Skip to comments.BP to Stop Dividend, Curtail Exploration to Finance Spill Fund [Obama wrecks another industry]
Posted on 06/16/2010 4:31:50 PM PDT by the invisib1e hand
Halting the $10 billion-a-year dividend, reducing investments in drilling and selling oil and gas fields will do enough to ensure the companys financial stability, Chief Financial Officer Byron Grote said today. Credit swap contracts before the announcement showed investors pricing in a 39 percent risk of default within five years.
This move protects the long-term [blah blah freaking blah]"
40% of their dividends are owed to US citizens.
I’m curious, would this fund be the cap on liability for BP? If so, and if the damages exceed the 20 billion, who would pay the balance?
I'm sure that and a legion of other devils are at least hinted to in the fine print. But my gut is that, as with all government "deals," it's completely open ended in favor of the state.
Something like 1 in 6 of all Brit pension dollars comes from that dividend (open to correction on the number).
So they didn’t discuss plans to plug the damn hole?
If BP goes TU, then what?
With Feinberg at the helm of the escrow account, what do you expect? What’s $20 billion when you can pocket much more? I’m so glad that this escrow account will be handled by someone so qualified. “Feinberg”? HELLO?
This is bs. The money BP will make is for slush funds to pay for Obama’s friends or whatever like Hammas and BP knows it. Don’t you just love this little shell game they play for us
Like some of the CEOs today who are professional CEOs going from company to company not even knowing about the product. Like GM. They are chosen mainly because they know international law.
Halting the $10 billion-a-year dividend,
reducing taxable income by ten billion --putting "folks" in hardship, impeding economic activity further, cutting tax revenues...
reducing investments in drilling
tightening supplies of the key commodity, reducing economic activity further, boosting the size of the pie for hostile states
and selling oil and gas fields
see above; sweetheart deals likely.
...”40% of their dividends are owed to US citizens.”
...I was one of them; and I sold my shares 4 days into the spill...I hated doing that because BP paid 7% and it’s hard to find that kind of return these days.
Good question, no telling what the actual deal is. The bigger problem is with this chunk of cash being frozen how will BP afford to continue to spend big bucks to cap the well, remember it’s not capped yet.
Extortion is a criminal offense, which occurs when a person either obtains money ,property or services from another through coercion or intimidation ...
except when the government does it.
With the increase from 15% to your current marginal rate plus the 3.9% medicare tax, Obozo will lose a boatload in tax money from BP's dividend recipients.
20 Bil: I think we're gonna see how "skimmers" work...
because the dividend payed for pensions, pensioners will have to apply to the trust fund for their money. The obamacrats will decide how much a person really needs.
If you read up on them, you will find that BP is for cap and trade, higher taxes, global warming legislation and every other nut case idea.
And why did they fold to Obummer, the Marxist now posing as a Fascist?
Because we are deep into Fascism.
Fascism is big business and government joining together to run the country, with big business being led to believe that they not only will help write the laws in their favor but that they will share in the spoils.
BP does not want to get left out of the carbon tax credits when they are doled out to the chosen few.
Fascism pure and simple.
The problem is that history shows that eventually the government turns on the industries that thought they were on the inside.
Sort of like the pirates killing thir own guys that buried the treasure.so they would not share and so they would tell no tales.
There are some with whom one does not wish to be partners.
Certainly not the Chicago Gansters.
Gulf Coast fishing and Tourism
Sights on all energy sectors.
How many American industries can one administration WRECK in under 2 years?
Whose industry will the Øbama wheel of misfortune land on next?
How many will it take before we oust this free-market death machine?
Oh, and just where are the BP Board of Directors and shareholders in all this? Methinks this is all posturing by Onada. BP is playing the game for the time being. But when it finally gets a handle on its runaway well, I think it will reassert itself. If it does not, it deserves every bad thing that happens to it.
Welp. IMHO, BP pussied out and gave in to BO and his slimey friends. As far as I am concerned(not that it makes a hill of beans difference) BP can go straight to hell.
Also the Wednesday, 6/16/2010 Speech after the BP Meeting ...
I agree, there are some very strange things going on. There need to be a serious investigation into this entire deal. It won’t happen until after November, if then, but it has to happen because this entire thing is too screwed up.
Please don’t misunderstand. I’m no BP fan. I’m elated that I have no stock in the company. But, I think at this point BP is just playing Onada like everyone else in the world political and economic scene. The Marxist Usurper is in way over his head.
Surely a question being asked by more of us each day.