and take away all his assets.
pattie09 Champion Author Charleston Posts:1,068 Points:408,150 Joined:Dec 2008	Message Posted: Jul 5, 2009 7:32:03 AM Ignore pattie09 Report Abuse i can see it now oil up and gas wayyyyyyy up
xybiz Champion Author Illinois Posts:1,055 Points:1,254,430 Joined:Aug 2005	Message Posted: Jul 5, 2009 7:31:32 AM Ignore xybiz Report Abuse the market.....
xybiz Champion Author Illinois Posts:1,055 Points:1,254,430 Joined:Aug 2005	Message Posted: Jul 5, 2009 7:31:12 AM Ignore xybiz Report Abuse They deserve the lost
buckoMD Champion Author Maryland Posts:3,240 Points:711,950 Joined:Jul 2007	Message Posted: Jul 5, 2009 7:30:27 AM Ignore buckoMD Report Abuse Currency speculators are the worst.
pulpwood Champion Author Mississippi Posts:4,030 Points:1,188,465 Joined:Sep 2006	Message Posted: Jul 5, 2009 7:30:06 AM Ignore pulpwood Report Abuse throw the bum out!
Bubba44612 Champion Author Ohio Posts:2,641 Points:912,000 Joined:Aug 2005	Message Posted: Jul 5, 2009 7:28:53 AM Ignore Bubba44612 Report Abuse I say take away their license to buy futures. Speculators are bad!
Rick52 Champion Author Milwaukee Posts:6,260 Points:280,105 Joined:Mar 2005	Message Posted: Jul 5, 2009 7:28:45 AM Ignore Rick52 Report Abuse This is the ROOT of all the BS... And run up of gas prices !!!!
VREP Champion Author Vermont Posts:2,911 Points:601,595 Joined:Aug 2005	Message Posted: Jul 5, 2009 7:24:43 AM Ignore VREP Report Abuse It is surprising what problems one broker can cause.
checkum Champion Author St. Louis Posts:3,327 Points:659,280 Joined:Jan 2008	Message Posted: Jul 5, 2009 7:24:23 AM Ignore checkum Report Abuse make an example of him and follow through with others
Tonester1 Champion Author New Jersey Posts:7,627 Points:1,363,195 Joined:Oct 2006	Message Posted: Jul 5, 2009 7:23:57 AM Ignore Tonester1 Report Abuse Where is the oversight?
CSharpGuy Champion Author Colorado Springs Posts:4,539 Points:921,660 Joined:Jan 2008	Message Posted: Jul 5, 2009 7:23:27 AM Ignore CSharpGuy Report Abuse With this broker gaming the system, the question is: how many other brokers are doing the same thing.
cincindie Champion Author Cincinnati Posts:9,784 Points:1,936,545 Joined:Mar 2004	Message Posted: Jul 5, 2009 7:23:13 AM Ignore cincindie Report Abuse Anyone is capable of influencing the price of stocks and commodities.
#1purple Veteran Author Grand Rapids Posts:261 Points:569,005 Joined:May 2004	Message Posted: Jul 5, 2009 7:23:07 AM Ignore #1purple Report Abuse Ditto "RambleOn"
VDubBill All-Star Author Jacksonville Posts:996 Points:483,715 Joined:May 2008	Message Posted: Jul 5, 2009 7:22:22 AM Ignore VDubBill Report Abuse One broker is capable of this? Yeah, and Bernie Madoff worked alone, too.
olcowboy14 Champion Author Spokane Posts:4,648 Points:737,585 Joined:Jul 2007	Message Posted: Jul 5, 2009 7:22:15 AM Ignore olcowboy14 Report Abuse Well Steve, you didn't do well on that one.
silverfox63 Champion Author Michigan Posts:3,324 Points:664,770 Joined:Oct 2008	Message Posted: Jul 5, 2009 7:22:12 AM Ignore silverfox63 Report Abuse The blame needs to go too more than just one lowly broker, whether he was a senior broker or not.
akeatts Champion Author Tennessee Posts:1,343 Points:271,000 Joined:Aug 2008	Message Posted: Jul 5, 2009 7:21:55 AM Ignore akeatts Report Abuse Oil and brokerages/speculators don't mix. There needs to be permanent separation somehow.
indyjim Champion Author Indianapolis Posts:4,737 Points:1,344,695 Joined:Jul 2006	Message Posted: Jul 5, 2009 7:20:24 AM Ignore indyjim Report Abuse Burn him.
CallJeffCa Champion Author Oakland Posts:2,102 Points:513,345 Joined:Oct 2007	Message Posted: Jul 5, 2009 7:20:09 AM Ignore CallJeffCa Report Abuse Of course, it is being pinned on one "rougue broker". I still find it hard to believe one person, or campany could do that. I think there is more collusion not yet revealed.
