It is being proven by a whistle blower that BP's (NYSE:BP) corruption goes deep and for many years. A former BP executive, Rick Lacey said that he's watched the oil company for years put profits everything ahead of everything else.
Lacey started his tell all novel in 2002 while still employed at BP as a financial analyst and accountant for almost eight years. His novel is titled "Involuntary Separation: Corporate Downsizing Gone Fatally Wrong." He isn't surprised at all at the massive oil spill and details the numerous missteps and shortcuts that BP took.
After helping BP lay off thousands of employees, he quit in 1988. One of BP's strategies was to contract to other smaller companies to decrease their liability in case of oil rig explosions and other potential accidents. "Prior to downsizing, BP drilled for its own oil," said Lacey. "So they would've been running the entire operation themselves and they would be responsible for the safety and liability for the spill."
That way BP could shift the blame to these other companies, even if they were to small to be able to pay for the oil cleanup and would have to file bankruptcy, he said. "If it was a smaller spill, they'd let the drillers go bankrupt." He said the only reason they're paying for this spill is because of the huge amount of public outrage BP would get if they did not.
We saw the scenario at the congressional hearings where each company was pointing their finger at the other, even President Obama was outraged at the companies lack of responsibilities.
Showing posts with label File Bankruptcy. Show all posts
Showing posts with label File Bankruptcy. Show all posts
Friday, June 11, 2010
Thursday, June 10, 2010
BP (NYSE:BP) LIAR, LIAR: Florida Beaches Closed
BP (NYSE:BP) oil seems to want to keep on pretending, by saying things like there are no oil plumes, or that they'll pay off everything and everyone involved with their failure to contain the oil, or how about the fact they are eventually going to file bankruptcy. All the while, the effect of this oil has reached Florida and they are closing their beaches.
Florida has closed over 6 miles of their white sand beaches. What used to be a beautiful beach front filled with bustling tourist staying at Florida's beach resorts this time of year, are now desolate and the white sands are stained with the evidence of the ongoing environmental disaster. Not to mention the massive layoffs that are sweeping the area.
When just days ago BP officials were publicly declaring that Florida would escape the impact of oil upon their shorelines. On Wednesday they were still insisting there are no oil plumes yet the testing done by government showed there are large plumes of crude oil as far as 3,000 feet down. BP seems to be taking a stance of "lets pretend, make believe, or liar liar." Or perhaps they're simply trying to fool the public.
Ken Salazar, The Interior Secretary told U.S. Congress he now expects BP on top of everything else, to pay for canceled salaries of anyone unexpectedly without work because of the six month memorandum on deep ocean drilling.
Florida has closed over 6 miles of their white sand beaches. What used to be a beautiful beach front filled with bustling tourist staying at Florida's beach resorts this time of year, are now desolate and the white sands are stained with the evidence of the ongoing environmental disaster. Not to mention the massive layoffs that are sweeping the area.
When just days ago BP officials were publicly declaring that Florida would escape the impact of oil upon their shorelines. On Wednesday they were still insisting there are no oil plumes yet the testing done by government showed there are large plumes of crude oil as far as 3,000 feet down. BP seems to be taking a stance of "lets pretend, make believe, or liar liar." Or perhaps they're simply trying to fool the public.
Ken Salazar, The Interior Secretary told U.S. Congress he now expects BP on top of everything else, to pay for canceled salaries of anyone unexpectedly without work because of the six month memorandum on deep ocean drilling.
Tuesday, June 8, 2010
BP (NYSE:BP): Declaring Bankruptcy
Andrew Ross Sorkin, writes that Wall Street is starting to look seriously at BP (NYSE:BP) and their potential to file bankruptcy.
"The idea that BP might one day file for bankruptcy, particularly as part of a merger that would enable it to cardon off it's liabilities from the spill, is starting to percolate on Wall Street. Bankers and lawyers are already sizing up potential deals (and counting their potential fees.) Given the plunge in BP's share prices, the company has lost more than a third of its value since Deepwater Horizon blew. Some bankers and analysts say BP is starting to look like take over bait. The question is, who would buy BP given its enormous potential liabilities," said Sorkin.
Federal Reserve chairman, Ben Bernanke predicts, "we'll have continued recovery but it won't feel terrific." He offers cautious reassurance that the U.S. recovery is on track, despite the turmoil we've seen in the financial markets. "There seems to be a good bit of momentum in consumer spending and investments," says Bernanke.
Although BP isn't verifying or denying weather they are declaring bankruptcy or not, they seem quite confident. Despite the fact they still have yet to contain the fuel spill spewing onto the seabed, have already spent over a billion dollars, and haven't even started on the fuel cleanup, or dealt with the legal claims that are pouring in.
"The idea that BP might one day file for bankruptcy, particularly as part of a merger that would enable it to cardon off it's liabilities from the spill, is starting to percolate on Wall Street. Bankers and lawyers are already sizing up potential deals (and counting their potential fees.) Given the plunge in BP's share prices, the company has lost more than a third of its value since Deepwater Horizon blew. Some bankers and analysts say BP is starting to look like take over bait. The question is, who would buy BP given its enormous potential liabilities," said Sorkin.
Federal Reserve chairman, Ben Bernanke predicts, "we'll have continued recovery but it won't feel terrific." He offers cautious reassurance that the U.S. recovery is on track, despite the turmoil we've seen in the financial markets. "There seems to be a good bit of momentum in consumer spending and investments," says Bernanke.
Although BP isn't verifying or denying weather they are declaring bankruptcy or not, they seem quite confident. Despite the fact they still have yet to contain the fuel spill spewing onto the seabed, have already spent over a billion dollars, and haven't even started on the fuel cleanup, or dealt with the legal claims that are pouring in.
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