Do I believe any of BP's announcements about the Gulf disaster? No.
The company appears more concerned with spinning its image than disaster solutions.
I admit astonishment at BP's blatant disregard of U. S. requests to discontinue use of highly toxic dispersants, to be granted access to the spill site to make independent flow assessments and that BP deploy more resources for clean up of the spill damage.
President Obama's apparent ineffectiveness to date is mind boggling.
Do I believe President Obama's assertions of his administration's commitment to solving the crisis? Sort of. I just don't think that commitment is well executed.
Full disclosure. I closed my small position in BP a few weeks ago. Why? I expect the stock price to fall to the point where the company becomes over-leveraged. It will then seek bankruptcy protection. The company's liability for the disaster will be capped and its small shareholders and debt holders will be "taken out." When it emerges, probably under a new name, it will be a "leaner, meaner" company. In 10-15 years it will be wealthier than ever. The Gulf Coast, on the other hand, will continue to suffer for decades.
How's that "Drill Baby Drill" thing workin for ya, Sarah?
The company appears more concerned with spinning its image than disaster solutions.
I admit astonishment at BP's blatant disregard of U. S. requests to discontinue use of highly toxic dispersants, to be granted access to the spill site to make independent flow assessments and that BP deploy more resources for clean up of the spill damage.
President Obama's apparent ineffectiveness to date is mind boggling.
Do I believe President Obama's assertions of his administration's commitment to solving the crisis? Sort of. I just don't think that commitment is well executed.
Full disclosure. I closed my small position in BP a few weeks ago. Why? I expect the stock price to fall to the point where the company becomes over-leveraged. It will then seek bankruptcy protection. The company's liability for the disaster will be capped and its small shareholders and debt holders will be "taken out." When it emerges, probably under a new name, it will be a "leaner, meaner" company. In 10-15 years it will be wealthier than ever. The Gulf Coast, on the other hand, will continue to suffer for decades.
How's that "Drill Baby Drill" thing workin for ya, Sarah?
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