BP's Stock plunges, Talks of Bankruptcy

[bicker]

Why on June 4th, did BP of North America, spin off from BP?

My point exactly.

 

[kris1977]

It saddens me how bloodthirsty some of us Americans are.

What saddens or even angers me more is the inferance that this is a British caused problem. BP havent been called brittish Petroleum for 10 years after they were merged with 2 AMERICAN companies. Half of the board are AMERICAN. Twice as many AMERICANS are employed at all levels compared to British workers (thus contributing to decision making and quality of operations). As many AMERICANS are shareholders as British. So why is it that Obama continually stresses the word Brittish when referring to this company when it has not been referred to as this for a decade. Smoke and mirrors, nothing more... lets look tough on Johnny foreigner because he's not the great messiah people thought he was and needs some home support.

 

[eliza61]

The time to boycott BP for its operating practices that led to this oil spill was before it happened. You boycott to get a company to change, not to drive it into bankruptcy.

Folks need to understand that BP is a multi-national company. The only part that the United States can touch is the North American operations. You can be sure that the rest of the company is working to insulate themselves from this gross American vindictiveness. That'll sure help the folks who live in the gulf area.

No, the time to boycott is at any point when you find a company's actions reprehensible and can no longer support giving them you hard earned money. Whether that point is before, after or during.

What, I should keep supporting a company that I find distasteful in order to keep them in business so they can keep doing the very same behaviour I find distasteful? Yeah, right

 

[DisneyBamaFan]

What saddens or even angers me more is the inferance that this is a British caused problem...

I have not heard anyone blame the Brits for this, just the company.

 

[eliza61]

I have not heard anyone blame the Brits for this, just the company.

Interestingly, the British want us to tone down our anger at BP. according to this article from the Philadelphia Inquirer, most British pensions are tied up with BP stock. As the stock sinks so are their nest eggs. They want PM Cameron to call the Prez and try to get him to tone down the rhetoric.


LONDON - The Gulf of Mexico oil spill risked turning into a transatlantic diplomatic rift Thursday after U.S. threats to have BP fork out billions more for the disaster caused a precipitous slide in the blue chip's stock, hurting retirement savings for millions of Britons.
British lawmakers are even pushing Prime Minister David Cameron to get President Obama to tone down his stinging criticism of the oil company, complaining that hostile rhetoric will have severe implications for pensioners with nest eggs in the company.

The share slide has since April almost halved BP's market value to 69 billion pounds ($101 billion), costing it the spot as Britain's biggest company - and some worry it could become a takeover target for upstart firms in Asia. BP said there was no reason for the stock drop, stressing its strong finances.

The U.S. State Department said that American anger over BP's handling of the disaster would not affect the relationship between the United States and Britain. But rising outrage and fear threatened to continue, and Cameron was expected to raise the issue with Obama over the weekend.

In Washington, White House spokesman Robert Gibbs defended the U.S. rhetoric directed at BP. "We are there to ensure that BP is doing everything that it has to do as the responsible party in this disaster," he said.

British lawmakers want Cameron to stress the company's critical role in the national economy - about 18 million Britons hold shares in the company in one form or another, many through their pension funds.

"I would like to see a bit of cool heads rather than endlessly buck-passing and name-calling," London Mayor Boris Johnson said. "When you consider the huge exposure of British pension funds to BP
Read more: http://www.philly.com/inquirer/front_page/20100611_As_BP_sinks__Britons_worry.html#ixzz0qaxS41PQ

 

[DisneyBamaFan]

Interestingly, the British want us to tone down our anger at BP. according to this article from the Philadelphia Inquirer, most British pensions are tied up with BP stock. As the stock sinks so are their nest eggs. They want PM Cameron to call the Prez and try to get him to tone down the rhetoric...

We will tone down the rhetoric when they offer to help us pay our Social Security debt.

 

[DawnCt1]

We will tone down the rhetoric when they offer to help us pay our Social Security debt.

In a sense, they do. There are a lot of people dependent upon their 401K's, 403B that have mutual funds that invest in BP, which bought up Standard Oil, etc. and some direct pensions from both of those companies are paid to retirees.

 

[Guy Incognito]

for your reading pleasure:

http://www.rollingstone.com/politics/news/17390/111965?RS_show_page=0



as far as who's going to pay for it all.... it's going to be us, whether directly or indirectly, the U.S. taxpayer will always end up getting stuck with the bill.... the U.S. govt already has hundreds of millions of dollars worth of contracts/etc with BP, and I doubt they have any intentions of cutting that off; so there's part of our tax $$ going to BP, which (if they pay up like they should) will just come back anyway....

don't kid yourself.... corporations never pay for their mistakes/disasters/etc.... they just pass it on to us.

 

[amg35]

What saddens or even angers me more is the inferance that this is a British caused problem. BP havent been called brittish Petroleum for 10 years after they were merged with 2 AMERICAN companies. Half of the board are AMERICAN. Twice as many AMERICANS are employed at all levels compared to British workers (thus contributing to decision making and quality of operations). As many AMERICANS are shareholders as British. So why is it that Obama continually stresses the word Brittish when referring to this company when it has not been referred to as this for a decade. Smoke and mirrors, nothing more... lets look tough on Johnny foreigner because he's not the great messiah people thought he was and needs some home support.

I think the British people (some, of course) are becoming a bit paranoid. I just left the BBC.com website and read the have your say section about this issue. It's very eye-opening.

