‘Rogue broker’ blamed for oil spike(bailout money at work?)

FT ^ | 07/02/09 | Javier Blas and Izabella Kaminska

[TigerLikesRooster]

‘Rogue broker’ blamed for oil spike

By Javier Blas and Izabella Kaminska in London

Published: July 2 2009 12:07 | Last updated: July 2 2009 20:26

The startling spike in oil prices to their highest level this year on Tuesday was caused by a rogue broker who placed a massive bet in the Brent oil market, triggering almost $10m (€7m) of losses for his company.

PVM Oil Associates, the world’s largest over-the-counter oil brokerage, said on Thursday it had been the “victim of unauthorised trading”. The privately owned company said that as a result of the unauthorised trades it had been forced to close substantial volumes of futures contracts at a loss.

London-based PVM said it had informed the Financial Services Authority, the UK regulator. But officials at the Commodity Futures Trading Commission, the US regulator, claimed they had been kept in the dark for several hours in spite of an agreement between the watchdogs last year to exchange such market-sensitive information spontaneously.

[TigerLikesRooster]

Ping!

[musicman]

[Minn]

I can’t say for sure, but I doubt that contracts that caused a puny $10 million loss for one company would be significant enough to affect the world market much.

[Ghost of Philip Marlowe]

Agreed.

This is more likely the work of the mega players like GS and GPM buying up tankers of oil and ordering them to remain at-sea until the prices go up. JMHO.

[pissant]

The worthless commie mofo’s in charge are purposely driving up the cost of oil

[BossLady]

"Rogue Broker"

Is he the "Lone Nut's" little brother??

[jongaltsr]

Folks, this ain’t the first one.

This is one in a long string of brokers who either had full permission to jack up the price of crude or were caught when not given permission by their company to speculate on the company account.

Most companies have profited from jacking up the price and then selling short when the pressure dropped - meaning that they made money on the way up and made a decent profit on the way down.

Happens all the time and they profit and YOU lose.

[Vigilant1]

This link works without a password:

‘Rogue broker’ blamed for oil spike

[GOPJ]

Thanks for the ping.

[DaveyB]

Color me skeptical that the spike was triggered so easily. The timing was too convenient for swaying an election, the effect was too massive. The spike was the match that lit the housing fuse and the current deepening depression. It is more likely that a group of billionaires who desired a puppet in chief, manipulated the market intentionally with the help of America's wealthy enemies and launched a clandestine financial Perl Harbor strike.

Buying off an entire government and the press is not cheap, but they pulled off with your money!

[SunkenCiv]

Questions grow over oil spike brokerage
Financial Times | 7/4/09
Posted on 07/04/2009 9:38:17 AM PDT by FromLori
http://www.freerepublic.com/focus/news/2285480/posts