Posted on 06/10/2010 3:26:07 AM PDT by Scanian
BP is gushing money faster than its out-of-control well is spewing oil - its stock value dropped an astounding $17 billion yesterday as it faced the prospect of going under water.
When BP's Gulf of Mexico drilling rig exploded in a fireball on April 20, its stock sold for $60.48 a share. It closed yesterday at $29.20.
That's a mind-numbing $100 billion loss to shareholders in only six weeks.
Investors stampeded away from the stock yesterday, with more than five times the usual number of shares trading.
When the smoke cleared, BP was down 16 percent, or $5.48, its lowest level in 15 years.
Wall Street analysts said they're beginning to fear what once was unthinkable -- that one of the biggest, most powerful and profitable companies on the planet could actually go bust.
Houston oil trader Matt Simmons told Fortune magazine that BP might file for bankruptcy in a month -- even before it finishes its three-month task of drilling two relief wells in a last attempt to stop the spill.
Between its own funds and insurance payouts, it would likely have the money to complete the job, but with not much left over.
(Excerpt) Read more at nypost.com ...
If BO’s wreckless and thuggish comments on BP cause the company to collapse and leave a hefty chunk of our pensioners and investors hugely out of pocket, we should pull our troops out of Afghanistan and tell him to go and stuff himself.
We’ll need the money we’ll save by not fighting his war to spend on servicing our deficit, and I feel no sense of compulsion to support a country led by a man who is attacking Britain’s fundamental economic interests at a time when we’re already in serious trouble with our economy....
The UK loved Obama during the election, seeing him as someone that would take America down a notch or two in envy. Now the leftist envy and resentment blows their way.
Well, he’s doing a bloody good job in taking America down a notch or two isn’t he?!?!
We should stay in Afghanistan - apart from anything else it’s our fight too - but otherwise you are quite correct.
This loser - who it turns out was not born in the US - is wreaking havoc on the property of private citizens both in the US and the UK.
Guys, let’s be careful not to lose the special relationship on this board at least :0)
Don’t let Bambi drive a wedge between us!
If BP stock goes down much more the liability from the spill cleanup will be too high a proportion of its market cap and bankruptcy protection will be inevitable.
Maybe he’ll make it up to you guys and send a real nice DVD collection.
IMO bankruptcy is inevitable considering the scope of the impact and numbers of people involved.
Its sad, perhaps other companies that supported BO and his leftist agenda will go the same route.
Alot of state employees retirement are in BP New Jersey 39 million shares tops the list.
The punk president despises anything Anglo in nature. Once the expected double dip recession becomes real evident, I will revel in watching him tarred and feathered out of Washington.
He's gonna make everyone pay if it takes down the world's financial system.
Oh ye suckers! Ye American voters! You did this to yourselves and you now have exactly the outcome you so richly deserve for electing a "mystery man" as your president who turns out to be a blundering, incompetent communist dictator.
The world's biggest con man, who never ran a hot dog stand, has conned you out of your entire way of life and arrogantly destroys your country before your very eyes.
You can't see his birth certificate. You can't see his college records. He has no job history TO see. He came out of nowhere and owes allegiance only to himself. He travels the world shaming all of you who voted for him by apologizing for your country when your country is the last beacon of liberty on Earth and has acted with more kindness and compassion toward the world than has any other nation.
Nobody defeated America. It's own citizens threw it away like it was rotting garbage.
Its definitely going to impact many many people. The spill is in the process of killing approx 25% of tourism on the gulf coast. More in some places where the oil has already hit the beaches.
This will have a major impact on the US economy and the UK economy.
And the fact that BP trashed most of the Gulf of Mexico and is liable for billions of dollars in liabilities had nothing to do with it, right?
LLS
Not only that. The lead organization dealing with the spill now is BP. They have the knowledge and the technology, they are the best ones to deal with it. Would you rather have a solvent BP dealing with the problem or a bankrupt BP? Hussein the Great strikes again.
You mean Halliburton and Transocean, the two AMERICAN companies that BP subcontracted to drill the well and operate the oil rig? Both of whom therefore far more directly responsible for the disaster. I notice those two companies have come out of this smelling of roses on your side of the pond. Why blame two American companies and risk alienating domestic voters and corporate sponsors, when you can launch a convenient, irrational and xenophobic diatribe against a non-american company instead? Bugger the fact that it belongs to a key ally and attacking it will cause real hardship and suffering to its citizens who have much of their pensions and investment tied up with BP one way or another. The fact that Obama constantly refers to BP as 'British Petroleum', a name it hasn't used since the 1990s, is very telling in this matter...
Well, we have seen somewhat of a recovery here in SE Texas, but after the Marxist president finishes off the Oil Industry we will be in the same boat as everyone else.
Non Sequeer thinks he is an expert on everything. He does not speak for all Americans. Believe me.
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