Too Big to Fail? Barack Obama and David Cameron agree BP must not collapse

http://www.telegraph.co.uk/finance/newsbysector/energy/oilandgas/7857981/BP-oil-spill-Barack-Obama-and-David-Cameron-agree-BP-must-not-collapse.html

BP oil spill: Barack Obama and David Cameron agree BP must not collapse

The US President and British Prime Minister said that the stricken oil giant should "remain a strong and stable company" after meeting to discuss the environmental disaster on the sidelines of the G20 summit in Toronto. The discussions come amid growing worries that the company could never recover from the Deepwater Horizon disaster, which has left BP facing unquantifiable costs and damaged its strategic ambitions.

The two leaders said that the company should "meet its obligations to cap the leak, clean up the damage and meet legitimate compensation claims," but added that "it was to both countries' advantage for BP to remain a strong and stable company."

The comments come after shares in the company dropped to a 14-year low on Friday, down 6.4pc to 298.36p, knocking 15 points off the FTSE 100 index of blue-chip shares. Almost £66bn has been wiped from the value of the company since the rig explosion on April 20 and subsequent leak, more than halving BP's market capitalisation.

Many expect a slight recovery this week as one major concern – that the company's Gulf repair efforts would be beset by the arrival of tropical storm Alex – was alleviated on Sunday. Forecasts suggest the area will escape a pounding by Alex.

more...

And that's going to take years. Not fair? Of course it isn't, but it's true. The day they go in to bankruptcy or whatever course they would choose to take will send the many, many people in the Gulf area to the back of the line. That can't happen or we lose a vital part of our country.

First, their failure isn't going to stop the leak or make restitution any more likely.

Second, other Oil Corporations would just get larger.

Obama has it right, they have to stay in business and be held to high standards of safety and environmental protection.

I hope we see continued reform in regulation, too.

But as long as there is demand, there will be oil exploration and extraction.

:patriot:

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x8648896

They said that from 30,000 ft. the oil slicks are easily seen and they go on and on.

ps...I hope it's ok to post this link, it was a very telling one and puts the scope of the blowout out there.

We should sell of BP's assets but it in a ten year trust from which we pay restitution and after the ten years is up the remaining funds can be distributed to current debt and equity holders.


Companies fail for much lesser mistakes their is no reason BP should remain immune.

already approved.


big business rolls on. we get to eat shit.

The days of the business working to give their help a good life is long gone, you can start the real downward slide with Ronney and his air controllers. The workers became expendable.

I disagree with the President about offshore drilling, the current blowout is why. It's been an 'accident' waiting to happen.

WE paid their bills.

BP is just as rotten and corrupt, no doubt. But the situations are different.

and they still aren't. The GoM isn't the only place they drill, they have assets all over. Stocks are down but they'll go back up, and the lawyers will make billions....but BP will pay.

after they payout what is needed, which could take quite a while then they can go under.

Since BP is obviously TBTF, we could just bail 'em out like we've done for every other TBTF corporation.

I don't and can not pretend to begin to know the answer to this cluster****. I just know that hearing BP is going in the "oil giant should "remain a strong and stable company" category makes me dizzy, nauseated and prone to flashbacks.

n/t

corporations.

But see, that would take all of us (all 300 Mil or so)sticking together union-style.

TPTB keep us all divided on lifestyles, race, ethnicity, sex, culture, economics, and along party lines and political rhetoric, etc. If people would just stop hating each other and just realize we all basically want the same things, then and only then can We The People actually stand as one against the putrid corruption that infested our government.

or is it just your opinion?
I have yet to hear about this and would very much like a link.

arne duncan charter schools

You'll find all the links you want.
It's been all over DU for quite a while, look up madfloridian's journal for example.

and BP will be around to share in all of that good stuff.

If Obama forces BP to bear the legal consequences for what they've done, BP will be ruined, Britain will be dealt a crippling blow, and British troops will stop helping us to secure more Mideastern-Central Asian fossil fuel resources for BP. Is that what you want to happen? Because that's exactly what would happen. If President Obama doesn't shield BP from angry little people like yourselves and regulators and Judges, the transatlantic alliance is finished.

The American people are just going to have to sacrifice. You heard the President speaking the other day: this is war after all. (I'm referring of course to his rose garden statement after Gen. McChrystal resigned, and referring to the real war he spoke of then, not the phony metaphorical "war" he spoke of in his Oval Office skit of 2 weeks ago). They'll have to sacrifice their young, and some of their Gulfs of Mexicos, and who knows what other features of the landscape, a great deal of money plus probably some of their life expectancy, and some days out of the week there will be a heavy smell of oily rags and kerosene in the air. And just forget about the wildlife. But the wars will plod on to final victory -and then some, probably- and the oil shall be ours.

And there's not a damn thing you can do about it. Because British Petroleum's share in the American Way of Life is not negotiable.

We stand in front of an open door that if we dare enter beyond, we can make happen many of the changes we know need to happen.

To some, it is a very scary open door.
Some would prefer the door be closed and life as we know it just carry on.

And I don't have a clue about how much time we have before the door is slammed shut and we lose again.

and the damage they caused. Oh and while we are at it, let's make the citizens pay to clean up BP's damage, since BP won't be around. It's amazing how many people don't really do critical thinking anymore.

color me unimpressed.

Profits are not more important then people.

No person or corporation should be exempted from the just consequences of their actions.

The needs of flesh and blood (whether human or animal) trump those of artificial corporate citizens.

I'm not so sure the President shares my values.

some people here really don't want this information to be seen.

fuck their strategic ambitions....they fucked up royal and there are consequences (or should be)

needs to stay in business and keep paying and paying. It sucks but it would be worse on taxpayers if they go under.