BP going bankrupt! stocks down 15%!!

[Toro]

You know... if BP goes bankrupt before the cleanup is complete, I'll laugh my ass off as cleanup efforts end for nobody's getting paid.

Would serve the ecofascists right.

Bankruptcy does not mean they won't pay. What it means is that they will know how much they would have to pay. That's all.

As it stands, BP cannot go bankrupt right now. A pre-packaged bankruptcy allows BP to know what they would have to pay out in total. It would almost certainly wipe out shareholders. That is why the stock of BP got crushed today.

but they still have to wait for the leak to end before bankruptcy right?

No.

 

[Mini 14]

And now Maobama thinks he can hold BP accountable for all of the laid-off workers from the moratorium on off-shore drilling.

This is a comedy of errors that even Chaplain couldn't have dreamed up!

 

[boedicca]

If BP declares bankruptcy doesn't that mean all of their holdings are forfeit? Wouldn't that mean that WE would own all of BP? Sounds like a deal to me.

No that is not what it means. You do realize that BP is a British company and could simply dissolve and tell the USG to fuck off right? What is Obama going to to do , send marines to London to apprehend their CEO?

The Brits are not going to be inclined to run any bankruptcy process to the benefit of the U.S. (if it gets to that point). BP is a widely held stock, the dividends and stock price affect a great many people in the U.K. The fact that the stock price has dropped 50% has already caused a great deal of damage to small investors and retirees. The British government is not happy about this situation; and their is brewing sentiment that the Obama Administration's poor response and blame game have exacerbated the situation.

 

[Mr. Peepers]

It's the same type of attitude displayed by people who clamor to raise taxes on The Rich, only to find that once The Rich have less money to invest, there are less decent jobs for the "clarmorers".

Bullshit. The rich had a big tax break for 9 years and there are fewer available jobs now than BEFORE Bush took office and gave his cronies a tax cut... and credit is STILL in a stranglehold. Yeah, they invest all right. They invest in that shell company in the Caymans - not here. I'm so tired of "only the rich can grow the economy if you relieve their tax burden". Did that. Know what? IT DIDN'T DO ANY DAMN GOOD!!!

No one will ever answer me as to what good the tax breaks did. Maybe because they did no good? Well, they made the already uber rich super uber rich.

 

[boedicca]

At the end of Bush's two terms, there was a net increase in total employment in the U.S. Obama's oversight has resulted in a close to 2.5M net decrease in total employment.

Massive amounts of debt to fuel pork and prop up government jobs doesn't stimulate the economy, bub.

 

[ABikerSailor]

Don't know if you're aware of it, but corporations are composed of people (92,000 of them in BP's case) guess we don't care about the thousands and thousands of BP employees who undoubtedly did nothing wrong here?

Hey Cum Hog, got a question for you there sportcheck.............

Let's say that I own a business that is national, and the product I put out puts people in the hospital. Because the company is national, there are a couple thousand employees in my company.

I fail to follow proper procedures which is why the people got sick. Do I get to stay in business because of the several thousand people that I employ? I mean, only 30-50 people got sick, and only 1 or two died..........

It happened by the way, last year in Plainview TX with a peanut butter company that went out of business for getting people sick. Why? Unsanitary practices, as well as a failure to inspect things properly.

The company went out of business by the way.

BP had UNSAFE PRACTICES because they'd never drilled or thought about what could happen, instead deciding to trust technology. They also failed to buy a sonic shutoff valve, as well as failed to test the BOP valves completely.

And you're saying they should stay in business? How fucking stupid are you anyway, did you eat lead paint chips like Doritos as a child?

Hey queer biker, first you can hardly compare the two situations . oil spill =/= poisoning people. BUT let's look at a couple of factors.

1. That particular incident was not that companies first situation where customers were poisoned

2. That particular company went bankrupt because they didn't have the assets to cover their obligations, and stock holders weren't confident that they could ever turn it into a company that would be able to cover those assets.

So, a direct analogy is as worthless as you.

So, explain to me why BP should stay in business. C'mon ya spooge slurping Cum Hog, you can do it........

Tell me how in a free market, unsafe practices, shortcutting corners, bribing inspection officials as well as a major fuckup that is going to affect the ENTIRE PLANET for at least 10 years, that a company like that deserves to stay in business.

I'll wait until you finish your condom sandwich........

