Friday, June 04, 2010

BP's bribe for investors

Just when you thought BP's CEO Tony Hayward couldn't be more tone deaf, it seems there's a plan to hand over $10+bn in "profits" to shareholders.
BP declined to comment on its strategy tonight but it is understood that Hayward will say he is confident the company can pay for liabilities resulting from the Deepwater Horizon rig explosion – now estimated by analysts at $20bn to $60bn – as well as rewarding investors.
I have my doubts if there's enough money in the world for BP to reimburse the victims for the damage done to their lives. They haven't even stopped the gusher yet and BP is blithely offering empty reassurances? Not to mention anyone who invested in this greedy corporation and allowed it to cut corners on safety in order to see bigger returns themselves doesn't really deserve to be "rewarded."

I imagine, this boneheaded move will only lead to more protests like these. And meanwhile, BP is still trying to hide the damage by barring the media, and anyone really, from documenting the devastation. Thankfully, that's not working very well.

[More posts daily at The Detroit News]

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