Drop in BP shares negates early marke...

Drop in BP shares negates early market rally

There are 15 comments on the TwinCities.com story from Jun 9, 2010, titled Drop in BP shares negates early market rally. In it, TwinCities.com reports that:

The stock market had another late-day slide today, this time because of fears that the Gulf oil spill will send BP into bankruptcy court.

Join the discussion below, or Read more at TwinCities.com.

gwisahoax

Minneapolis, MN

#1 Jun 9, 2010
Thanks Mr. President. Go down there and kick some a$$. Beat the stock down so it will have to file bankruptcy and then the tax payers can pay for the cleanup.

BP is one of the biggest cash producing businesses in the world. If this one goes down, we could be in for a very severe depression. The government doesn't have any bullets left to fight another downturn now.

This is what we get when we have incompetent people in the White House. 8 years of Bush and Now 2 years (so far) of Obama.
gwisahoax

Minneapolis, MN

#2 Jun 9, 2010
I find it at the very least a bit humorous that the President can use a word on TV and then it gets repeated over and over and over again, and it gets censored on this site.

“I am always right.”

Since: Oct 09

Former MN Taxpayer

#3 Jun 9, 2010
BP should not ever be allowed to file bankruptcy. If they ever balk at paying any of the claims (not just the ones they deem as justifiable) then Mr. Obama needs to step in and take over the company.

After everything they have done to us, it is now about justice. We need to make sure they pay and pay and pay. Or else face the man who is now deciding "whos ass to kick".
BP CEO

United States

#4 Jun 9, 2010
Sure glad Obama has time for concerts inside the WH while the ocean is turning black
Owl Gore

Monroe, LA

#5 Jun 9, 2010
In May 2010, the Washington Examiner reported that DeLauro and her husband, media consultant Stanley Greenberg had provided free rent at their Washington, DC home to then Congressman and present White House Chief of Staff Rahm Emanuel. At the time Emanuel received free rent from the couple, Greenberg’s firm was engaged in a public relations campaign for British Petroleum touting their environmental record. Critics had accused Greenberg of greenwashing BP’s true record.

******

Emanuel lived for five years rent-free in an apartment in Washington, D.C. which was provided by a close friend who was under contract with BP.

Stanley Greenberg, husband of Connecticut Democrat and U.S. Representative Rosa DeLauro, provided the apartment. Greenberg owns a consulting firm that was hired by BP to revamp its image, shifting its focus away from oil to ‘green’ technology.

The firm received hundreds of thousands of taxpayer dollars through a committee chaired by Emanuel.

Greenberg’s firm—Greenberg, Quilan, Rosner—details on its website the plan it developed for BP’s ‘rebranding.’

The firm also has close ties to the Democratic Party and some of the most well-known Democrats in the nation:

Greenberg Quinlan Rosner is also tied heavily to the Democratic Party, as it created a sister political consulting company named “GCS,” an acronym based on the last names of the principals – Stanley Greenberg of GQR, James Carville, the long-term adviser of Bill Clinton, and Bob Schrum, the campaign manager for Sen. John Kerry’s unsuccessful 2004 presidential campaign.
Within weeks of Obama’s inauguration to the Presidency, some of the top newspapers in the country had discovered that Rahm was living rent-free in an apartment provided by Greenberg and raised questions about the propriety of such a scenario.

The Associated Press, the Chicago Tribune, and the New York Post all reported the relationship and raised questions concerning possible conflicts of interest.

Yet, at the very same time, the Obama Administration was touting BP as a ‘model’ of safety among oil giants.

Interestingly, Rahm Emanuel served as Chair of the Democratic Congressional Campaign Committee, which awarded Greenberg’s firm with contracts totaling more than a quarter of a million dollars.

In addition, most of the major news outlets are reporting today that over half of the federal judges who will be handling lawsuits against BP are themselves heavily invested in BP, Halliburton, and Transocean.

http://www.examiner.com/x-37620-Conservative-...

