Oil Spill Fallout: BP's Stock Plummets Today As Bankruptcy Speculation Flies

Nathanael

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Wed Jun-09-10 05:21 PM
Original message

Oil Spill Fallout: BP's Stock Plummets Today As Bankruptcy Speculation Flies

Potentially monumental news:

BP (NYSE: BP) share-price dropped almost 15% today (-$5.48) as speculation begins to fly that the oil giant is running the risk of going bankrupt.

Shares ended the day on the New York Stock Exchange at $29.20 which is down almost 50% from a share price of $59.48 on April 19th, one day before the disaster began to unfold in the Gulf of Mexico.

http://www.energyboom.com/policy/oil-spill-fallout-bp-shares-plummeting-again-today-bankruptcy-speculation-flies

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DJ13

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Wed Jun-09-10 05:23 PM
Response to Original message

1. Cut corners get screwed

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doc03

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Wed Jun-09-10 05:26 PM
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2. That's what they will do, that's what all the asbestos

manufacturers did when the courts ordered them to pay for their damages. They will get their costs reduced to pennies on the dollar in bankruptcy court.

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RKP5637

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Wed Jun-09-10 05:42 PM
Response to Reply #2

3. Yep, that's what I think too... I've been wondering when this would start to

be aired... You can certainly bet this route is being explored.

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customerserviceguy

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Wed Jun-09-10 05:53 PM
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4. Something tells me this is a sucker ploy

BP is a company worth hundreds of billions of dollars that makes profits of billions of dollars in the teens. What they've spent so far on this is peanuts, and even if they did the job right, they'd still not run dry.

The stock market industry is chock full of sharpies who try to use bogus news to drive the market up or down, so that they and their cronies can make money from either selling short, or getting out at an artificial 'top'.

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