Comments on: Battered BP seeks a way forward http://blogs.reuters.com/great-debate/2010/06/18/battered-bp-seeks-a-way-forward/ Thu, 21 Jul 2016 07:57:19 +0000 hourly 1 http://wordpress.org/?v=4.2.5 By: Jones22 http://blogs.reuters.com/great-debate/2010/06/18/battered-bp-seeks-a-way-forward/#comment-30841 Mon, 21 Jun 2010 01:06:31 +0000 http://blogs.reuters.com/great-debate/?p=7327#comment-30841 Unfortunately for BP, from an economic standpoint, this is probably one of the worst times in history for this to happen. All they need now is a hurricane to see the lawsuits fly.

The US is probably the most litigious countries in the world. There will be an ocean of lawyers filing suits once that $20 billion starts to dry up.

This company is sure to eventually file for bankruptcy to avoid all civil claims.

There’s no way that BP will pay all the claims after the $20 billion runs dry.

That’s why they threw that out as a carrot, but once that money is gone, they will file for and receive protection from any further claims.

What amazes my is that people are still buying this stock and online magazines are calling it a “good buy.”

Let’s see how they all feel a year from now when the other shoe falls. I think Moody’s and Fitch did the right thing to downgrade BP before they could issue their worthless bonds and commercial paper.

I guess Haywood thought the bankruptcy news would sound more valid and reasonable coming from an American, rather than a Brit.

If these investors were really smart, they would ignore the “buy buy buy” crap and see BP as the poison pill that it really is.

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By: Odysseus221 http://blogs.reuters.com/great-debate/2010/06/18/battered-bp-seeks-a-way-forward/#comment-30840 Sun, 20 Jun 2010 21:08:46 +0000 http://blogs.reuters.com/great-debate/?p=7327#comment-30840 Look here: accidents happen. We are a desperate nation for energy, driven to the depths of the ocean floors. Bush opened the door but left out regulations and federal supervision. That was our fault. The company like all companies put the profit before everything. It’s all about money everywhere isn’t it?

Now this accident will change things for the better. The beaches will be cleaned and by next year this will be a faded memory. Only two more months to go.

The real issue is the President. He has acted like a fool trying to put out a fire by throwing gasoline on it. The implications for BP and international companies are devestating. Firstly, BP pledges to make things right. That should be enough to put a cap on payments and indemify further federal punitive action. But instead, the government wants to finish this company off. In the end, this company will be bankrupted.

This is a bad precedent. How about Bhopal? Thousands dead and what is the remunitive figure? Only 500 per person. Surely Barat realizes that an indian life isn’t worth less than an american life(theoretically at least). That means the Indians will be wanting more money and perhaps also seize assets. We are moving away from capitalism rapidly towards asset confiscation.
No court in America could give BP a fair treatment after the President’s remarks. How could a Harard trained attorney be so callous about handling this matter.

Baret isn’t a genius that is for sure. He is a PR front for leftist theology which will ruin the business community forever and impoverish us all.

BP is obviously negligent and this is an unfortunate problem with the company–but that is history now. The idea that after 20 billion or more the EPA could fine the company 250 million per day is crazy.

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By: GROCK http://blogs.reuters.com/great-debate/2010/06/18/battered-bp-seeks-a-way-forward/#comment-30838 Sun, 20 Jun 2010 15:30:57 +0000 http://blogs.reuters.com/great-debate/?p=7327#comment-30838 I do not for one minute believe the CEO of Exxon that they would not do it the same way as BP. If they knew what was being done was dangerous why did they not raise this as being a disaster waiting to happen. Amazing what hindsight and the decision to distance one self from this issue and indicate that he is squeaky clean.
My experience when I was in industry that with any major projects especially one taking place in difficult and sometimes in unknown situations and often using untried technologies one would evaluate the risks.
Having reviewed the risks one would apply a risk/cost/time evaluation applying the relevant factors of an event and type that may occurr.
One then applies additional safety etc measures if considered neccessary or one proceeds with the known possible risks. If one gets it wrong it may be a minor incident but sometimes it may become a disaster and one pays the penalty.
Does not the CEO of Exxon apply the same processes to what they do or is he so brilliant that they do not ever make a mistake and perhaps he could shed more light on their own disasters and why full clean up and compensation are still outstanding.

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