Wednesday 9 May 2012

The Asylum: Who Hijacked the World's Oil Market - Books


The Asylum


The Asylum: The Renegades Who Hijacked the World's Oil Market

"The Asylum" is the true story of a band of struggling, hardscrabble traders, who, after decades of scorn by New York's stuffy financial establishment, overcame more than 100 years of failure, infighting, and brinksmanship to build the world's reigning oil empire entirely by accident.
http://www.goodreads.com/book/show/9532304-the-asylum


Winning Big At The Energy Casino

by The Global Journal JANUARY 20, 2012
From its home in lower Manhattan, the New York Mercantile Exchange (NYMEX) –the world’s largest physical commodity futures exchange– trades billions of dollars worth of energy products on a daily basis. Yet, despite heavily influencing soaring oil spot prices through a virtual monopoly on open market futures that lasted until the advent of screen trading in 2006, this club of ‘thugs’ and ‘dropouts’ emerged from humble beginnings. As financial journalist Leah Mcgrath Goodman recounts in her new oral history, the asylum, NYMEX’s evolution from a ragtag bunch of potato traders to oil market king-makers was driven in part by astute leadership, greed and sheer blind luck. Goodman’s story begins in the 1970s, when NYMEX trading activity revolved around the perennial efforts of Maine potato farmers to hedge on future price movements, and the corresponding attempt by speculators to game the system through last-minute manipulation. When the market was shut down by regulators in 1976, however, after defaults on deliveries of more than 50 million pounds of potatoes, this dwindling ‘band of outsiders’ despised by the Wall street elite were left rudderless. Taking a punt on a dormant contract for heating oil futures, then-chairman Michel Marks unwittingly set NYMEX members on a path to untold riches, in the process creating the world’s first free oil market and a natural gas futures market –the ‘$1000 table at the energy casino’.
With a gossipy fixation on the individuals –and their myriad vices– that propelled the rise of NYMEX, Goodman clearly writes with the lay reader in mind. At the same time, the breathless descriptions of vicious boardroom politics and a pit-culture ruled by drugs, sex and violence serves to distract from the real story. Which is one of lax regulatory oversight and a physical ‘market’ increasingly hostage to the price volatility prized by non-industry speculators. 
http://theglobaljournal.net/article/view/582/


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Full Video: Vladimir Putin's presidential inauguration ceremony in Kremlin



May 7, 2012 by 
Russia's President-elect Vladimir Putin has been sworn in as the new head of state. Putin is an inauguration champion -- he has played the main role in the performance three times out of six to have taken place in modern history. The inauguration ceremony took place in the Grand Kremlin Palace.

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All information on this website is for educational purposes only and is not intended to provide financial advise. Any statements about profits or income, expressed or implied, does not represent a guarantee. Your actual trading may result in losses as no trading system is guaranteed. You accept full responsibilities for your actions, trades, profit or loss, and agree to hold MinKL Invest harmless in any and all ways.