----------

numerous and strict regulations matter little when bribes and kickbacks overide what should be done ...

"When buying and selling are controlled by legislation, the first things to be bought and sold are legislators." -- P.J. O'ROURKE
Peter

Houston, TX

#6 Jun 9, 2010
IrishMN wrote:
BP should not ever be allowed to file bankruptcy. If they ever balk at paying any of the claims (not just the ones they deem as justifiable) then Mr. Obama needs to step in and take over the company.
After everything they have done to us, it is now about justice. We need to make sure they pay and pay and pay. Or else face the man who is now deciding "whos **** to kick".
Yeah, that's great. See, but we have laws and stuff that don't really allow a President to just take over companies, even the Messiah. How funny too thinking a government would ever run an oil company better than private industry. Sure, because Obama, brimming with pure aptitude, would obviously have mastery of running a huge corporation that mere mortals spend a decade or more being groomed for. I guess it's all that experience pimping government programs as an organizer.

What has BP done to "us"? My guess is that you've done nothing but benefit from the products they've offered. The Gulf will get cleaned up, much of it simply naturally. The fisherman and such will be covered by BP. BP will spend many billions and isn't arguing the point in the least. Tourists will be gone for a while, but sandals will be replaced by the boots of the cleanup crews. Restaurants and hotels are about to get really busy. That's just a fact.
really

Waconia, MN

#7 Jun 9, 2010
Interesting that Obama is to blame for this disaster. 2001 under Bush & Chenney is when the offshore drilling really got going in the gulf. Haliburton has interest in this well. Any questions?
Owl Gore wrote:
In May 2010, the Washington Examiner reported that DeLauro and her husband, media consultant Stanley Greenberg had provided free rent at their Washington, DC home to then Congressman and present White House Chief of Staff Rahm Emanuel. At the time Emanuel received free rent from the couple, Greenberg’s firm was engaged in a public relations campaign for British Petroleum touting their environmental record. Critics had accused Greenberg of greenwashing BP’s true record.
******
Emanuel lived for five years rent-free in an apartment in Washington, D.C. which was provided by a close friend who was under contract with BP.
Stanley Greenberg, husband of Connecticut Democrat and U.S. Representative Rosa DeLauro, provided the apartment. Greenberg owns a consulting firm that was hired by BP to revamp its image, shifting its focus away from oil to ‘green’ technology.
The firm received hundreds of thousands of taxpayer dollars through a committee chaired by Emanuel.
Greenberg’s firm—Greenberg, Quilan, Rosner—details on its website the plan it developed for BP’s ‘rebranding.’
The firm also has close ties to the Democratic Party and some of the most well-known Democrats in the nation:
Greenberg Quinlan Rosner is also tied heavily to the Democratic Party, as it created a sister political consulting company named “GCS,” an acronym based on the last names of the principals – Stanley Greenberg of GQR, James Carville, the long-term adviser of Bill Clinton, and Bob Schrum, the campaign manager for Sen. John Kerry’s unsuccessful 2004 presidential campaign.
Within weeks of Obama’s inauguration to the Presidency, some of the top newspapers in the country had discovered that Rahm was living rent-free in an apartment provided by Greenberg and raised questions about the propriety of such a scenario.
The Associated Press, the Chicago Tribune, and the New York Post all reported the relationship and raised questions concerning possible conflicts of interest.
Yet, at the very same time, the Obama Administration was touting BP as a ‘model’ of safety among oil giants.
Interestingly, Rahm Emanuel served as Chair of the Democratic Congressional Campaign Committee, which awarded Greenberg’s firm with contracts totaling more than a quarter of a million dollars.
In addition, most of the major news outlets are reporting today that over half of the federal judges who will be handling lawsuits against BP are themselves heavily invested in BP, Halliburton, and Transocean.
http://www.examiner.com/x-37620-Conservative-...
----------
numerous and strict regulations matter little when bribes and kickbacks overide what should be done ...
"When buying and selling are controlled by legislation, the first things to be bought and sold are legislators." -- P.J. O'ROURKE
buy BP

