Wednesday, August 4, 2010

Insider Stock Trading Among BP (NYSE:BP) Employees

Well, we've heard just about everything about BP (NYSE:BP), but now they are under investigation by U.S. authorities for insider stock trading among its employees. This is just one of many parallel investigations currently underway.

Since the suspicions arose, The Department of Justice and the Securities and Exchange Commission have been looking into the allegations. It's being said that there were BP insiders who had access to knowledge about the company's plans.

This knowledge for the oil cleanup and spill containment efforts were than used to cash in by trading shares. It's also being said that this information was leaked to others outside of the company.

Meanwhile, BP continues forward with its "static kill" attempt. The company is still optimistic that the relief wells will be finished by the end of this month. While the federal government has increased their estimate to almost 5 million barrels of oil that has polluted the Gulf. That's more than 12 times what BP was originally estimating.

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