GasBuddy News Article

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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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Author	Topic: Rogue trader sends oil to year-high on $10m gamble	Topic is locked Back to Topics

REPLIES (newest first)

ifallsguy Champion Author Minnesota Posts:1,868 Points:583,605 Joined:Apr 2007	Message Posted: Jul 4, 2009 10:17:15 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:2,969 Points:334,700 Joined:Mar 2009	Message Posted: Jul 4, 2009 3:14:05 AM Ignore WheresMyTruck Report Abuse Off with his head.
PbFootNY Champion Author New York Posts:2,267 Points:436,410 Joined:Nov 2008	Message Posted: Jul 4, 2009 2:10:39 AM 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:3,059 Points:994,445 Joined:Jun 2006	Message Posted: Jul 4, 2009 1:09:50 AM 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:2,248 Points:446,420 Joined:Nov 2008	Message Posted: Jul 4, 2009 1:02:48 AM Ignore abcdMA Report Abuse keep demand down spoil a speculators day
Gary65 All-Star Author Toronto Posts:690 Points:291,560 Joined:Jan 2009	Message Posted: Jul 4, 2009 1:01:36 AM 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 4, 2009 1:01:16 AM Ignore RLH68 Report Abuse joel27nc, You are so right!
joel27nc Champion Author Raleigh Posts:4,629 Points:712,620 Joined:Mar 2008	Message Posted: Jul 4, 2009 12:50:49 AM Ignore joel27nc Report Abuse Maybe that will make these speculators think twice about their actions.
TommyTraveler Champion Author Cincinnati Posts:2,785 Points:543,930 Joined:Nov 2007	Message Posted: Jul 4, 2009 12:49:08 AM 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:1,961 Points:424,480 Joined:Nov 2008	Message Posted: Jul 4, 2009 12:48:53 AM Ignore fightbigoil71 Report Abuse Greed
sammy09 Veteran Author Twin Cities Posts:274 Points:238,555 Joined:May 2009	Message Posted: Jul 4, 2009 12:48:47 AM Ignore sammy09 Report Abuse is a rogue trader more like a joe the plumber - one time sensation
Z51Corvette Champion Author Austin Posts:3,585 Points:674,415 Joined:Jan 2008	Message Posted: Jul 4, 2009 12:47:54 AM 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:4,195 Points:991,445 Joined:Feb 2006	Message Posted: Jul 4, 2009 12:47:38 AM Ignore JoeKR Report Abuse Imagine that, an oil broker falling victim to manipulation.
NightDiver Champion Author Illinois Posts:1,639 Points:654,315 Joined:Mar 2007	Message Posted: Jul 4, 2009 12:47:38 AM 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 4, 2009 12:47:16 AM 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 4, 2009 12:46:42 AM 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 4, 2009 12:43:32 AM Ignore Pstreicher Report Abuse Some lose, some fail.
skybiker Champion Author South Carolina Posts:2,552 Points:495,380 Joined:Jul 2008	Message Posted: Jul 4, 2009 12:40:46 AM 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:11,246 Points:1,101,175 Joined:May 2006	Message Posted: Jul 4, 2009 12:36:26 AM Ignore 10k Report Abuse in the old west, they just strung up peeps for crap like that...
rxman1 Champion Author Toledo Posts:3,411 Points:739,130 Joined:Nov 2007	Message Posted: Jul 4, 2009 12:32:42 AM 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:2,142 Points:602,310 Joined:Mar 2007	Message Posted: Jul 4, 2009 12:28:28 AM 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 4, 2009 12:23:42 AM Ignore djoumy Report Abuse I,m not happy cause of lost,but they decome too rich in this gang.
BWD Champion Author Charleston Posts:1,528 Points:1,441,855 Joined:May 2004	Message Posted: Jul 4, 2009 12:22:24 AM Ignore BWD Report Abuse People like this screw up way too much for the rest of us.
FastAndy Champion Author Indianapolis Posts:3,775 Points:948,455 Joined:Jun 2007	Message Posted: Jul 4, 2009 12:20:55 AM 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:1,148 Points:246,700 Joined:Feb 2006	Message Posted: Jul 4, 2009 12:20:37 AM Ignore comet64 Report Abuse ya dumb commy
Fencemaker Champion Author Pittsburgh Posts:2,639 Points:610,320 Joined:Sep 2006	Message Posted: Jul 4, 2009 12:20:02 AM Ignore Fencemaker Report Abuse Maybe that will make these speculators think twice about their actions.