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Politics : President Barack Obama
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To: Jim McMannis who wrote (75531)5/21/2010 5:22:27 PM
From: stockman_scott  Read Replies (1) of 149317
 
BP isn't going out of business...they are one of the top ten global firms ranked by size (well over $200 Billion in sales in 2009). BP is vertically integrated so not only does it explore for oil, it drills, it refines, distributes and then sells oil onto the global market and to consumers at it's stations. BP's board has to show some courage and fire it's CEO and the president of BP's North American operations -- they totally jeopardized the firm's credibility in the marketplace...CEO Tony Hayward and his top execs put profits ahead of safety and BP's catastrophic oil well blowout in the Gulf should be quite a wake up call for the company...BP can expect massive class action lawsuits, large shareholder lawsuits, potential fines and prosecution by the U.S. government, and consumer boycotts for some of their retail outlets...I've heard that BP's financial exposure over the next decade could be north of $25 Billion -- that will make what happened after the Exxon Valdez spill seem like kid's stuff...BP has the financial resources to follow through on the cleanup and compensate all the injured parties. Yet, I sure wouldn't trust the current BP management to run the company in the future and try to rebuild BP's reputation with all the stakeholders in the marketplace.
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