RSSOur Economy is On a Drunken Bender
A single British broker moved the global price of oil to an eight-month high while drunk. After placing $520m worth of oil trades Steve Perkins sobered up enough to realize what he had done and desperately tried to dump the trades with as little loss as possible before finally coming clean, losing his job and being banned from trading for five years after which he might be allowed to trade again if he stays sober.
The investigation also shows that he was able to trade huge volumes with very little cash up front and no position limit, exposing how it easy it was for a single British broker on a bender to cause chaos in the oil market.
Our economic systems are just fine. We won’t end up like Iceland or Greece (or soon Spain and Italy). Nothing to see here. Move along.
3 notes-
crazynutjob liked this
-
bouncingbabyuniverse liked this
-
continuum reblogged this from polackio
-
polackio posted this
