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Gold/Mining/Energy : Big Dog's Boom Boom Room -- Ignore unavailable to you. Want to Upgrade?

To: ChanceIs who wrote (134490)	6/10/2010 4:34:39 PM
From: ChanceIs	1 Recommendation Read Replies (1) \| Respond to of 206325

So you see Elroy, it has begun. Florida wants its pound of flesh. Alabama will want its. And Mississippi, etc, etc, etc. Some BP employee would like to get paid, and its CFO needs to borrow overnight to pay the poor bugger but it can't because nobody will lend to BP because....Florida and Alabama and whomever are nosing in at the front of the line. All I am saying is that this thing is big. Big. Big. Big. So big that BP will cease to be able to function as a normal business, and then it will be dead. It isn't too much different from Chrysler or GM, or Citi, or FNE/FRE, or Capital One, or General Electric - all of whom should have been sent to their graves. There is one big difference. BP has money and makes a product people want. So we should kill it and eat its carcass. Personally I would rather have a dead GM and a free model of one of the last cars off the line then a moribund GM which will need another bailout in a few years. I really don't want a GM car. But I do want oil. The only difference I see here (besides BP being profitable) is that BP is a foreign company. Just like the Scottish widows, American retirement funds have huge positions in BP. So if we bail it out then we won't have to bail out the US retirement funds. And if we don't bail out BP (or at least do something reasonable) then we will have to bailout the US retirement funds. Make no mistake. Perhaps just a bit like Stalin demanding a arbitrary number of Nazis - say 100K - be hung after WWI, I think that we should have a few criminal trials when the dust settles.

To: ChanceIs who wrote (134490)	6/10/2010 7:43:51 PM
From: CommanderCricket	3 Recommendations Read Replies (2) \| Respond to of 206325

Chance, Bill McCollum is running for governor of Florida. What do you expect? Every night on the local news, there are interviews of hotels, fisherman, etc, claiming to have lost business due to the oil spill. This is Tampa/St. Peterburg, hundreds of miles from the closest spilled oil and none has come closer then 200 miles to washing up on the beach. It may not even get this far. Makes me wonder how much the locals are blaming BP for a slow economy.

To: ChanceIs who wrote (134490)	6/10/2010 8:45:17 PM
From: ChanceIs	1 Recommendation Read Replies (2) \| Respond to of 206325

Another fine point on BP. Now comes Florida demanding escrow. Should BP respond? Should it respond separately to Mississippi, and Alabama and Tampa and Mobile. IOW, who is in charge. If BP pays Florida, and Florida doesn't pay Tampa as it should, and Tampa sues BP, what happens?? How can BP ever be sure that it wouldn't be paying twice for the same damages? You see. This is Big, Big, Big. It is a mess. I will get myself in trouble again, but this is something which should probably be handled at the federal level. If every little backwater along the GOM coast starts suing BP then it will be intractable. These people no doubt have real damages. I don't have the details, and I am not an attorney. But this is BIG. I sincerely suggest that the HUMANE thing to do would be for BP USA to file BK now. Then the assets get distributed evenly across the claimants - who probably won't get what they deserve. But at least everybody might get something.