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To: chowder who wrote (134478)	6/10/2010 3:20:18 PM
From: ChanceIs	9 Recommendations Read Replies (4) \| Respond to of 206281

Chairman Of British Insurance Company RSA, John Napier, Attacks Obama Over BP Handling, Accuses President Of Hypocrisy Submitted by Tyler Durden on 06/10/2010 13:55 -0400 The BP fiasco is promptly spiralling out of control, and risks to alienate perpetual US ally Great Britain. Sky News reports that it has obtained an "astonishing letter" from RSA Chairman and popular social figure, John Napier, in which the Brit goes all out on the US president. "Please forgive this open letter but your comments towards BP and its CEO as reported here are coming across as somewhat prejudicial and personal. There is no doubt that BP, as a UK PLC, is totally committed to do everything possible to contain the oil leak and meet all its obligations in the USA. There is a sense here that these attacks are being made because BP is British. If you compare the damage inflicted on the economies of the western world by polluted securities from the irresponsible, unchecked greed and avarice of leading USA international banks, there has not been the same personalised response in or from countries beyond the US. Perhaps a case of double standards?" At this point, absent some material backtracking by the president, which in turn would be seen as huge weakness domestically, an ecological disaster is set to become a diplomatic one as well. More from the Napier letter to Obama as reported by Sky News: He continues: The immediate issues are very challenging but are best solved working together in a more Statesman like way." He ends the letter: "We can all agree that the first and absolute priority is to stem the leak. "Perhaps the second one is to ensure the reputation of the Presidency outside the USA is seen as objective, balanced, able and capable of taking the heat when under pressure. "We liked the Obama we saw at your election, can we have more of it please." The letter follows another attack on the president over his BP comments by Mark Dampier, of the financial services company Hargreaves Lansdown. Reffering to the fall in BP share prices Mr Dampier said: "Obama has his boot on the throat of British pensioners." On the other hand, as we disclosed yesterday, it does not seem like a very prudent move to have $81 million of the Scottish Widows Investment Fund invested in BP. Perhaps, the UK would benefit from some diversification, and not succumb to the salesmany tricks employed by the same US investment banks that Mr. Napier now abhors. At the end of the day, should BP CDS continue rising higher above their current level in the 500s, all of this political rhetoric may soon be moot.