Obama wants to run BP too
Topics: Regulation
04 Jun 2010
From: Ervan Darnell
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Obama: "And what I don=92t want to hear is, when they=92re spending that ki=
nd of
money on their shareholders, and spending that kind of money on TV
advertising, that they=92re nickel-and-diming fisherman or small businesses
here in the Gulf who are having a hard time." [1]
This is why he's a socialist at heart. Yes, BP is in a world of trouble an=
d
they will almost surely face lawsuits and fines. So be it, that's the law
they operate under. But Obama's point of view is "To hell with the law, I
know what's best." I don't know BP's dividend schedule, but they could be
paying out earnings from previous quarters now, or maybe they still have a
profit this quarter. That's fine. It doesn't matter what their motivation
is. It's their business (except for the conceivable case of committing
fraud by intentional bankruptcy, but there is no evidence of that so far).
Those fisherman will have their day in court for damages, as well they
should. But Obama isn't happy with that. Based on knowing nothing about
geology, or engineering, or exactly what hardships are yet to be suffered,
nor what conclusions the tort system will reach, he's sure the payout isn't
enough.
While his words don't have the force of law, such statements indicate that
he is intending to change the legislative environment BP lives in unless
they play ball with his demands. That's just blackmail by other means.
--------------------------
[1]
http://www.nytimes.com/2010/06/05/us/politics/05obama.html?src un&feedurl=
http://json8.nytimes.com/pages/national/index.jsonp
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Obama: "
, 'times new roman', times, serif; font-size: 15px; line-height: 22=
px; ">And what I don=92t want to hear is, when they=92re spending that kind=
of money on their shareholders, and spending that kind of money on TV adve=
rtising, that they=92re nickel-and-diming fisherman or small businesses her=
e in the Gulf who are having a hard time." [1]
, times, serif" size "4">
ize: 15px; line-height: 22px;">
Apple-style-span" face "georgia, 'times new roman', times, serif"=
size "4">
-height: 22px;">This is why he's a socialist at heart. =A0Yes, BP is in=
a world of trouble and they will almost surely face lawsuits and fines. =
=A0So be it, that's the law they operate under. =A0But Obama's poin=
t of view is "To hell with the law, I know what's best." =A0 =
I don't know BP's dividend schedule, but they could be paying out e=
arnings from previous quarters now, or maybe they still have a profit this =
quarter. =A0That's fine. =A0It doesn't matter what their motivation=
is. =A0It's their business (except for the conceivable case of committ=
ing fraud by intentional bankruptcy, but there is no evidence of that so fa=
r). =A0Those fisherman will have their day in court for damages, as well th=
ey should. =A0But Obama isn't happy with that. =A0Based on knowing noth=
ing about geology, or engineering, or exactly what hardships are yet to be =
suffered, nor what conclusions the tort system will reach, he's sure th=
e payout isn't enough.
', times, serif" size "4">
ont-size: 15px; line-height: 22px;">
s "Apple-style-span" face "georgia, 'times new roman', times, s=
erif" size "4">
line-height: 22px;">While his words don't have the force of law, such =
statements indicate that he is intending to change the legislative environm=
ent BP lives in unless they play ball with his demands. =A0That's just =
blackmail by other means.
#39;times new roman', times, serif; font-size: 15px; line-height: 22px;=
">
ily: georgia, 'times new roman', times, serif; font-size: 15px; lin=
e-height: 22px; ">--------------------------
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