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Been there,done that, have the T'shirt
Old 09-27-2012, 03:41 PM   #1
Thinks s/he gets paid by the post
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Location: Miraflores,Peru
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Been there,done that, have the T'shirt

'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!

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Old 09-27-2012, 03:54 PM   #2
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
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Join Date: Mar 2003
Posts: 17,762
Some of the street houses were known for it. Bear Stearns was infamous.
"See their morals, their code, it's a bad joke. Dropped at the first sign of trouble. They're only as good as the world allows them to be. I'll show you. When the chips are down, these civilized people, they'll eat each other.
See, I'm not a monster... I'm just ahead of the curve."

- The Joker
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