Did you really think the dividend wasn't gonna be reduced or suspended? Are you a high school or college graduate?
The problem is the record date for the stock was May 7. Plenty of people probably had dividend capture strategies on and now are screwed, as are the ordinary investors who thought the company would act in an ethical manner. Bottom line, they caved to blackmail from Obama, who is not exactly known for his respect for the law or property rights. This weasel Hayward should be canned immediately, the responsible people in the E&P division should get the axe and the Board also should be recycled. This is a broken company run by idiots.
Probably most of that will happen. Shareholders are not allowed to whine. Buying any stock means that you agree to bear risk. They should make people sign a statement before buying any stock that says, "I understand that I can lose my money--all of it." People have no concept of the risks they are taking. Same thing with bonds. And yes, I do mean all bonds. It would not surprise me one bit if the US defaulted on its bonds at some point (though I'm sure they would have a good 'excuse' and would call it something else). Remember that we are talking about a country that tried to take everyone's gold at one point, and we now have Obama, the reincarnation of Comrade Roosevelt, running the place.
Maybe those old people should learn how to sell covered calls. Cause if they want income on BP thats pretty much it right now.
Obama has fucked this thing up from day one. They must have been bothering him while trying to decide who will win the NBA finals.
I went to a new trading group the other night. I ended up sitting next to some 90 year old lady who is selling naked puts and calls. She was a firecracker!