I just received this by email, but it sums up BP's cash flow situation nicely, shill.
ACCOUNTING 101
It seems like a miracle that our leader was able to convince BP to establish a $20 billion escrow fund to compensate those hurt by the ongoing oil plume in the Gulf of Mexico. After all, he had no constitutional power to force them to do so.
Let us take a closer look at the effect on BP's 2010 finances:
Let us put the results into a table easily understood by the "little" people:
- Escrow funding ($7 billion)
- Dividend saving $7.5 billion
- Tax savings $7 billion
- Net favorable cash flow for 2010 to BP : $7.5 billion
U S Treasury Tax Receipts/Reductions:
- BP Corporate income tax (-$7.5 billion)
- BP Shareholders (-$0.45 billion)
- Net unfavorable tax receipts ($7.95 billion)
I guess we really should expect this. After all, our anointed leader is the most inexperienced man in any room he enters.
Scorecard:
BP Corporate Bean Counters - 1
Washington Tax Smart Guys - 0
American People - We Get BP (Bean Poop)
This isn't so hard to understand - BP made their largest political contributions to Obama's campaign. Obama plays politics acting tough on BP, and we pay.
Frankly, I admire BP for their deal making ability. They must have brought their accountants to the table. After all, BP is not a fly-by-night operation and Obama thought he and his minimal business experience tax people and accountants could take on BP.
This is not to mention the profits BP will make on the resulting shortages made without investing a dime in production.
I really get tired of useless idiots like you, Jack Black, but you serve a purpose. I get to show people how brain-dead the "all private enterprise is good" meme can be, because this isn't it. This is fascism, writ so large few can see it. Now, maybe you'll go back and peruse those links I posted for your benefit, eh sirrah?
man I am weary of all this ..tried to focus on today's Oil Drum and couldn't at all.
They seem to have put a lot of cement down the hole.
I have spent a lot of time this week waiting in lines at the DMV...what a crowd.