Loans and Finance

Loans and Finance

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News and information about loans, money, debt, finance and business issues.

Wednesday, June 30, 2010

Prat

"It was 7.45am on June 30 2009 when Steve Perkins a senior, longstanding broker for PVM Oil Futures was contacted by an admin clerk querying why he'd bought 7m barrels of crude in the middle of the night.

The 34-year old broker at first claimed he had spent the night trading alongside a client. But the story began to fall apart when he refused to put the customer in touch with his desk for official approval of the trades.

By 10am it emerged that Mr Perkins had single-handedly moved the global price of oil to an eight-month high during a "drunken blackout".....

The FSA will consider re-approving him as a broker after the ban, if he has recovered from his alcohol problem, but noted "Mr Perkins poses an extreme risk to the market when drunk"."

Source The Telegraph.

It is hardly surprising that the City and the financial services industry are held in such contempt, and despised, by the rest of the country.

3 comments:

  1. How do i get to know that the broker is trustworthy or not.

    ReplyDelete
  2. What are forex brokers?what is there role in daily trading?

    ReplyDelete
  3. One strategy is to learn the basic thing about the market is to have the knowledge of day trading.

    ReplyDelete