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10th June 2010, 09:50 AM
Oil giant BP, under mounting pressure to meet its obligations in the Gulf of Mexico oil spill, has agreed to implement a more transparent and expedited claims process to pay individuals and businesses harmed by the disaster, U.S. officials said Thursday...
In a news conference, Holder promised "that the American people will not pay a dime for the cleanup of the Gulf region and that BP will be held responsible for all the damages that have occurred." He said the administration would "take the necessary steps to make sure that that occurs." However, he declined to comment when asked whether the administration would seek an injunction to prevent BP from paying dividends to shareholders.
Since the Deepwater Horizon explosion, BP's stock price has dropped by more than 50 percent. The most recent declines were attributed to both the amount of oil flowing from the well and comments from Interior Secretary Ken Salazar that the Obama administration will ask BP to repay the salaries of workers laid off because of the six-month moratorium on deepwater exploratory drilling.
Concerns have also grown that BP will have to suspend its dividend payment under pressure from U.S. lawmakers who say the money should go toward paying legal claims and for environmental repair in the gulf. In the past two days, seven analysts have cut their expectations on the likely payout, giving more reason to sell the stock.
Also Wednesday, a group called Earth Economics issued a report valuing the "ecosystem services" of the Mississippi River delta at $12 billion to $47 billion per year. Those services include fishing, recreation and the hurricane protection provided by the delta's coastal marshes. If the delta were for sale, the group found, its value would be between $330 billion and $1.3 trillion.
Linky (http://www.washingtonpost.com/wp-dyn/content/article/2010/06/10/AR2010061002538.html)
Please read the entire linked article then ponder BP facing their Atlas Shrugged moment. According to Ayn Rand morality BP should pay the usual dividends to shareholders and proactively fight all liability claims by the government.
Comments?
:D
In a news conference, Holder promised "that the American people will not pay a dime for the cleanup of the Gulf region and that BP will be held responsible for all the damages that have occurred." He said the administration would "take the necessary steps to make sure that that occurs." However, he declined to comment when asked whether the administration would seek an injunction to prevent BP from paying dividends to shareholders.
Since the Deepwater Horizon explosion, BP's stock price has dropped by more than 50 percent. The most recent declines were attributed to both the amount of oil flowing from the well and comments from Interior Secretary Ken Salazar that the Obama administration will ask BP to repay the salaries of workers laid off because of the six-month moratorium on deepwater exploratory drilling.
Concerns have also grown that BP will have to suspend its dividend payment under pressure from U.S. lawmakers who say the money should go toward paying legal claims and for environmental repair in the gulf. In the past two days, seven analysts have cut their expectations on the likely payout, giving more reason to sell the stock.
Also Wednesday, a group called Earth Economics issued a report valuing the "ecosystem services" of the Mississippi River delta at $12 billion to $47 billion per year. Those services include fishing, recreation and the hurricane protection provided by the delta's coastal marshes. If the delta were for sale, the group found, its value would be between $330 billion and $1.3 trillion.
Linky (http://www.washingtonpost.com/wp-dyn/content/article/2010/06/10/AR2010061002538.html)
Please read the entire linked article then ponder BP facing their Atlas Shrugged moment. According to Ayn Rand morality BP should pay the usual dividends to shareholders and proactively fight all liability claims by the government.
Comments?
:D