Posted on 07/07/2010 9:57:22 PM PDT by citizenredstater9271
The April 20 explosion and subsequent round-the-clock oil spill from a BP-operated deepwater drilling rig in the Gulf of Mexico 40 miles off the Louisiana coast has generated justifiable anger across the nation. It's also generated calls for strict sanctions against BP, the most drastic of which is confiscation of all company assets.
The front line of this campaign is an ad hoc organization calling itself "Seize BP," which already has organized dozens of rallies across the country.
Its mission mirrors its name: persuade the Obama administration to seize assets of the British-based oil company and use the proceeds for compensating victims and family members for loss of life, health, and property.
Were it only that simple. Surely, heartbreaking accounts of the ecology of the Gulf of Mexico coastal region damaged by oil toxicity and oxygen depletion make such impulses understandable. At least 100 million gallons of crude oil have spewed from the broken well and onto beachfront and other properties. Yet such a move in the long run would set a precedent whose effect would be to chase away private-sector oil drilling from that region. And given the experiences of nationalized oil industries elsewhere, it is not likely to prevent further spills. Market logic, unfortunately, rarely appeals to the impatient.
Apparently, it doesn't appeal to the Obama administration. President Barack Obama, under enormous public pressure to "do something," has already embarked on a course of de facto nationalization. In a private June 16 White House meeting, Obama coaxed BP chief executive Tony Hayward into "donating" $20 billion to a new escrow account earmarked for payment of damage claims — the president called it "a good start."
(Excerpt) Read more at mises.org ...
Good thinking Hussien.
Lock up the only folks that are actually doing anything with financial manacles
SeizeBP is an outlet of answer.org.
ANSWER is a commie group. I know.
“In a private June 16 White House meeting, Obama coaxed BP chief executive Tony Hayward into “donating” $20 billion to a new escrow account earmarked for payment of damage claims — the president called it “a good start.””
I’d heard, or at least thought I’d heard, something in passing on Fox (forget which show) about a second, separate fund. Something about it being designed to compensate oil rig workers whose livelihood would be affected by the Federal government’s deep water drilling moratorium.
Anyone know if that’s the case? Like I said, I only heard a comment in passing, so I may have misunderstood.
... and created 2010-05-03.
The Justice Department has already demanded all asset sales be reported to them for approval. BP agreed to do it. Make up your own mind.
Seizing the assets of another country’s company property is probably not a good idea.
>>>Seizing the assets of another country’s company property is probably not a good idea.<<<
But it is a traditional action taken by third world thugs and dictators.
Our President is a Somali Pirate?
I suspect a split of BP is about to occur. There will be a new BP giant (renamed of course)...and then US BP (my thinking that they want everyone to know it’s the US version that’s screwed up). The US BP group will be left with mostly debt and a couple of losers. They could make money but the odds are that they are destined to float around for two years...handing out cash to folks in Louisiana mostly, and then dissolve away into nothing. US BP will be gone after the election of 2012, and we will be left with just a joke.
He is learning from Hugo Chavez.
Let him seize everything, these guys financed the left under the mistaken idea they would be eaten last. The only way you learn not to put your hands into the fire is to get burned..
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