Good point. When I first saw that report, I didn't think too much of it because executives sell company stock all the time, usually just to diversify their holdings. This report puts it in a whole new light.
They likely sold their stock, not becasue they foresaw the disaster, but because they had sunk millions into this well and they knew there was a huge oil deposit there, but they knew they needed to shut down the well.
Shutting down that operation would cost them money because the stock would have dropped a fair bit on the news that they would not have these new earnings.
Sell high, buy low.
Basically, this was legal insider trading. But, they KNEW of the difficulties being encountered and the impending loss.
Someone at BP made a decision to go forward on this well. THAT person is who BP is protecting OR selling out.
And if I were a betting man, BP cut a deal at the White House that will serve the underlings up to the Feds but insulate the higher ups. Also, if I were a betting man, BP has been cleansing BP corporate of any traces of evidence that they knew what was up.
This wasn’t a shake down, it was a deal. Heyward traded BP middle managers and the shareholder for his freedom and personal liability.
| "Yes, this makes it much more understandable why Hayward dumped such a large amount of BP shares of stock." Good point. When I first saw that report, I didn't think too much of it because executives sell company stock all the time, usually just to diversify their holdings. This report puts it in a whole new light. And based upon the incestuous nature between BP and Team Obama, I'd really like to know who else may have profited from any insider information:
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