Elk River, MN

#8 Jun 9, 2010
We should all be buying BP gas right now to help out with the clean-up in the gulf. We have all used BP gas in the past, so we are all partly responsible for the spill. If we didn't buy their gas, they wouldn't be drilling right?
gwisahoax

Minneapolis, MN

#9 Jun 9, 2010
IrishMN wrote:
BP should not ever be allowed to file bankruptcy. If they ever balk at paying any of the claims (not just the ones they deem as justifiable) then Mr. Obama needs to step in and take over the company.
After everything they have done to us, it is now about justice. We need to make sure they pay and pay and pay. Or else face the man who is now deciding "whos **** to kick".
You don't seem to understand...
2 months ago, BP had a market cap of $180 Billion. Today the same company is worth $90 Billion. The company can generate cash like none other in the world. By taking them over, the cash engine dies and when the money's gone, it's gone. This is without figuring in the number of jobs lost and suppliers affected. The residual effect would spin through the fragile economy like GM's collapse.

I believe it is everyone's best interest to see BP survive this. They can pay restitution for years to come without destroying anything. They can pay to clean up the mess. I doubt anyone in this administration see's the train wreck that is coming.
Owl Gore

Minneapolis, MN

#10 Jun 9, 2010
really wrote:
Interesting that Obama is to blame for this disaster. 2001 under Bush & Chenney is when the offshore drilling really got going in the gulf. Haliburton has interest in this well. Any questions?
<quoted text>
Bush gave Deep Water Horizon 6 citations for safety violations- Obama gave it Awards.

In a stunning AP story, it has been learned that the Bush Administration cited the Deep Water Horizon (The oil rig that sank after an oil well it dug in the Gulf of Mexico exploded) for six safety violations in less than five years beginning in 2002, but the Obama Administration gave it a safety award last year. Here is a key passage in the AP story:

A summary of the inspection history that the MMS officials provided AP said the Deepwater Horizon received six "incidents of noncompliance" the agency's term for citations.

The most serious occurred July 16, 2002, when the rig was shut down because required pressure tests had not been conducted on parts of the rig's blowout preventer the device that was supposed to stop oil from gushing out if drilling operations experienced problems.

That citation was "major," said Arnold, who characterized the overall safety record related by MMS as strong.

A citation on Sept. 19, 2002, also involved the blowout preventer. The inspector issued a warning because "problems or irregularities observed during the testing of BOP system and actions taken to remedy such problems or irregularities are not recorded in the driller's report or referenced documents."

During his Senate testimony last week, Transocean CEO Steven Newman said the blowout preventer was modified in 2005.

According to MMS officials, the four other citations were:

Two on May 16, 2002, for not conducting well control drills as required and not performing "all operations in a safe and workmanlike manner."

One on Aug. 6, 2003, for discharging pollutants into the Gulf.

One on March 20, 2007, which prompted inspectors to shut down some machinery because of improper electrical grounding.

You can read the full story here.

http://news.yahoo.com/s/ap/20100516/ap_on_bi_...

...really uninformed
Insert Name Here

Avon, MN

#11 Jun 9, 2010
IrishMN wrote:
BP should not ever be allowed to file bankruptcy. If they ever balk at paying any of the claims (not just the ones they deem as justifiable) then Mr. Obama needs to step in and take over the company.
After everything they have done to us, it is now about justice. We need to make sure they pay and pay and pay. Or else face the man who is now deciding "whos **** to kick".
Does that mean that next time Obama won't be ther number one benefactor for campaign contributions?
Insert Name Here

Avon, MN

#12 Jun 9, 2010
Say is Obama going to give his campaign money from BP back or use it for the cleanup effort?

