Okay, that’s one way to get fame — through the price of oil and the impact those spikes have on exchange traded funds (ETFs).
Richard Arens, a trader who runs a one-man oil brokerage, ABS, is apparently responsible for the record high of $100 a barrel that oil reached this week. By some accounts, the man did it because he wanted a little local fame, reports the Associated Press. He’s got it. In fact, he wanted it so much that he actually took a $600 loss on the contract when he later sold it after the price dropped back down.
But there’s good fame and bad fame and, well, we just hope the angry villagers don’t show up with torches at this guy’s house.
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