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Sunday, June 13, 2010

Just like I said

It's time to get a whole bunch of BP's assets in a safe place, to pay for the mess it's made -- before the corporate weasels have a chance to go hide them all somewhere. Alas, it may already be too late. This should have been ordered up weeks ago.

Comments (4)

JP Morgan Chase (JPM) appears to own 28.34% of BP's stock, which Mr Obama's best bankster bud, Jamie Dimon, has considered an asset:

Of course, stock -- in the manner of deposits to a bank -- is more a liability to BP. It has certainly moved toward liability status for shareholders too in this period of rapid descent. If Mr Obama succeeds in cajoling BP (and Mr Cameron, since one-seventh of all dividends paid in Great Britain come from BP?) to suspend its dividend, shareholders will consider their investments even less like an asset.

It is good to see that all the shareholders whose expectations for substantial BP dividends are not British widows and orphans.

BTW, it is still not clear that Mr Obama has a solid legal basis for doing what he is now said to be contemplating; from the NYT today:

"Mr. Gibbs did not elaborate on the legal basis for such a move but said that White House lawyers have been researching the matter for days. The president is seizing the initiative after reports on Friday from London that BP would voluntarily establish an escrow account — either for compensating victims or for delaying a planned dividend for BP shareholders — turned out to be less certain than the White House initially thought."

Yep, grab control and get that government claims program out there, so we can see what real administrative competence is all about.


Be sure to read the first couple of comments as well, including the link to "The Oil Drum"

Here's an interesting stat:


The amount of oil spilled in the last 55 days is equal to about 8 hours of average US consumption. It is equal to .06% of our annual usage.

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