The April 20 explosion and subsequent round-the-clock oil spill from a BP-operated deepwater drilling rig in the Gulf of Mexico 40 miles off the Louisiana coast has generated justifiable anger across the nation. It's also generated calls for strict sanctions against BP, the most drastic of which is confiscation of all company assets. The front line of this campaign is an ad hoc organization calling itself "Seize BP," which already has organized dozens of rallies across the country. Its mission mirrors its name: persuade the Obama administration to seize assets of the British-based oil company and use the proceeds for...