 

[WillowTree]

And now Maobama thinks he can hold BP accountable for all of the laid-off workers from the moratorium on off-shore drilling.

This is a comedy of errors that even Chaplain couldn't have dreamed up!

"never waste a good crisis" that's chicago thuggery at it's finest.

 

[boedicca]

The condemnation is premature. We don't know what caused what at this point.

 

[xsited1]

Stocks fall on fears the Gulf oil spill will put BP into bankruptcy | NOLA.com

Dilbert's Scott Adams on Betting on the Bad Guys in Investing - WSJ.com

 

[Mr. Peepers]

Massive amounts of debt to fuel pork and prop up government jobs doesn't stimulate the economy

And tax cuts to the already wealthy CERTAINLY don't stimulate the economy, do they? In fact, I would argue that it made things much, much worse. And, by the way, Bush has the worst employment track record of all time.

Studies Shed New Light on Effects of Administration?s Tax Cuts — Center on Budget and Policy Priorities

Bush On Jobs: The Worst Track Record On Record - Real Time Economics - WSJ

 

[SFC Ollie]

Hey Cum Hog, got a question for you there sportcheck.............

Let's say that I own a business that is national, and the product I put out puts people in the hospital. Because the company is national, there are a couple thousand employees in my company.

I fail to follow proper procedures which is why the people got sick. Do I get to stay in business because of the several thousand people that I employ? I mean, only 30-50 people got sick, and only 1 or two died..........

It happened by the way, last year in Plainview TX with a peanut butter company that went out of business for getting people sick. Why? Unsanitary practices, as well as a failure to inspect things properly.

The company went out of business by the way.

BP had UNSAFE PRACTICES because they'd never drilled or thought about what could happen, instead deciding to trust technology. They also failed to buy a sonic shutoff valve, as well as failed to test the BOP valves completely.

And you're saying they should stay in business? How fucking stupid are you anyway, did you eat lead paint chips like Doritos as a child?

Hey queer biker, first you can hardly compare the two situations . oil spill =/= poisoning people. BUT let's look at a couple of factors.

1. That particular incident was not that companies first situation where customers were poisoned

2. That particular company went bankrupt because they didn't have the assets to cover their obligations, and stock holders weren't confident that they could ever turn it into a company that would be able to cover those assets.

So, a direct analogy is as worthless as you.

So, explain to me why BP should stay in business. C'mon ya spooge slurping Cum Hog, you can do it........

Tell me how in a free market, unsafe practices, shortcutting corners, bribing inspection officials as well as a major fuckup that is going to affect the ENTIRE PLANET for at least 10 years, that a company like that deserves to stay in business.

I'll wait until you finish your condom sandwich........

Why should BP stay in Business? Simple if you would actually use your head. They have a lot of bills to pay. Bills that if they don't pay you and I will have to pay them. Why is this so difficult to understand? And you are condemning a company without any true knowledge of exactly what happened. What really did go wrong and whose fault is it? We simply do not know this yet.

 

[ABikerSailor]

Okay Bag Lady Delivery Douche Ollie........tell me..........just because people depend on them to make money, even in spite of many fuck ups, they should still be allowed to exist?

You really are stupid, even for an Army UPS Lady.

 

[Immanuel]

What a self-destructive display of schadenfreude.

If BP does declare bankruptcy, it will be in much worse position to provide funds to cover the clean, restoration, and economic damages due to the oil spill. There are thousands of American citizens who work for BP, and many more whose businesses and livelihoods are dependent upon it. BP's economic collapse is in nobody's interests, except for other large oil companies who salivate over scooping up their assets for pennies on the dollar in a court run dissolution.

A stock price of $0 doesn't necesarily mean the company is bankrupt. It depends on how much of their own stock they hold, and if there are loans against it.

Secondly, even if BP goes out of business, we still need oil. The unemployed BP workers can get jobs with the other oil companies who will swoop in a buy BP's assets. Oil doesn't drill itself out of the ground

It's the shareholders who will take haircut.

My question to you is this (and maybe it has been asked and answered later in the thread):

If BP goes belly up, who pays for the clean up of the frigging disaster that is threatening the Gulf Coast, and call me selfish, but that means my neighborhood as I live quite near the shores of Tampa Bay. But even if I didn't, even if I lived in Jericho, KS (Yes, I know it is a fictional town but you get the idea) I'd want to know who the hell was going to clean up the gulf.

