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Remember Union Carbide's radiation leak in Bhopal, India (1984 I think). They filed bankruptcy. Couldn't pay when claims kept coming in. Look for possible BP to file. And then retirees in Britain, US and the world around will lose a lot. Plus the US will be 4th in line for environmental claims. Creditors then Shareholders first and second I believe.

That was poison gas, not radiation. But the big difference is the profitability of the company. BP America (Not BP Plc the parent company) turned a profit of 16.7 billion in 2009. The cleanup is estimated to be between 37-60 billion dollars. They could do that on a ten year note and never have a loss in any single year. Union Carbide had to wright off the US market when the balked a paying the claims in Bhopal. The US market for oil and gas is worth way more than $60 billion. BP will take the hit (1) because they can and (2) because the what they give up to avoid paying the claims is worth more than the cost of paying the claims.

That was poison gas, not radiation. But the big difference is the profitability of the company.

Thanks for helping my "ol man memory". But I have been reading that PB will be litigating this for 30 years. People in the Gulf will bring suits for all kinds of health issues of family and future family issues. That would be the same as Union. The courts will be choked with cases way past my lifetime.

But the big difference is the profitability of the company.

That's what one market "guru" on talk radio was saying on a "Business at Night" show recently. He actually thinks it's worth investing in BP now, because it produces oil all over the world and the demand for oil isn't going away anytime soon. He also said that while the BP name is hated, it could change its name to Amoco, one of the companies it purchased.

I have no idea if he's right, but it's interesting to consider.