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Strategies & Market Trends : Booms, Busts, and Recoveries

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To: maceng2 who wrote (73391)	5/7/2010 10:17:21 PM
From: Maurice Winn	1 Recommendation Read Replies (1) of 74559

Yes, and that's a favourite of mine: <All accidents are preventable, you know that. > There is a common refrain "We all make mistakes". While that is true, it is trotted out as an excuse to avoid responsibility. More precisely, we all make mistakes and when we do, we take the consequences. When I lost my money on Globalstar, it didn't occur to me to ask the government to hand over taxpayer loot to protect my investment. The assets were sold and creditors got the money. I made a mistake and paid the consequences. The problem is that avoiding ALL accidents would be very expensive. I doubt very much that BP, after the Alaskan leak and refinery fire and deaths, were not very cautious about doing things right. They were already quite obsessive in the 1980s about health and safety. It was much more than window dressing. There are no doubt plenty of laws which the USA will bring to bear and BP and the platform operator and anyone else who had a causal contribution will be prosecuted and punished. I'd be surprised if they are looking forwards to the process and the market capitalisation loss suggests the shareholders will experience the financial consequences of their faulty hiring and management. I think BP has already agreed that they are at fault, at least in part. They have agreed to objective damages payments. They are scrambling to save the situation because they know they are liable. < if BP don't admit that they SCREWED UP, Barak Obama should just tell them to clear out of the GOM > I doubt that Barack can simply tell companies to breach contracts and clear out. Not without some significant unintended consequences of a less than desirable nature. It sounds tough, but some quiet reasoning might be more useful. "Come here so I can put my boot on your throat" is no way to discuss the situation - that person will not be repeating that expression. Mqurice

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