'Drunken' Broker Sent Oil to 8-Month High in 2009

http://www.cnbc.com/id/49197769

On June 30, 2009, oil mysteriously jumped by more than $1.50 a barrel
during the night, to reach its highest price in eight months, the kind
of swing that is caused by a major geopolitical event.

Although not authorized 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, the FSA said.

On the morning of the 30th, an admin clerk called Perkins to ask why
he had bought 7 million barrels of crude during the night. Perkins had
no recollection of the transactions, and it turned out that he had
made the trades during a “drunken blackout," according to the FSA.

Between the hours of 1:22 a.m. and 3:41 a.m., Perkins gradually bought
69 percent of the global market, while driving prices up from $71.40
to $73.05, by bidding higher each time.

At 6:30 a.m., presumably sobering up and realizing what he’d done, he
sent a message to his managing director claiming an unwell relative
meant he would not be able to make it into work.

wrote:

So damned good that GDP is growing at 1.2% and the FED
had to just start another massive injection of liquidity into the
economy because they believe it may be rolling over. So
damned good that the median family income has dropped
$4,000 in the last 4 years, from $55,000 to $51,000. The
stock market is doing very well in large part because the
FED has flooded the economy with money and with the
economy being weak, the demand for money just isn't there.
Interest rates are near zero, so a lot of that money flows
into stocks.

I think the stock market is doing well because business are still making a
profit, although a much smaller profit than before. These businesses,
however, are not SPENDING their profits on new plants, equipment, or
employees due to the monumental uncertainty in the financial markets. So,
they distribute a significant portion of these accrued profits as dividends.
These increased dividends make the stocks more valuable.

For example, I got my quarterly dividend check from Microsoft yesterday. If
was $4,000, up from $3,200 the quarter before.



Of course if Romney or any Republican suggested that Americans
are doing just fine, have plenty of money, why they'd be out of
touch with reality, right? Even Joe Biden himself said just a few
days ago that "the middle class has been buried the last 4 years".

Now we know what "shovel-ready" jobs the administration was talking about...

HeyBub wrote:
wrote:

So damned good that GDP is growing at 1.2% and the FED
had to just start another massive injection of liquidity into the
economy because they believe it may be rolling over. So
damned good that the median family income has dropped
$4,000 in the last 4 years, from $55,000 to $51,000. The
stock market is doing very well in large part because the
FED has flooded the economy with money and with the
economy being weak, the demand for money just isn't there.
Interest rates are near zero, so a lot of that money flows
into stocks.

I think the stock market is doing well because business are still
making a profit, although a much smaller profit than before.

Actually, US businesses are making RECORD profits. Why should they spend the
money since they clearly don't have to?

http://www.huffingtonpost.com/2011/0..._n_840538.html

HeyBub wrote:

I think the stock market is doing well because business are still making a
profit, although a much smaller profit than before. These businesses,
however, are not SPENDING their profits on new plants, equipment, or
employees due to the monumental uncertainty in the financial markets. So,
they distribute a significant portion of these accrued profits as dividends.
These increased dividends make the stocks more valuable.

I think one reason stocks are doing well because they look like the most
convenient hedge against inflation: They might preserve the "real
value" of the investment (whereas money in the bank is sure to lose
value to inflation). Of course, they might not too! Have fun.

On Fri, 05 Oct 2012 18:52:44 -0400, Bill wrote:

HeyBub wrote:

I think the stock market is doing well because business are still making a
profit, although a much smaller profit than before. These businesses,
however, are not SPENDING their profits on new plants, equipment, or
employees due to the monumental uncertainty in the financial markets. So,
they distribute a significant portion of these accrued profits as dividends.
These increased dividends make the stocks more valuable.

I think one reason stocks are doing well because they look like the most
convenient hedge against inflation: They might preserve the "real
value" of the investment (whereas money in the bank is sure to lose
value to inflation). Of course, they might not too! Have fun.

You do know that the inflation for the past 4 years is a lot less than
it was for the previous 4 or 8, right?

Jim

Gasoline went from 1.85 to 4.15.
Sundae at McDonalds went from 1.00 to 1.49

Less inflation, my ass.

Christopher A. Young
Learn more about Jesus
www.lds.org
..

"Jim Elbrecht" wrote in message
...

You do know that the inflation for the past 4 years is a lot less than
it was for the previous 4 or 8, right?

Jim

On 10/6/2012 7:25 AM, Stormin Mormon wrote:
Gasoline went from 1.85 to 4.15.
Sundae at McDonalds went from 1.00 to 1.49

Less inflation, my ass.


When I was in college, gasoline was 22cents a gallon at the rural
stations and a Wopper, fry and a coke was a dollar. $5.00/hr was
considered a high paying job. We had a space program and men landing
on the moon too. WTF happened? ^_^

TDD

We got comfortable, and let the communists come in. And the socialists.

Christopher A. Young
Learn more about Jesus
www.lds.org
..

"The Daring Dufas" wrote in message
...

When I was in college, gasoline was 22cents a gallon at the rural
stations and a Wopper, fry and a coke was a dollar. $5.00/hr was
considered a high paying job. We had a space program and men landing
on the moon too. WTF happened? ^_^

TDD