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Last week a rogue trader caused the price of oil to spike up to $73.00 per barrel. Last week also we had some bleak news hit the tape. The jobs market got worse with 467,000 jobs lost. Wages are dropping due to shortened work weeks and factory shut downs. Unemployment rose to 9.5%. Consumer confidence also fell.

Now all of this is finally penetrating the minds of investors. The stock market is selling off and now the word has gotten to the oil traders who are selling oil and oil products in the commodities markets. Crude oil for August delivery fell to $63.76 per barrel. Gasoline for August delivery fell 5.83 cents to $1.7325 per gallon and heating oil dropped 6.62 cents to $1.6354 per gallon. Natural gas slid 15.7 cents to $3.158 per 1000 cubic feet.

Continue reading Why is oil trading below $64.00 per barrel?

Why is oil trading below $64.00 per barrel? originally appeared on BloggingStocks on Mon, 06 Jul 2009 14:40:00 EST. Please see our terms for use of feeds.

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Rogue Trader is based on the story of Nick Leeson, the trader in charge of Barings Bank's Singapore operations in the mid-1990s. Leeson gained infamy after he lost $1.6 billion of the bank's money, forcing England's oldest merchant bank into liquidation. Leeson had been hiding his trading losses from the firm and was eventually sent to prison in Singapore for fraud.

Ewan McGregor turns in a fantastic performance as the terrified, brash gambler, and this is definitely compelling cinema. But for investors and followers of financial malfeasance, it's even more interesting.

Leeson's crimes and the failure of Barings Bank were made possible by extremely poor internal controls -- the same problems that led to the collapse of companies like Enron and Worldcom. In addition, a compensation structure that rewarded Leeson's risky gambling with the bank's money, even though it was illegal, was also a key contributor.

Continue reading Movie Review: Rogue Trader

Movie Review: Rogue Trader originally appeared on BloggingStocks on Fri, 23 Nov 2007 19:52:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>Ewan McGregorEwanMcgregorFraudRogue TraderRogueTraderFri, 23 Nov 2007 19:52:00 EST