Posted on 05/31/2010 8:32:32 AM PDT by maggief
It’s time for the federal government to put BP under temporary receivership, which gives the government authority to take over BP’s operations in the Gulf of Mexico until the gusher is stopped. This is the only way the public know what’s going on, be confident enough resources are being put to stopping the gusher, ensure BP’s strategy is correct, know the government has enough clout to force BP to use a different one if necessary, and be sure the President is ultimately in charge.
If the government can take over giant global insurer AIG and the auto giant General Motors and replace their CEOs, in order to keep them financially solvent, it should be able to put BP’s north American operations into temporary receivership in order to stop one of the worst environmental disasters in U.S. history.
The Obama administration keeps saying BP is in charge because BP has the equipment and expertise necessary to do what’s necessary. But under temporary receivership, BP would continue to have the equipment and expertise. The only difference; Under temporary receivership, the firm would unambiguously be working in the public’s interest. As it is now, BP continues to be responsible primarily to its shareholders, not to the American public. As a result, the public continues to worry that a private for-profit corporation is responsible for stopping a public tragedy.
Five reasons for taking such action:
(Excerpt) Read more at wallstreetpit.com ...
The chick said BP was being directed by the gov....
One more acquisition, more fodder for Beck.
Communist regimes took more time to get that far.
Ya gotta love how quickly Little Caesar sniffs out a potential power grab.
Here we go. Now it is Big Oil that will be nationalized.
sabotage the well and take over the company
That’ll work just fine. The government always runs things better than the private sector.
Sweet! Now he wants to nationalize oil companies. I am sure the govt can run it better than private company. sarc
Sure. Put British Petroleum in receivership. Might as well replace the CEOs of ARAMCO and CNOOC. There’s just nothing Obama can’t fix. No one should question his ability to heal.
Reich, you naked Commie.
I am so tired of this misplaced Munchkin.
In a Move That Could Limit Financial Liability, Owner of Destroyed Oil Rig Set to Pay Out $1 Billion to Stockholders
Washington, D.C. – In reaction to news that Transocean Ltd., the owner of the destroyed oil rig in the Gulf of Mexico, intends to distribute $1 billion to private shareholders, Senator Tom Harkin (D-IA) signed a letter with 17 of his Senate colleagues to U.S. Attorney General Eric Holder requesting that the Department of Justice investigate the corporation’s pending transactions. The announcement by Transocean came after a closed-door meeting of company executives and weeks after the Transocean-owned Deepwater Horizon oil rig was destroyed.
http://harkin.senate.gov/press/release.cfm?i=325238
Is he on Obama's short list or something?
control of.....
defense
$$
transportation
health care
communication
energy
next up:
food
water
technology
agriculture
land
all development
The Nazis/Commies should have been so lucky.
NO!!
The government has NO RIGHT to place ANY private sector company under receivership. It can file suit under existing laws, but these heavy handed actions (GM, anyone?) strike at the very core of the American value of free enterprise.
If we allow this kind of crap, we are admitting the restraints of the Constitution are now meaningless. And we are truly, and irrevocably, screwed as a free society.
Sweet! Now he wants to nationalize oil companies.
Chavez taught him well. Disgustig little troll.
Is BP an American company? Apparently it’s not. Wouldn’t an attempt at nationalizing a foreign company be an act of war?
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