One of the many ways we're screwed.

This news is a little old, but this is the first I've heard about it. It's hard to believe that this could happen, but... then again, it's not so hard to believe.

Here's the story:
http://www.telegraph.co.uk/finance/newsbysector/energy/oilandgas/7862246/How-a-broker-spent-520m-in-a-drunken-stupor-and-moved-the-global-oil-price.html

To paraphrase, a brokerage employee during a drunken blackout state traded so much money on oil futures that it changed the price of oil globally. One man, while incoherently drunk.

Some excerpts (emphasis mine):

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.

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.

By the time PVM realised the trades were not authorised and swiftly began to unwind the positions, losses of exactly $9,763,252 had stacked up.

Mr Perkins' trading stopped for a few hours, but in the early hours of the morning, he returned to the oil market via his laptop. He placed an incredible $520m in orders through ICE Futures Europe, where traders can buy or sell crude oil for future delivery and bet on whether prices will go up or down. The first trade was at 1.22am was at $71.40 per barrel and the last trade at 3.41am was at $73.05. During this period, Mr Perkins gradually edged up the price by bidding higher each time, until he was responsible for 69pc of the global market volume.

Mr Perkins told investigators that he has "limited recollection" of the entire episode, claiming he had placed the trades during a drink-induced stupor.

Having admitted to an alcohol problem and received treatment, Mr Perkins was banned from trading for five years and hit with a £72,000 fine, reduced from £150,000 because of potential financial hardship.

Let's put that into perspective. $1.50 increase on a barrel of oil means that some people had to decide between filling their car to go to work or eating that week. Did people their jobs because they couldn't afford the gas to get to them? Did people die because they couldn't afford oil to heat their homes. This one man pushed oil prices up -globally-.

I'd say he deserves a harsher punishment than what is indicated in the article, but the problem is systemic. Brokers and corporations all have their collective twitchy finger on the same button. But no, they want to be deregulated further. They want no oversight. They want the inmates to run the asylum.