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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:8,365 Points:1,737,125 Joined:Nov 2004	Message Posted: Jul 5, 2009 8:47:37 AM Ignore Lengas Report Abuse yo yo effect
KillChain Champion Author Albuquerque Posts:2,234 Points:598,600 Joined:Jun 2006	Message Posted: Jul 5, 2009 8:47:11 AM Ignore KillChain Report Abuse Hang him high!
fire@53 Champion Author Philadelphia Posts:7,056 Points:1,824,425 Joined:May 2003	Message Posted: Jul 5, 2009 8:46:51 AM Ignore fire@53 Report Abuse Right. This was a classic cya for the company.
BeaverBilly Champion Author Alberta Posts:4,965 Points:1,572,710 Joined:Feb 2003	Message Posted: Jul 5, 2009 8:46:08 AM Ignore BeaverBilly Report Abuse He should be locked up with Madoff.
PizzaMon Champion Author Philadelphia Posts:2,183 Points:953,110 Joined:Jun 2006	Message Posted: Jul 5, 2009 8:45:55 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:7,847 Points:1,650,205 Joined:Jul 2004	Message Posted: Jul 5, 2009 8:45:17 AM Ignore throttle Report Abuse How many other examples like this are there?
DerHahn Champion Author Illinois Posts:8,094 Points:1,145,075 Joined:May 2004	Message Posted: Jul 5, 2009 8:44:07 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 8:42:57 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:3,279 Points:772,070 Joined:Jul 2004	Message Posted: Jul 5, 2009 8:42:48 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:3,622 Points:725,475 Joined:May 2008	Message Posted: Jul 5, 2009 8:40:15 AM Ignore REKEY Report Abuse Greedy bastards!
cableman31 Champion Author New York Posts:4,022 Points:1,066,830 Joined:May 2004	Message Posted: Jul 5, 2009 8:39:32 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:3,494 Points:956,475 Joined:Oct 2007	Message Posted: Jul 5, 2009 8:37:27 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:8,006 Points:1,599,420 Joined:Dec 2005	Message Posted: Jul 5, 2009 8:35:21 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 8:33:32 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 8:33:06 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 8:32:35 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:408,900 Joined:Dec 2008	Message Posted: Jul 5, 2009 8:32:03 AM Ignore pattie09 Report Abuse i can see it now oil up and gas wayyyyyyy up
xybiz Champion Author Illinois Posts:1,055 Points:1,255,305 Joined:Aug 2005	Message Posted: Jul 5, 2009 8:31:32 AM Ignore xybiz Report Abuse the market.....
xybiz Champion Author Illinois Posts:1,055 Points:1,255,305 Joined:Aug 2005	Message Posted: Jul 5, 2009 8:31:12 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 8:30:27 AM Ignore buckoMD Report Abuse Currency speculators are the worst.
pulpwood Champion Author Mississippi Posts:4,035 Points:1,189,440 Joined:Sep 2006	Message Posted: Jul 5, 2009 8:30:06 AM Ignore pulpwood Report Abuse throw the bum out!
Bubba44612 Champion Author Ohio Posts:2,646 Points:912,975 Joined:Aug 2005	Message Posted: Jul 5, 2009 8:28:53 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 8:28:45 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 8:24:43 AM Ignore VREP Report Abuse It is surprising what problems one broker can cause.
checkum Champion Author St. Louis Posts:3,330 Points:659,465 Joined:Jan 2008	Message Posted: Jul 5, 2009 8:24:23 AM Ignore checkum Report Abuse make an example of him and follow through with others
Tonester1 Champion Author New Jersey Posts:7,632 Points:1,364,170 Joined:Oct 2006	Message Posted: Jul 5, 2009 8:23:57 AM Ignore Tonester1 Report Abuse Where is the oversight?
CSharpGuy Champion Author Colorado Springs Posts:4,544 Points:922,635 Joined:Jan 2008	Message Posted: Jul 5, 2009 8:23:27 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 8:23:13 AM Ignore cincindie Report Abuse Anyone is capable of influencing the price of stocks and commodities.
#1purple Veteran Author Grand Rapids Posts:261 Points:569,880 Joined:May 2004	Message Posted: Jul 5, 2009 8:23:07 AM Ignore #1purple Report Abuse Ditto "RambleOn"
VDubBill All-Star Author Jacksonville Posts:999 Points:484,575 Joined:May 2008	Message Posted: Jul 5, 2009 8:22:22 AM Ignore VDubBill Report Abuse One broker is capable of this? Yeah, and Bernie Madoff worked alone, too.
olcowboy14 Champion Author Spokane Posts:4,653 Points:738,560 Joined:Jul 2007	Message Posted: Jul 5, 2009 8:22:15 AM Ignore olcowboy14 Report Abuse Well Steve, you didn't do well on that one.
silverfox63 Champion Author Michigan Posts:3,329 Points:665,745 Joined:Oct 2008	Message Posted: Jul 5, 2009 8:22:12 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 8:21:55 AM Ignore akeatts Report Abuse Oil and brokerages/speculators don't mix. There needs to be permanent separation somehow.
indyjim Champion Author Indianapolis Posts:4,742 Points:1,345,670 Joined:Jul 2006	Message Posted: Jul 5, 2009 8:20:24 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 8:20:09 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:999 Points:484,575 Joined:May 2008	Message Posted: Jul 5, 2009 8:19:34 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:619,360 Joined:Apr 2008	Message Posted: Jul 5, 2009 8:16:59 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 8:16:22 AM Ignore LCSTEELERBOB Report Abuse I hope they throw this lowlife in jail just like they did madoff
DrivingFool2 Champion Author Wisconsin Posts:3,461 Points:643,790 Joined:Apr 2005	Message Posted: Jul 5, 2009 8:14:03 AM Ignore DrivingFool2 Report Abuse I'll scratch your back, you scratch mine. Duh! what did you expect?
RambleOn Champion Author New York Posts:1,629 Points:618,530 Joined:Aug 2008	Message Posted: Jul 5, 2009 8:14:00 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:4,311 Points:815,365 Joined:Mar 2008	Message Posted: Jul 5, 2009 8:11:04 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 8:08:16 AM Ignore sing_1 Report Abuse Do you suppose Steve Perkins is proud of himself?
RichardoB Champion Author Fayetteville Posts:2,949 Points:1,063,185 Joined:Jun 2007	Message Posted: Jul 5, 2009 8:07:50 AM Ignore RichardoB Report Abuse What's the difference between brokers and speculators?
DeepInOhio Champion Author Ohio Posts:1,930 Points:626,530 Joined:May 2008	Message Posted: Jul 5, 2009 8:07:30 AM Ignore DeepInOhio Report Abuse Very suspicious!
curlypooh Champion Author New Jersey Posts:4,911 Points:1,031,215 Joined:Apr 2007	Message Posted: Jul 5, 2009 8:05:44 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:8,317 Points:1,595,875 Joined:Sep 2003	Message Posted: Jul 5, 2009 8:04:00 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 8:02:04 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:7,509 Points:1,813,035 Joined:May 2004	Message Posted: Jul 5, 2009 8:01:38 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:2,857 Points:576,015 Joined:Nov 2008	Message Posted: Jul 5, 2009 8:01:26 AM Ignore nb52 Report Abuse Way to go Steve - gotcha!
PrepHermit Champion Author New Jersey Posts:3,255 Points:672,480 Joined:Aug 2008	Message Posted: Jul 5, 2009 8:01:26 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:2,803 Points:601,855 Joined:Oct 2008	Message Posted: Jul 5, 2009 7:59:28 AM Ignore LilRedWagonIN Report Abuse ...and maybe jail time.