Is he going to talk to the CEO of BP? Funny, he'll talk to Amendnijhad, Chavez etc. But won't talk to the CEO of BP.
Owl Gore

Minneapolis, MN

#13 Jun 9, 2010
Obama top recipient of BP contributions last 20 yrs.

While the BP oil geyser pumps millions of gallons of petroleum into the Gulf of Mexico, President Barack Obama and members of Congress may have to answer for the millions in campaign contributions theyve taken from the oil and gas giant over the years.

BP and its employees have given more than $3.5 million to federal candidates over the past 20 years, with the largest chunk of their money going to Obama, according to the Center for Responsive Politics. Donations come from a mix of employees and the companys political action committees $2.89 million flowed to campaigns from BP-related PACs and about $638,000 came from individuals.

http://www.politico.com/news/stories/0510/367...

Obama sheltered BP's Deepwater Horizon rig from regulatory requirement

Last year the Obama administration granted oil giant BP a special exemption from a legal requirement that it produce a detailed environmental impact study on the possible effects of its Deepwater Horizon drilling operation in the Gulf of Mexico, an article Wednesday in the Washington Post reveals.

Federal documents show that the Department of the Interior's Minerals Management Service (MMS) gave BP a "categorical exclusion" on April 6, 2009 to commence drilling with Deepwater Horizon even though it had not produced the impact study required by a law known as the National Environmental Policy Act (NEPA). The report would have included probable ecological consequences in the event of a spill.

http://www.telegraph.co.uk/expat/expatnews/77...

Owl Gore

Minneapolis, MN

#14 Jun 9, 2010
In January 2009, Secretary Salazar said he was doing a thorough review of the Minerals Management Service for being too close to the oil industry after a Denver scandal over much of the same stuff alleged to have happened in N.O.

U.S. Interior Secretary Ken Salazar said Thursday that he has ordered a re-examination of the scandalized Interior Department division based in Lakewood, including why the U.S. Justice Department did not pursue more criminal prosecutions.

Two convictions resulted from a wide-ranging inspector-general inquiry that last year exposed improper relationships between Minerals Management Service employees and energy firms, in addition to self-dealing by some staffers.

"There's a new sheriff in town," Salazar said during a news conference at the MMS complex. "We will be visiting with the new U.S. attorney general and take a new look at it."

http://www.denverpost.com/ci_11586212...



This one is on the "new sheriff's" watch. Guess he turned out to be more like Barney Fife than Wyatt Earp. If bad apples were still burrowed in MMS, it's because Sheriff Ken left them there after his review.

Maybe Denny Green should be the new Sheriff .
Insert Name Here

Avon, MN

#15 Jun 10, 2010
Crickets on the left.

Tell me when this thread is updated:

Subscribe Now Add to my Tracker

Add your comments below

Characters left: 4000

Please note by submitting this form you acknowledge that you have read the Terms of Service and the comment you are posting is in compliance with such terms. Be polite. Inappropriate posts may be removed by the moderator. Send us your feedback.

BP Prudhoe Bay Royalty Trust Discussions

Title Updated Last By Comments
News BP ruled 'grossly negligent' in Gulf oil spill (Sep '14) Sep '14 Tuco Blondie 4
News Halliburton Admits Skipping Key Cement Test (Oct '10) Aug '14 swedenforever 15
News BP Covered Up Blow-out Prior to Deepwater Hori... (Apr '12) Mar '14 swedenforever 18
News Indian official: Diplomat's arrest in NYC barbaric (Dec '13) Dec '13 Jeff Brightone 1
News Suspect arraigned in motorcycle-SUV brawl in NYC (Oct '13) Nov '13 Daequan McRapeo 24
News Urban revitalization as a process: part 1, H St... (Nov '13) Nov '13 nova 1
News DealBook: Breuer Reflects on Prosecutions That ... (Mar '13) Mar '13 Nancy 1
More from around the web