BP Bustin’ Up?

Things in BP-land ain't looking too good:

THE British government is drawing up contingency plans for a possible collapse of BP.

This is amid mounting fears that the oil giant could be broken up or taken over in the wake of the Gulf of Mexico oil disaster.

The talks, which are being led by officials at the Department for Business and the Treasury, reflect growing concern within Whitehall about the implications that a corporate failure of BP, formerly Britain's biggest company, would have on British interests domestically and around the world.

Oo-la-la. Is it possible that a corporation behaving badly could actually be held accountable for its bad behavior?  Well, duh:

Prime Minister David Cameron and Energy Secretary Chris Huhne are set to discuss BP's future with US officials during a trip to Washington on July 20.

Speaking in Toronto at the G20 on June 25, Mr Cameron warned that BP faced potential destruction unless US authorities stepped in to prevent its compensation costs escalating out of control.

Government supplication to petroleum purveyors begins in 10, 9, 8…

2 thoughts on “BP Bustin’ Up?

  1. Kclowlife

    If this happens, it’s important to understand that it will be a legal dodge to avoid paying further damages. Mergers and acquisitions rarely take on the responsibility of the initial institution. For precedence look at all the airlines that would go bankrupt or merge and in the process destroy their retirement plans.
    I wish BP would be held fully responsible for this disaster but if they get bought out it’s likely that dropping or limiting liability for the disaster be a part of the change.
    You may already know this, as you have a job that requires you to read a bunch of legalese investment jargon. So if I’m stating what you already know or agree with, I’m sorry.

    Reply

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