Former BP Trader Sues Firm, Alleges Market Manipulation.
Source: nyt/reuters
A former trader at BP has filed a lawsuit for breach of contract in which he alleges the British company's Houston-based unit, BP Energy Co, is attempting to manipulate the U.S. natural gas liquids market.
Drew Sickinger, who joined BP in Houston in 2009, said the company "created a pretext" for disciplining him late last year and then firing him earlier this month. He said he made $100 million (63 million pounds) for the company over the previous three years.
The complaint, filed January 30 in Harris County, Texas, includes allegations by Sickinger that BP is trying to manipulate the natural gas liquids markets "by establishing a dominant and controlling position."
The lawsuit does not include facts describing the basis for those claims. Sickinger's lawyer, Raul Loya, said the allegations against BP could spur a government investigation, but he declined to offer further detail.
Read more: http://www.nytimes.com/reuters/2013/01/31/business/31reuters-bp-propane-lawsuit.html?hp
iandhr
(6,852 posts)freshwest
(53,661 posts)Mnemosyne
(21,363 posts)Dustlawyer
(10,495 posts)They have lied about the oil spill from day 1 (April 20, 2010) to present. Do not believe their propaganda about the Gulf. Most of the crabs, fish and oysters are dead or dying. There are no white gulf shrimp left. They killed much of the sea life with Corexit, which was used to sink the oil so it was out of sight and could not be recovered and thus, fined by the barrel. They had the Coast Guard to help.
JackRiddler
(24,979 posts)should not even exist anymore. They should have been seized by the government immediately after they caused the Gulf of Mexico extinction event. Instead they paid a fraction of profits and get to promote a big lie and tout themselves every day on the TV as some kind of saviors of the local economy.
JustABozoOnThisBus
(23,354 posts)what did he think he was joining? The Peace Corps?
I'm sure he didn't mind BP's "ethics" while the commissions were rolling in.
Nihil
(13,508 posts)We're supposed to believe that the capitalist gambler who worked happily for them
(doing exactly the same thing for a couple of years) suddenly developed some kind
of "moral spine" at the end of last year?
If he hadn't been "set up" (as he claims), who thinks he'd be anywhere other than
with his nose still in the trough, exploiting other people for his own greed, same as
he always did?
Anyone who joins any of those companies (BP, Shell, Exxon, Texaco, Chevron, ...)
and only pretends to acquire a moral compass after they've been kicked out is
a hypocrit.