Broker Sent Oil Prices to Eight Month High in a Drunken StuporAbout the only thing more patently absurd than the EMH is the myth of the rational voter.
Although not authorised to invest company cash in trades Steve Perkins, a long standing, senior broker at PVM Oil Futures, had managed to spend $520 million on oil futures contracts throughout the night.On the morning of the 30th an admin clerk called Mr Perkins to ask why he had bought 7 million barrels of crude during the night. Mr Perkins had no recollection of the transactions, and it turned out that he had made the trades during a "drunken blackout."
By the time PVM had realised the transactions had not been authorised by a client, they had incurred losses of $9,763,252. Between the hours of 1.22am and 3.41am, Mr Perkins gradually bought 69 percent of the global market, whilst driving prices up from $71.40 to $73.05, by bidding higher each time.