- Joshua M Brown
- September 24th, 2012
Drunk-dialing is pretty embarrassing, especially when one’s long-gone ex is the recipient of the call. Drunk-tweeting is also pretty bad, because you’re broadcasting what an emotional idiot you are to the world. There’s a little anonymous twit I’m thinking about at the moment, single and sad and angry – the poison and invective just spews forth like molten lava when she’s drinking, the next morning it all gets erased. But not from everyone else’s memory…
But worse than these is drunk-trading, which can be deadly to a career and, depending on your professional position, can make quite a mess for the world at large.
Here’s a fun example of just how completely out of control this world has become…
From The Telegraph:
Steve Perkins was left with a bigger black hole in his memory than most when his employer rang one morning to ask what he’d done with $520m of the oil trading firm’s money.
It was 7.45am on June 30 last year when the senior, longstanding broker for PVM Oil Futures was contacted by an admin clerk querying why he’d bought 7m barrels of crude in the middle of the night.
The 34-year old broker at first claimed he had spent the night trading alongside a client. But the story began to fall apart when he refused to put the customer in touch with his desk for official approval of the trades.
By 10am it emerged that Mr Perkins had single-handedly moved the global price of oil to an eight-month high during a “drunken blackout”. Prices leapt by more than $1.50 a barrel in under half an hour at around 2am – the kind of sharp swing caused by events of geo-political significance. Ten times the usual volume of futures contracts changed hands in just one hour.
Sleep tight, how could anything go wrong?
Full Disclosure: Nothing on this site should ever be considered to be advice, research or an invitation to buy or sell any securities, please see my Terms & Conditions page for a full disclaimer.blog comments powered by Disqus
The Reformed Broker is a blog about financial markets and the economy. Joshua Brown is a New York City-based investment advisor for high net worth individuals, charitable foundations, retirement plans and corporations... More.