Posted on 09/25/2010 3:36:07 PM PDT by pingman
It was sickening enough when British oil giant BP set new standards for corporate scumbaggery in the Deepwater Horizon oil spill, turning the Gulf of Mexico into its own personal toilet and imperiling entire species of wildlife in an attempt to save a few nickels. But with the Gulf geyser finally capped, there's still a way for BP to cause an even more unthinkable disaster: an AIG-style, derivative-fueled financial shitstorm. If the company decides to declare bankruptcy — a very real possibility with these bastards — it could trigger chaos in our casino system of finance, underscoring the insane levels of leverage and systemic risk we have left in place, even after the global economic crash of 2008.
That’s Matt Taibbi, author. Grievous misspelling; sorry!
HEY! EVERY DEMOCRAT was screaming for BP’s HEAD and the BOYCOTTED them and Obama made them hand over 20 BILLION DOLLARS!!
Well, somebody tell me what corp. could withstand a $20 billion shakedown by brockobamavich.
If their bankruptcy opens a can of worms, we have brocko to thank.
Would you prefer that that the American tax payer flip the bill to clean-up BP’s mess?
A worldwide crash to zero might be worth it, if it would get rid of Rolling Stoned.
OK, BP screwed up here...
BUT...
The MMA had been inspecting this rig and giving them safety awards at every step along the way.
The Coast Guard wound up sinking the rig because they couldn’t control the firefighting operation.
The EPA prevented the use of fire booms and burning because they were more concerned with aesthetics than ecology.
The Coast Guard approved the use of dispersants at the point of the leak, because they did not want a slick appearing on the surface, but this made the oil almost impossible to capture and clean up.
The US Army Corps of Engineers prevented the use of sand berms, a well-established and effective technique, to protect sensitive wetlands.
The White House shook down BP for Billions, without having the slightest idea how much money was needed or how the money would be spent.
and finally,
The Interior Department put the keebosh on the entire offshore exploration industry for no reason whatsoever.
But, you’re right... It’s all BPs fault.
Oh, and I forgot...
The EPA forbade the use of technology that would have cleaned up 99.9% of the oil because it would not clean up 99.999% of the oil, so 70% of the oil was never cleaned up at all...
Why no barf alert on this post?
So how much can we expect to pay for the BP bailout?
The LEFT DEMONIZED BP so much that we WILL be left holding the bag. ....THANKS to SMALL DEMOCRAT “.
One of those underreported little facts about the Embridge spill here in Michigan is the fact that the state shirked their responsibility and didn’t have an inspector on the payroll as required.
We’re so busy destroying the oil industry that we can’t let some pesky facts get in the way.
Federal and state governments are playing games that intentionally cost these companies money only to screw them around some more. Eventually they’ll just go away because there is nothing in it for them but financial ruin.
Democrats shook BP down. But there was no disaster.
This was no Disaster. The liberal media lied. Is that a surprise?
Where is the oil now? Nowhere.
The amount of oil of the BP oil “leak” is much less than seeps naturally out of the Ocean floor every year.
Funny how the liberal mainstream media has stopped reporting on this “great disaster” as they did for 3 months as if BP had ruined the Gulf and Gulf coast forever or at least for many decades. Well there is no oil on the beaches in Florida nor anywhere now. There never was any oil on the beaches. I live here. But even if I didn’t I know the liberal media lies.
Where is the oil? NOWHERE . it was a liberal media lie to destroy the oil industry. the amount of oil that “leaked” is much less than seeps naturally out of the Ocean floor every year.
Screw these Marxists. I am sick of private industry being demonized.
Oil is a critical industry to our nation; and it sometimes is messy to get at.
good
I saw a report which states BP’s assets in the ground at $1 trillion. This hit of $ 20 billion seems survivable. Even with the best of intentions things do go wrong (e.g. Titanic)and the company deserves a fighting chance to remain a going concern.
I assumed that any posting from had its own Auto Barf Alert tag!
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.