Posted on 06/05/2010 10:39:31 AM PDT by Brown Deer
Sounds like this whole fiasco has been manufactured.
How many of us have Mutual Funds that include BP stock? This could be Hugh!
class-action lawyers never made anything better, and unless they are herded into a pit and set afire, thereby warming bystanders, they never will.
Standard operating procedure for a junkyard lawyer.
Holders of BP had a few days to sell post-explosion without undue (>5%) damage.
Compare that price action to, for example, FDA denial of efficacy of a drug in phase III testing: Likely to be 15%-70% for a tiny biotech company, or 10% or more from a MRK or BMY.
The problem needs to be fixed first. Once that is completed, then look at law suits. I don’t believe that taking BP to court now will solve anything. Except for one thing...........It may further Washingtons wishes to stop all drilling.
“Sounds like this whole fiasco has been manufactured.”
Takes the spotlight off of the financial thieves on Wall Street that have robbed us of billions in tax money.
http://www.freerepublic.com/focus/f-news/2528500/posts
Also Goldman Sachs sold over a third of their BP stocks 3 weeks before the spill.
Thios just keeps getting better.
The timing looks suspicious. It has “community organizer” written all over it.
Jus’ sayin’
Stupid thieving plaintiffs’ attorneys.
Sure doesn’t take long for vultures to circle... While at minimum, I believe BP dropped the ball - BIG TIME, it is still premature to start filing lawsuits. How about letting them conclude whatever they are going to do to stop/clean up the oil.
While I believe that BP did skimp on safety (and records that have been revealed verify that - with the blessings of the CURRENT ADMINISTRATION....) - this lawsuit is somewhat akin to suing someone because an unforseen problem with their automobile (one they had no way to know was brewing) caused an auto accident.
(The MD-10 was a not-terribly-well-built passenger jet built by McDonnell-Douglas Corporation. Every time one of them crashed, about once every 2 yrs or so, MD shares plunged 10-20 %, then bounced back directly after all the old ladies were through selling.)
Should've bought 100 of the blasted puts; I bought just 15, dammitall. Oh, well, a profit is a profit.
The Obama / White House / Administration scandals keep adding up.
“And the band plays on.”
Yes, just the long puts were a wise play, perhaps even more so if you owned the common.
Me? I just dodged a big fat bullet because I was just about to buy 1K shs BP common in search of the fat div in the folks account probably 1 week before the blowup. Just got distracted and never did. Phew! (substitute candidate: RDS-B)
True.
Really, I didn’t know that.
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