It’s no wonder people have lost their faith in trading. Recently we have witnessed the likes of the Goldman Sachs Hearings, the halt of Pennystockchaser.com ( stock promoters) and hoards of Financial adviser’s running ponzi schemes milking their clients for millions. Now you can add ” inebriated trading ” to your list.
Apparently a oil trader from the U.K bought 7 million barrels of oil while plastered. That’s a Fat Finger, or a Fat Drinker. Whatever you want to call it. Rude as it may sound, since 90% of traders lose money, maybe more people should try trading drunk- just saying.
My favorite piece of this article is when a representative states “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.” Not fit and proper. That statement applies to our whole Wall Street system, Government Regulators and Institutional Banks!
Below is the story as reported by the BBC Online.
Drunk trader banned for buying 7 million barrels of oil.
Steven Perkins made the trade in the early hours of the morning after a weekend of “excessive” drinking, said the Financial Services Authority (FSA).
His actions caused the price of Brent crude oil to jump to an “abnormal level”.
The regulator said Mr Perkins’ actions amounted to market abuse.
He has been fined £72,000 and has been banned from working in the financial services industry for at least five years.
“Perkins’ trading manipulated the market in Brent by giving a false and misleading impression as to the supply, demand and price of Brent,” the FSA said.
“[His actions] seem to have been a consequence of extremely heavy drinking resulting from alcoholism, which he now acknowledges.”
The FSA said that Mr Perkins had also repeatedly lied to his employers, PVM Oil Futures, in order to cover up his unauthorised dealing.
He has since joined a rehabilitation programme for alcoholics and he has stopped drinking, the regulator added.
“Perkins’ drunkenness does not excuse his market abuse,” the FSA said.
“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.”