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Rogue trader sends oil to year-high on $10m gamble

London Times -- PVM Oil Futures, a London-based division of the world’s biggest broker of over-the-counter derivatives, has lost almost $10 million (£6 million) after falling foul of a rogue trader.

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Submitted Jul 03, 2009 By: GaryG7

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REPLIES (newest first)

ifallsguy Champion Author Minnesota Posts:2,708 Points:752,850 Joined:Apr 2007	Message Posted: Jul 4, 2009 6:17:15 AM Ignore ifallsguy Report Abuse Big deal, they caught one guy. What about the other speculators who play this game?
WheresMyTruck Champion Author Tacoma Posts:3,993 Points:507,075 Joined:Mar 2009	Message Posted: Jul 3, 2009 11:14:05 PM Ignore WheresMyTruck Report Abuse Off with his head.
PbFootNY Champion Author New York Posts:3,156 Points:607,885 Joined:Nov 2008	Message Posted: Jul 3, 2009 10:10:39 PM Ignore PbFootNY Report Abuse It's "Rogue Trader" if the bet fails, and "Employee of the Year" when it puts the 10-Q (quarterly report) over the top. [Edited by: PbFootNY at 7/4/2009 2:11:02 AM EST]
ShadowACE Champion Author Boston Posts:3,943 Points:1,167,445 Joined:Jun 2006	Message Posted: Jul 3, 2009 9:09:50 PM Ignore ShadowACE Report Abuse I don't suppose he was Bernie Madoff's nephew or something like that..... Once again it seems the foxes have been in charge of guarding the henhouses.
abcdMA Champion Author Worcester Posts:3,118 Points:617,060 Joined:Nov 2008	Message Posted: Jul 3, 2009 9:02:48 PM Ignore abcdMA Report Abuse keep demand down spoil a speculators day
Gary65 Champion Author Toronto Posts:1,495 Points:462,210 Joined:Jan 2009	Message Posted: Jul 3, 2009 9:01:36 PM Ignore Gary65 Report Abuse I wish that they could take all these idiots out of the picture so we can have normal prices and no wild price fluctuations.
RLH68 Champion Author Orlando Posts:3,961 Points:732,000 Joined:Jun 2007	Message Posted: Jul 3, 2009 9:01:16 PM Ignore RLH68 Report Abuse joel27nc, You are so right!
joel27nc Champion Author Raleigh Posts:5,508 Points:883,795 Joined:Mar 2008	Message Posted: Jul 3, 2009 8:50:49 PM Ignore joel27nc Report Abuse Maybe that will make these speculators think twice about their actions.
TommyTraveler Champion Author Cincinnati Posts:3,666 Points:717,055 Joined:Nov 2007	Message Posted: Jul 3, 2009 8:49:08 PM Ignore TommyTraveler Report Abuse Castrate the SOB. It is a shame his Rabbi was not crosseyed. [Edited by: TommyTraveler at 7/4/2009 12:49:55 AM EST]
fightbigoil71 Champion Author Milwaukee Posts:2,755 Points:588,935 Joined:Nov 2008	Message Posted: Jul 3, 2009 8:48:53 PM Ignore fightbigoil71 Report Abuse Greed
sammy09 Veteran Author Twin Cities Posts:277 Points:333,790 Joined:May 2009	Message Posted: Jul 3, 2009 8:48:47 PM Ignore sammy09 Report Abuse is a rogue trader more like a joe the plumber - one time sensation
Z51Corvette Champion Author Austin Posts:4,119 Points:799,820 Joined:Jan 2008	Message Posted: Jul 3, 2009 8:47:54 PM Ignore Z51Corvette Report Abuse Rogue traders should be put in the stocks, while passers by put him or her to shame. Then they should be put in prison for larceny.
JoeKR Champion Author New Jersey Posts:4,957 Points:1,108,240 Joined:Feb 2006	Message Posted: Jul 3, 2009 8:47:38 PM Ignore JoeKR Report Abuse Imagine that, an oil broker falling victim to manipulation.
NightDiver Champion Author Illinois Posts:2,021 Points:732,835 Joined:Mar 2007	Message Posted: Jul 3, 2009 8:47:38 PM Ignore NightDiver Report Abuse What some will try for total greed!!!
FuelRacer1132 All-Star Author Iowa Posts:656 Points:159,890 Joined:May 2007	Message Posted: Jul 3, 2009 8:47:16 PM Ignore FuelRacer1132 Report Abuse OOOOOOOOOOOH, can I feel any more sorry?
goumterps2002 Champion Author Dayton Posts:2,141 Points:350,495 Joined:Aug 2008	Message Posted: Jul 3, 2009 8:46:42 PM Ignore goumterps2002 Report Abuse Good, he lost quite a bit.
Pstreicher All-Star Author Tampa Posts:812 Points:289,440 Joined:Oct 2007	Message Posted: Jul 3, 2009 8:43:32 PM Ignore Pstreicher Report Abuse Some lose, some fail.
skybiker Champion Author South Carolina Posts:3,325 Points:659,180 Joined:Jul 2008	Message Posted: Jul 3, 2009 8:40:46 PM Ignore skybiker Report Abuse What kind of oversight and system is in place that one lone non authorized person can move the market this much???? Unbelievable!!!
10k Champion Author North Carolina Posts:12,906 Points:1,274,300 Joined:May 2006	Message Posted: Jul 3, 2009 8:36:26 PM Ignore 10k Report Abuse in the old west, they just strung up peeps for crap like that...
rxman1 Champion Author Toledo Posts:4,330 Points:904,455 Joined:Nov 2007	Message Posted: Jul 3, 2009 8:32:42 PM Ignore rxman1 Report Abuse This could have been extra zero's or a decimal error. I just bet if he did try this and it worked, he would have been a hero.
Blue_Cruzer Champion Author Lexington Posts:2,978 Points:767,435 Joined:Mar 2007	Message Posted: Jul 3, 2009 8:28:28 PM Ignore Blue_Cruzer Report Abuse The penalty should be more than just supension.
djoumy All-Star Author New York Posts:872 Points:385,950 Joined:Sep 2008	Message Posted: Jul 3, 2009 8:23:42 PM Ignore djoumy Report Abuse I,m not happy cause of lost,but they decome too rich in this gang.
BWD Champion Author Charleston Posts:2,392 Points:1,613,885 Joined:May 2004	Message Posted: Jul 3, 2009 8:22:24 PM Ignore BWD Report Abuse People like this screw up way too much for the rest of us.
FastAndy Champion Author Indianapolis Posts:4,215 Points:1,110,800 Joined:Jun 2007	Message Posted: Jul 3, 2009 8:20:55 PM Ignore FastAndy Report Abuse To bad for them. I am sure it has cost us all more money buying gasoline while this trader was making money on their trades.
comet64 Champion Author Illinois Posts:1,250 Points:258,825 Joined:Feb 2006	Message Posted: Jul 3, 2009 8:20:37 PM Ignore comet64 Report Abuse ya dumb commy
Fencemaker Champion Author Pittsburgh Posts:2,901 Points:716,375 Joined:Sep 2006	Message Posted: Jul 3, 2009 8:20:02 PM Ignore Fencemaker Report Abuse Maybe that will make these speculators think twice about their actions.