Succumbing to the demon drink

orourkeda

http://uk.news.yahoo.com/18/20100630/tbs-london-oil-broker-banned-after-tradi-549cbb6.html

To say this guy was well oiled is a bit of an understatement.

Kiera

For mobile users:

London oil broker banned after trading while drunk
6 hours 21 mins ago

The City of London watchdog has handed a five-year ban to a rogue oil broker who made unauthorised trades that caused a spike in oil prices after a weekend of heavy drinking.

Stephen Perkins was also hit with a 72,000-pound (110,000-dollar, 90,000-euro) fine following his actions that cost his company, PVM Oil, more than six million pounds.

The Financial Services Authority (FSA) regulator handed down the punishments Tuesday over the incident in June last year in which Perkins drunkenly bought millions of barrels of oil, which pushed up the price of Brent crude more than two dollars to an eight-month high.

"Perkins' drunkenness does not excuse his market abuse," said Alexander Justham, the Financial Services Authority (FSA)'s director of markets.

"Perkins has been banned because he is not a fit and proper person to be involved in regulated activities and his behaviour posed a risk to the proper functioning of the market."

The unauthorised trading took place after a drinking binge at a PVM golf weekend. Perkins continued drinking at the start of the week and the most serious damage was done in the early hours of Tuesday.

The broker drunkenly purchased a net 7.13 million barrels of oil and the unusually high trading volume in the typically quiet overnight period sent prices surging.

He eventually admitted what he had done to PVM, which suspended his trading access, fired him and sold off the rest of the oil. Perkins claimed that he was in an alcohol-induced blackout when he made the trades, according to the FSA.

The regulator made no criticism of PVM.

AnonoBoy

Everyone knows that there's some jobs you shouldn't do when you've been drinking - stockmarket trading, tightrope walking, schoolbus driving - while there's others that are perfectly fine to do while roaring drunk - handjobs, blowjobs, flying passenger planes etc.

AnonoBoy

AnonoBoy wrote: »

Everyone knows that there's some jobs you shouldn't do when you've been drinking - stockmarket trading,

Its actually fairly well known that traders do a lot of drinking, even while actually working.

I have a friend who works in a London bank and she avoids where the trading goes on as she says she will end up drunk if she goes down there.

Banned Account

He should've stayed off the Black stuff

mathie

<think of list of alcoholic beverages>
Guinness
Miller
Coors
Budweiser
<think of list of stock broking related terms>
Dow Jones
FTSE
Bulls
Bears
<apply PunMaster2000>
No results.

NoHornJan

orourkeda wrote: »

http://uk.news.yahoo.com/18/20100630/tbs-london-oil-broker-banned-after-tradi-549cbb6.html

To say this guy was well oiled is a bit of an understatement.

He was fired so I hope he got one for the road...

ejmaztec

mathie wrote: »

<think of list of alcoholic beverages>
Guinness
Miller
Coors
Budweiser
<think of list of stock broking related terms>
Dow Jones
FTSE
Bulls
Bears
<apply PunMaster2000>
No results.

Had you invested in the PunMaster 2010 Ultra, you would have come up with........................"Drunk deriving".:P

ShumanTheHuman

orourkeda wrote: »

http://uk.news.yahoo.com/18/20100630/tbs-london-oil-broker-banned-after-tradi-549cbb6.html

To say this guy was well oiled is a bit of an understatement.

Slick

NoHornJan wrote: »

He was fired so I hope he got one for the road...

Crude

Drunk Deriving.. Excellent pun sir.

mick_jt

AnonoBoy wrote: »

Everyone knows that there's some jobs you shouldn't do when you've been drinking - stockmarket trading, tightrope walking, schoolbus driving - while there's others that are perfectly fine to do while roaring drunk - handjobs, blowjobs, flying passenger planes etc.

.........saying mass, running the country, giving out mortgages and loans at high interest, to people who cant afford it, while working in Anglo-Irish or National Irish Bank......