- Young i-bankers in striped button-downs who order bottle service actually run the world.
Britain’s financial regulator disclosed on Tuesday that Steven Noel Perkins, a former oil futures broker, single-handedly engineered a jump in the price of oil a year ago and cost his firm millions of dollars with a string of unauthorized trades after a weekend of heavy drinking.
So reports the Times, elaborating that the 34-year-old “had just returned from a liquor-soaked golf weekend with colleagues in June of last year when he sat down in front of his laptop at his home east of London and started to place bets on Brent crude futures…”
He continued to drink and place bets through the night, and by the morning of June 30, Mr. Perkins had placed more than $520 million worth of trades, at one point pushing the price of oil to $73.05, an eight-month high. The trades by Mr. Perkins were the main reason the price gained about $1.65 a barrel in just over two hours in the middle of the night, according to the report.
Who hasn’t returned from drinking, gotten on their laptop and done something inadvisable? Oh, the wall postings, the blog comments, the emails, the engineered collapse of the world financial system.
Possibly relevant quote:
“Never before have so many unskilled twenty-four-year-olds made so much money in so little time as we did this decade in New York and London.” (Michael Lewis, Liar’s Poker)