'Drunken' Broker Sent Oil to 8-Month High in 2009: Report - US Business News - CNBC
Another story about a rogue trader, this time in the oil markets.
I did not realize people still partied like it was 1999?
Back in the early 80's, I headed the oil futures trading desk for a large multi-national and the industry was rife with workplace drug and alcohol consumption.
We would begin to party at 1pm at a restaurant and many days never made it back to the office.
On several occasions, I remember being admonished by the "risk desk" for holding open positions overnight and on others (if I was shorting) the Senior VP on the wet side (compadre) would call the "risk desk" and claim they were a hedge against wet barrels.
Getting paid to party always reminded me of a Dire Straits song and most of us either retired young or died trying!
A few weeks ago, I noticed my former Boss was one of the top 100 Billionaires in the world (although, no longer trades oil) and so I am happy to have somehow made an early contribution to her success!