Immie

 

[Immanuel]

Bankruptcy does not mean they won't pay. What it means is that they will know how much they would have to pay. That's all.

As it stands, BP cannot go bankrupt right now. A pre-packaged bankruptcy allows BP to know what they would have to pay out in total. It would almost certainly wipe out shareholders. That is why the stock of BP got crushed today.

You're assuming someone would purchase them. I have a feeling there would be only one buyer, US. As in buying responsibility for the clean up and various bailouts

no one is going to buy 'bp', somene will buy up their assessts and resources though

True, but for pennies on the dollar and the question is would that cover the cost of the cleanup.

I truly doubt it will and that is the concern that I have.

Being unemployed, I am concerned about others entering the job market to, but on the top of my list is getting that leak plugged and getting the Gulf of Mexico cleaned up and protection of the beaches of Louisiana, Mississippi, Alabama and Florida.

Immie

 

[SFC Ollie]

Okay Bag Lady Delivery Douche Ollie........tell me..........just because people depend on them to make money, even in spite of many fuck ups, they should still be allowed to exist?

You really are stupid, even for an Army UPS Lady.

Are you truly that ignorant? Are you ready to start paying the cleanup bills if BP goes under? I would much prefer that they continue to be a company and continue to employ people and continue to pay for this massive cleanup.

And no one can possibly be more stupid than a squid desk clerk. (since you want to keep that BS going)

 

[PatekPhilippe]

Okay Bag Lady Delivery Douche Ollie........tell me..........just because people depend on them to make money, even in spite of many fuck ups, they should still be allowed to exist?

You really are stupid, even for an Army UPS Lady.

Are you truly that ignorant? Are you ready to start paying the cleanup bills if BP goes under? I would much prefer that they continue to be a company and continue to employ people and continue to pay for this massive cleanup.

And no one can possibly be more stupid than a squid desk clerk. (since you want to keep that BS going)

rdean? Don't forget about rdean... and notice when BS get's his/her ass handed to it they begin with the sexist rants....real indicative of what a modern day liberal represents.

 

[PatekPhilippe]

Stocks fall on fears the Gulf oil spill will put BP into bankruptcy | NOLA.com

Are you happy now? Is your lust for vengeance against the evil corporation now sated?
GOOD...now get out your checkbook and pay for the clean-up.

 

[California Girl]

Stocks fall on fears the Gulf oil spill will put BP into bankruptcy | NOLA.com

That's fantastic.

Now the US taxpayer can fund the clean up.... and the compensation.... and every other cost to be met! YAY!

And.... millions of pensioners will go without because they unknowingly owned stocks in BP! HORRAH!

29,000 Americans can join the unemployment lines! RESULT!

And, all those BP gas stations - the ones that are actually owned by people who have little to do with BP.... they and their families can get in line too - the one for food stamps. WHOOO HOOO!

You people - and I mean those that "think" this is a good thing.... are, in fact, total fucking morons. You claim to care about your fellow man. Don't make me laugh.

 

[blu]

Stocks fall on fears the Gulf oil spill will put BP into bankruptcy | NOLA.com

Are you happy now? Is your lust for vengeance against the evil corporation now sated?
GOOD...now get out your checkbook and pay for the clean-up.

why would i pay for the cleanup? BP is going to do it, that is whats bankrupting them... are you really that dense?

 

[blu]

That's fantastic.

indeed

Now the US taxpayer can fund the clean up.... and the compensation.... and every other cost to be met! YAY!

bp will fund it to the tune of billions all the way until they finally close the doors

And.... millions of pensioners will go without because they unknowingly owned stocks in BP! HORRAH!

maybe people should invest their own money then instead of relying on 3rd parties?

29,000 Americans can join the unemployment lines! RESULT!

and they will be rehired by the companies that buy bp's assessts as has been expplained numerous times in this thread. that is how the market generally works

And, all those BP gas stations - the ones that are actually owned by people who have little to do with BP.... they and their families can get in line too - the one for food stamps. WHOOO HOOO!

and they couldn't license through another oil provider why?

You people - and I mean those that "think" this is a good thing.... are, in fact, total fucking morons. You claim to care about your fellow man. Don't make me laugh.

generations old businesses and jobs have disappeared due to BP's negligence. I care about those people and all the other people affected by BP's criminal behavior