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Gold/Mining/Energy : Imperial Metals (IPM.T) -- Ignore unavailable to you. Want to Upgrade?

To: Italian Investor who wrote (470)	6/9/2010 5:15:57 PM
From: Italian Investor	Read Replies (1) \| Respond to of 1366

I liked his book, but I hope he is wrong wow 100 miles wide and at least 400 to 500 feet deep. Shares of BP (BP) are off $4.20, or 12%, at $30.50, extending rather dramatically their slide from the late morning, apparently prompted by some pretty harsh views expressed by energy investor Matt Simmons of boutique investment house Simmons & Co. Simmons, who wrote a book, Twilight in the Desert: The Coming Saudi Oil Shock and the World Economy, tells Fortune’s Nin-Hai Tseng today that the Gulf of Mexico spill could get much worse. “There’s a lake at the bottom of the Gulf of Mexico that’s over 100 miles wide and at least 400 to 500 feet deep of black oil,” says Simmons, and a hurricane could cause that lake of to “paint the Gulf Coast black.” Simmons thinks BP’s a step away from insolvency: They have about a month before they declare Chapter 11. They’re going to run out of cash from lawsuits, cleanup and other expenses. One really smart thing that Obama did was about three weeks ago he forced BP CEO Tony Hayward to put in writing that BP would pay for every dollar of the cleanup. But there isn’t enough money in the world to clean up the Gulf of Mexico. Once BP realizes the extent of this my guess is that they’ll panic and go into Chapter 11.