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BP to Stop Dividend, Curtail Exploration to Finance Spill Fund [Obama wrecks another industry]
uncitable ^ | 06/16/10 | Brian Swint

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 company’s 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]"



TOPICS: Business/Economy; Foreign Affairs; Government; News/Current Events
KEYWORDS: deepwaterhorizon; dueprocess; obamextortion; obamextrotion; obamunism; oilbama; omg; presidentfromhell; whatafool
the rest of the story.
1 posted on 06/16/2010 4:31:51 PM PDT by the invisib1e hand
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To: the invisib1e hand

40% of their dividends are owed to US citizens.


2 posted on 06/16/2010 4:33:05 PM PDT by Carley (For those who fought for it, freedom has a flavor the protected will never know.)
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To: the invisib1e hand

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?


3 posted on 06/16/2010 4:33:07 PM PDT by ABQHispConservative (November, here we come!)
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To: ABQHispConservative
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.

4 posted on 06/16/2010 4:34:27 PM PDT by the invisib1e hand (we shall overcome a generation of affirmative action.)
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To: Carley
40% of their dividends are owed to US citizens.

Something like 1 in 6 of all Brit pension dollars comes from that dividend (open to correction on the number).

5 posted on 06/16/2010 4:35:25 PM PDT by the invisib1e hand (we shall overcome a generation of affirmative action.)
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To: the invisib1e hand

So they didn’t discuss plans to plug the damn hole?


6 posted on 06/16/2010 4:35:31 PM PDT by jerri (Is it over yet?)
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To: the invisib1e hand

If BP goes TU, then what?


7 posted on 06/16/2010 4:37:01 PM PDT by Spok (Free Range Republican)
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To: the invisib1e hand

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?


8 posted on 06/16/2010 4:39:16 PM PDT by hkp123
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To: the invisib1e hand

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.


9 posted on 06/16/2010 4:39:17 PM PDT by freekitty (Give me back my conservative vote; then find me a real conservative to vote for)
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To: the invisib1e hand
Halting the $10 billion-a-year dividend, reducing investments in drilling and selling oil and gas fields

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.

10 posted on 06/16/2010 4:39:59 PM PDT by the invisib1e hand (we shall overcome a generation of affirmative action.)
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To: Carley

...”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.


11 posted on 06/16/2010 4:40:24 PM PDT by STONEWALLS
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To: ABQHispConservative

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.


12 posted on 06/16/2010 4:43:21 PM PDT by WHBates
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To: the invisib1e hand

Extortion is a criminal offense, which occurs when a person either obtains money ,property or services from another through coercion or intimidation ...


13 posted on 06/16/2010 4:43:27 PM PDT by EBH (Our First Right...."it is the Right of the People to alter or to abolish it,")
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To: EBH
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.

14 posted on 06/16/2010 4:45:05 PM PDT by the invisib1e hand (we shall overcome a generation of affirmative action.)
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To: the invisib1e hand
Lets hope they suspend for quite a while.

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.

15 posted on 06/16/2010 4:45:23 PM PDT by taildragger ((Palin / Mulally 2012 ))
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To: ABQHispConservative
It's not a cap...

20 Bil: I think we're gonna see how "skimmers" work...

16 posted on 06/16/2010 4:52:11 PM PDT by Sacajaweau (What)
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To: the invisib1e hand
Why cash flow is such an important number.
17 posted on 06/16/2010 4:54:13 PM PDT by Glenn (iamtheresistance.org)
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To: Carley

Obamanomics:

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.


18 posted on 06/16/2010 5:01:20 PM PDT by longtermmemmory (VOTE! http://www.senate.gov and http://www.house.gov)
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To: WHBates

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.

Why?

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.


19 posted on 06/16/2010 5:28:31 PM PDT by old curmudgeon
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To: the invisib1e hand

Banking

Finance

Auto

Medical

Insurance

Oil

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?


20 posted on 06/16/2010 5:42:01 PM PDT by TruthHound ("He who does not punish evil commands it to be done." --Leonardo da Vinci)
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To: the invisib1e hand

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.


21 posted on 06/16/2010 6:01:37 PM PDT by dools007
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To: dools007

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.


22 posted on 06/16/2010 6:06:52 PM PDT by biff
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To: All
Here's the full text of President Obama's speech about the BP disaster/gusher in the Gulf of Mexico ... from a FReeper thread ...

Obama's Remarks To Nation On Oil Spill [Full Text]

Also the Wednesday, 6/16/2010 Speech after the BP Meeting ...

Statement by the President After Meeting with BP Executives [Full Text]


23 posted on 06/16/2010 6:16:46 PM PDT by Star Traveler (Remember to keep the Messiah of Israel in the One-World Government that we look forward to coming)
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To: old curmudgeon

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.


24 posted on 06/16/2010 6:17:13 PM PDT by WHBates
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To: biff

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.


25 posted on 06/17/2010 3:51:15 AM PDT by dools007
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To: dools007
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.

well said.

26 posted on 06/17/2010 12:18:16 PM PDT by the invisib1e hand (we shall overcome a generation of affirmative action.)
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To: TruthHound
How many will it take before we oust this free-market death machine?

Surely a question being asked by more of us each day.

27 posted on 06/17/2010 12:19:04 PM PDT by the invisib1e hand (we shall overcome a generation of affirmative action.)
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To: the invisib1e hand

Thank you.


28 posted on 06/17/2010 4:34:24 PM PDT by dools007
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