Perhaps you weren't around during Bear/Lehmann collapse. I sold 3k shares of Bear Stearns(forget the ticker already) on the last friday around 31.00 at the closing price. The following monday morning, it opened below $3. Now that was absurd. and we know anything could happen. BP MUST STOP THE LEAK! They've been trying for the past 3 weeks or so without much success now. This goes on for another week or so, the oil will could reach Tampa area....give it a few more weeks, it'll escape from the Gulf. this spill could fill the entire Atlantic. XOM couldn't survive the damage if that were to happen. I'm just hoping that BP doesn't seek for gov't help when it's too late. This may sound foolish but it could happen.
Longs are getting stopped out, and then the shorts will get squeezed if BP can survive the bashing from the media and US government. This company earns BILLIONS per quarter!
Put your money where your mouth is and short it then. BP is fucking loaded, they will not go bankrupt. Even if it costs then billions and billions more, they will not go bankrupt. Ever read a financial statement in your life?
Yes, they said the same thing about Exxon after Valdez. And now that Congress is going to increase the liablity damage limit to 10bill BK is a definte possibility.
Is Exxon bankrupt? $10 billion would definitely not bankrupt BP. Especially since that $10 billion hypothetical number would not be due all at once. And also, are you forgetting the minority players in this? BP will go after them for a portion of the costs as well.
Bama talk will only drive away BP jobs in the USA. It is Bama's job BP to clean up its act in the USA, but not his business to interfere with BP dividend if BP has to cash to pay dividend as well as pay for the US clean up cost and other claims.
I think people are grossly underestimating how much this is going to cost BP, the legal fees alone are going to run into the billions there will be law suits going on for the next 20 years for BP, if they dont go bankrupt in the states. That on top of the reputational damage, I would guess that they are toast, in the United States anyways.
The lawsuits will be consolidated in Houston federal court.....I think everyone will be surprised how quickly they are dealth with and the matter settled..... Real documented damages will get paid ASAP....emotional distress from someone in Denver watching CNN is not, LOL... If municipalites do not close a beach because the oil slick never got that close and yet vacationers don't come because of the media reports, is that a "cause and effect" or should you sue CNN?? Don't know the answer but it will come up... SteveD