I don't know anyone here who is now anti-British and blaming the British people. Really. It's all in the media, on both sides, stirring it up.

And we would want heads to be rolling if it was an American owned company also.

 

[DawnCt1]

I think the British people (some, of course) are becoming a bit paranoid. I just left the BBC.com website and read the have your say section about this issue. It's very eye-opening.

I don't know anyone here who is now anti-British and blaming the British people. Really. It's all in the media, on both sides, stirring it up.

And we would want heads to be rolling if it was an American owned company also.

I can understand how the Brits feel that way. BP has been demonized and one in six of them receive a pension from BP.

 

[amg35]

I can understand how the Brits feel that way. BP has been demonized and one in six of them receive a pension from BP.

So you're saying that Americans can't distinguish between a British owned company and the actual people that live in Great Britain?

 

[Guy Incognito]

So you're saying that Americans can't distinguish between a British owned company and the actual people that live in Great Britain?

no, the point there is that, as BP is raked over the coals (and rightly so), their stock price goes into free-fall, and they potentially could be expected to cough up multi-billions to clean up the mess; that just reduces the $$$ that would have gone to their stockholders/pension plans/etc.... it's all about money and the all-too-human selfishness of "look what this is doing/has done/will do to me" view... and I'm not just pointing the selfish tag at BP or British pension holders.... it fits people living/working along the gulf too... they're concerned about their own livelihoods and how they are going to pay the bills/make a living.... it's that base reaction of virtually all people to worry about themselves first when push comes to shove

I can't imagine any sane person in the U.S. looks at this situation and thinks "this is the fault of all British people".... (I can't speak for the insane)

 

[amg35]

no, the point there is that, as BP is raked over the coals (and rightly so), their stock price goes into free-fall, and they potentially could be expected to cough up multi-billions to clean up the mess; that just reduces the $$$ that would have gone to their stockholders/pension plans/etc.... it's all about money and the all-too-human selfishness of "look what this is doing/has done/will do to me" view... and I'm not just pointing the selfish tag at BP or British pension holders.... it fits people living/working along the gulf too... they're concerned about their own livelihoods and how they are going to pay the bills/make a living.... it's that base reaction of virtually all people to worry about themselves first when push comes to shove

I can't imagine any sane person in the U.S. looks at this situation and thinks "this is the fault of all British people".... (I can't speak for the insane)

I understand what you are saying, and I'm not on the "solely blame BP" bandwagon, I was just posting about what I was reading somewhere else where people feel that we (Americans) are actually having an anti-British sentiment. I don't think we are.

I think we would be having the same reaction if it was an American owned company. Do you guys?

 

[DisMN]

I can't imagine any sane person in the U.S. looks at this situation and thinks "this is the fault of all British people".... (I can't speak for the insane)

 

[jpmandan]

Let me start by saying I don't blame the British people for this oil leak, but I think BP has a set price that they will spend on this clean up, and when they reach that price they will file bankruptcy.

 

[kris1977]

This is a reply to several posts.

n the paranoia bit, I dont think Brits are being paranoid at all. BP are BP not British Petroleum so why are they now, 10 years after being called this now being called Brittish Petroleum by Mr Obama. All he is proving on this that he isnt the great hope people thought he was and instead is your regular run of the mill bull*****er politician who looks to divert attention from what is a Brittish / American caused issue to a solely Brittish issue.

To further add to this, why is he freely commenting on the company with Brittish in the name but refusing to say anything about the 2 American companies involved in contract work? - Is this paranoia too?

In terms of the outrage to BP it is fully deserved. I have no issue with this, just the spin that is put on it.

Several have commented in the thread that there is no Brit bashing in this thread and I agree. I never said or thought there was. My anger is directed not at your average American person but the spin put out by the heieracy to distance their country from blame.

 

[kris1977]

So you're saying that Americans can't distinguish between a British owned company and the actual people that live in Great Britain?

No, we are saying that you cant spot what is a predominantly American owned company as proven in your post referring to it as British owned. It is not British owned.

 

[kris1977]

I understand what you are saying, and I'm not on the "solely blame BP" bandwagon, I was just posting about what I was reading somewhere else where people feel that we (Americans) are actually having an anti-British sentiment. I don't think we are. ?

YOUR leader who you have collectively voted to represent you refers to it is British Petroleum (which it is not called) and when referring to it as this accenuates the BRIttish in the word. its quite subtle but very deliberate.

I think we would be having the same reaction if it was an American owned company. Do you guys?

2 American companies are involved. Strangely Obama hasnt fingered these publically. How strange.

 

[bicker]

No, the time to boycott is at any point when you find a company's actions reprehensible and can no longer support giving them you hard earned money.

So you just consume consume consume and only worry about the implications of your consumption after people die? ... and start withholding your support just when that company is working to remedy what they did wrong? That makes no sense.

 

[Andy B]

It is true that President Obama seems to be emphasising the British element so that is why it is being reported as anti British sentiment.

The talking down of BP affects the stock price beyond that of the costs themselves and so weaken the company and could affect the resources to pay for the clean up and pay compensation. With regards to the capping
/stopping operation I do not believe the BP are not trying, this is a situation that is extraordinary and no one has come up with a way to do it.

I do not think that BP will pay only so much and then declare bankruptcy as lets say if that was 20bn and the worth of the company was 100bn it would not make sense.