BREAKING: New York Sues BP Over Loss on Retirement Fund (Yes,bankrupt them, see how much you'll get)

Business Insider ^ | 06/23/2010 | Gus Lubin

[bvw]

This is a suit AGAINST fascism, I’d guess. They have to claim theirs before the Fascist non-American usurper Obama takes it all.

[K-oneTexas]

So, folks like Bernard Ebbers, Ken Lay, Jeffery Skilling, Andrew Fastow (to name a few) ...

these are men who raped corporations and their treasuries and you believe we should let them alone. Tell them how wonderful they are and ask (maybe) can we give you more now that your company failed.

Failed because of theirown greed!

I disagree. In instances like these ... yes, poor management should be criminalized. Cause it is not really poor management (something done by someone who doesn’t know any better) but a calculated plan to enrich themselves at the expense of others.

You sound like the Marxists you accuse me of being. You would destroy free enterprise and then reward the officers of the companies for seeing it your way.

[Tzimisce]

Yeah.

If you bankrupt BP, you’ll get 0.

[Pollster1]

Let’s suppose that lawyers “representing” the BP shareholders win this lawsuit. The lawyers get 1/3 of the loot. The shareholders get the other 2/3 of the loot. Where does the loot come from? From BP . . . which is owned by . . . shareholders. The only winners are lawyers, so you can see why they filed this lawsuit.

[VeniVidiVici]

Any bets how much they lost holding Fannie Mae and Freddie Mac? Are they going to sue Chris Dodd and Barney Frank next for utter incompetence?

[badgerlandjim]

...In instances like these ... yes, poor management should be criminalized. Cause it is not really poor management...

Then don't CALL it poor management! All I'm saying is NAME THE CRIME, don't just go muttering about "greed" and "poor management" being best treated with jail time. Makes you sound like an Obama supporter.

[caver]

I don’t understand it either.

[K-oneTexas]

You have really gone overboard now. I will withhold further comment cause I am livid at your finger pointing and you Obama-style of discussion.

[Ouderkirk]

Most of us who are 20 years from retirement, will not be able to. The value of my holdings is 1/5 of what it was in 2000, and Socialist Stupidity is bankrupt. So I have 20% of my lifetime earnings depleted of value, the value of the dollar is being lowered.

So, I have no Social Security into which i have poured several hundred thousand dollars, my retirement investments are worth 1/5 of what they were, and will be based on worthless dollars.

Thanks Barry. You sure have gotten even with whitey

[AEMILIUS PAULUS]

The plundering associated with the coming Social War is becoming overt. We are in the phase that Rome was in starting about 120 B.C. Sulla, Marius followed by Caesar are coming. The current "leadership" is so desperate to pay their supporters the expected donative that they are no longer concealing their seizures of private property. There may even be the killing of the very wealthy to "get money!" The first deaths will probably be "suicides." After a while theywill not even bother to use the excuse of suicide.

[Drill Thrawl]

When did investors get a guaranteed return?

When that investor is the gubment and when that gubment is socialist.

[Drill Thrawl]

Time for BP to light Wyatt’s Torch and leave the US.

[Smokin' Joe]

Duh....read the fine print: Past performance is not a guarantee of future returns.

With Wall Street right there, that should be plenty evident.

Dismiss the case with prejudice and have the plaintiff pay the defendent's legal costs.

[Smokin' Joe]

This is a gimmick to try to get them to jump into the abyss. If they default on the slush fund, they lose $20 Billion in producing assets.

Somebody is looking to clean up, because oil is going to go up after the drop in production (and marginal surplus, globally) due to the moratorium becomes evident.

[April Lexington]

$300,000,000.00 seems like such a paltry amount these days...

[kbennkc]

This is a gimmick to try to get them to jump into the abyss. If they default on the slush fund, they lose $20 Billion in producing assets. Somebody is looking to clean up, because oil is going to go up after the drop in production (and marginal surplus, globally) due to the moratorium becomes evident.

if I were representing one of the big stock holders , they would be wanting me to file shareholders action of some stripe or another to void the slush fund shake down, or maybe some creditor will get creative and file an involuntary BK , because Obowmao's way they will get the same as Chrysler bond holders . In soccer terms , nil, zed, nada , zippity doo dah .

[uncommonsense]

I'll bet this fund was fully funded, efficiently managed, and so effective at managing risk! /sarc

This lawsuit looks like great cover to avert attention from their inability to meet their financial obligations to retirees.

Who, with even an ounce of business intelligence, didn't know BP was a huge liability with regard to industrial disasters? The nuts running the pension fund, and the bandits that enacted unsustainable retirement benefits, are the big problem - but BP is an easy target to scapegoat.

If the fund managers, who have a fudiciary obligation to perform due diligence on such a large investment that so many people rely on, would do a very tiny bit of homework - they would know that BP has an obvious history of major disasters.

BP accounts for 97 percent of "egregious, willful" safety violations at their refineries ("not just paper violations, but the worst of the worst kind"), versus Sunoco, Conoco, Citgo, and Exxon that had a total of 19.

Yes, BP may under perform horribly in the area of safety, but... they're on board with Barry's Cap and Tax scam that will steal more of our freedoms, while knocking the US down economically and militarily to a sub-super power level.

[Salvation]

Can we start saying (about the oil spill mess)

 

Obama's fault!

 

????????

[TopQuark]

"This is a suit AGAINST fascism, I’d guess."

I would agree with you if the suit were brought by private citizens. As it is, it is a STATE, a government, that oppresses a private enterprise, effectively driving it into bankruptcy. And it is approximately 100,000,000 BP shareholders --- retirees, widows and orphans for the most part --- that will suffer from this action.

[moose-matson]

If they can sue BP because BP made bad decisions and the stock lost value

_____________________________________

There is a difference between "bad" decisions and criminally negligent decisions.