VDubBill All-Star Author Jacksonville Posts:996 Points:483,715 Joined:May 2008	Message Posted: Jul 5, 2009 7:19:34 AM Ignore VDubBill Report Abuse Hope this goes on his credit report and drops it a few points. [Edited by: VDubBill at 7/5/2009 8:20:28 AM EST]
madison8359 Champion Author Cleveland Posts:2,862 Points:618,610 Joined:Apr 2008	Message Posted: Jul 5, 2009 7:16:59 AM Ignore madison8359 Report Abuse What a shame the speculator got caught short and had to pay, welcome to my world.
LCSTEELERBOB Champion Author Gary Posts:1,588 Points:366,895 Joined:Oct 2008	Message Posted: Jul 5, 2009 7:16:22 AM Ignore LCSTEELERBOB Report Abuse I hope they throw this lowlife in jail just like they did madoff
DrivingFool2 Champion Author Wisconsin Posts:3,456 Points:643,565 Joined:Apr 2005	Message Posted: Jul 5, 2009 7:14:03 AM Ignore DrivingFool2 Report Abuse I'll scratch your back, you scratch mine. Duh! what did you expect?
RambleOn Champion Author New York Posts:1,627 Points:617,615 Joined:Aug 2008	Message Posted: Jul 5, 2009 7:14:00 AM Ignore RambleOn Report Abuse To say that "no one is manipulating the market" is really to be alienated from reality. Supply and demand is and always will be the most fundamental point but there still are those who will rip off and take advantage of as many fools as they can and there will be those who do the same in other capacities of financial gain such as seen here.
SSchmidty Champion Author Illinois Posts:4,306 Points:814,390 Joined:Mar 2008	Message Posted: Jul 5, 2009 7:11:04 AM Ignore SSchmidty Report Abuse So anyone confused by pig-oil and trading friends??? it's all about grabing more $$$ than the supply warrants!!!
sing_1 Champion Author Florida Posts:1,028 Points:262,455 Joined:Sep 2007	Message Posted: Jul 5, 2009 7:08:16 AM Ignore sing_1 Report Abuse Do you suppose Steve Perkins is proud of himself?
RichardoB Champion Author Fayetteville Posts:2,944 Points:1,061,460 Joined:Jun 2007	Message Posted: Jul 5, 2009 7:07:50 AM Ignore RichardoB Report Abuse What's the difference between brokers and speculators?
DeepInOhio Champion Author Ohio Posts:1,930 Points:625,655 Joined:May 2008	Message Posted: Jul 5, 2009 7:07:30 AM Ignore DeepInOhio Report Abuse Very suspicious!
curlypooh Champion Author New Jersey Posts:4,904 Points:1,030,240 Joined:Apr 2007	Message Posted: Jul 5, 2009 7:05:44 AM Ignore curlypooh Report Abuse I hope they all lose money in the markets, we lose everytime we have to pay inflated prices
Sportdeck Champion Author Atlanta Posts:8,312 Points:1,595,650 Joined:Sep 2003	Message Posted: Jul 5, 2009 7:04:00 AM Ignore Sportdeck Report Abuse No one is manipulating the market. Just ask Neal Cavuto. It's all controlled by Supply & Demand. Big Oil controls the Supply & Demands all our money.
swartzrora Champion Author South Carolina Posts:3,465 Points:422,285 Joined:Jul 2008	Message Posted: Jul 5, 2009 7:02:04 AM Ignore swartzrora Report Abuse there will always be someone to try the system. Can't protect against all scams.
Cruiser340 Champion Author Grand Rapids Posts:7,501 Points:1,812,060 Joined:May 2004	Message Posted: Jul 5, 2009 7:01:38 AM Ignore Cruiser340 Report Abuse Don't really care how, but why was he able to get away with it and why?
nb52 Champion Author Grand Rapids Posts:2,852 Points:575,040 Joined:Nov 2008	Message Posted: Jul 5, 2009 7:01:26 AM Ignore nb52 Report Abuse Way to go Steve - gotcha!
PrepHermit Champion Author New Jersey Posts:3,250 Points:671,505 Joined:Aug 2008	Message Posted: Jul 5, 2009 7:01:26 AM Ignore PrepHermit Report Abuse Thank your friendly, local day trading speculating thief. Don't think this doesn't do on regularly? He just got caught. Artificial price manipulation to turn a buck!
LilRedWagonIN Champion Author Indiana Posts:2,798 Points:600,880 Joined:Oct 2008	Message Posted: Jul 5, 2009 6:59:28 AM Ignore LilRedWagonIN Report Abuse ...and maybe jail time.