BP is done...

[Stuart G]

depending on ultimate liability that is assumed. If this thing goes on, and on..till August, I believe that it will cause bankruptcy.
Assets will be bought up by the remaining oil companies, and life will go on. Except in the Gulf of Mexico, where a lot of life will not go on.

I might add, I doubt anyone will be found criminally responsible. Most of us have already said this. The crooks in Congress will protect them. I don't see anyone in the banking industry criminally responsible..do you?

[dipsydoodle]

1. If they filed for bankruptsy

they file for protection at the same time and the creditors would simply form an orderly chain while the mess was resolved and they popped up again at the other end. In the meanwhile it would fuck just about every pension fund in existence. If you're lucky it just won't happen.

[rzemanfl]

10. I wonder how much of my retirement is invested in BP (I have no

control over it). I know they took a big hit on Enron. One more thing to worry about here near the beautiful, doomed Gulf of Mexico.

[DrDan]

2. or anyone from the past felonious administration

oh wait - that wasn't congress that stymied their prosection, was it.

[AllentownJake]

3. The key is Government Fines

I don't believe that the company can protect the assets from these in bankruptcy proceedings.

[stlsaxman]

4. good- as long as dear, sweet Halliburton remains unscathed...

:sarcasm:

[Scuba]

5. Nationalize them. Use future profits to clean up the mess and compensate victims.

[Stuart G]

8. Yes, great idea..

[Stuart G]

9. Double post.. sorry

[socialist_n_TN]

24. That's it. Also keep the physical assets

to put together "Government Oil" a publically owned and price fixed company to serve the American consumer.

[Obamanaut]

6. And come November, we will reelect the very same ones described

in the OP as "...crooks in Congress will protect them...."

[HooptieWagon]

7. Don't be so sure.

I don't know for sure, but I wouldn't be surprised if BP has separate companies for exploration, production, transport, refining, and wholesale/retail sales; so a large liability incurred by by one operation doesn't extend to all operations. It's quite likely that only BP exploration is bankrupted, and they'll be back in business (as usual) in no time.....

[gateley]

22. Bill Nye the Science Guy was showing how much BP is in our lives.

Castrol Motor Oil, plastic bottles, on and on.

[KharmaTrain]

11. Have Congress Create A "Superfund"...

BP already is judge shopping...Rachel mentioned one in Houston who is on their payroll who they'd surely love to handle the claims and a possible Chapter 11 filing. Congress can prevent this tomorrow by passing legislation that states if BP does go bankrupt, its assets can be frozen or seized until all creditors are fully paid. My bets are that would put a kabosh on them looking for the "poor" way out...and as someone properly stated, those who will get hurt are the stockholders...mostly pension funds...not the principals who will golden parachute to another oil company or lobbying firm.

They also need to set up a "Superfund"...while BP is liable for the clean-up, there needs to be shared liability from ALL companies that profit from drilling in the Gulf, Alaska and other locations that will pay for any economic distress...loss of jobs that such a catastrophe can create. With the billions of dollars to be made, its too big a prize for companies to walk away from.

Criminality is another issue...easily confused in the frustation. Yesterday I saw testimony being taken and I imagine we'll see some type of prosecution in the near future.

[Change Happens]

12. No bankruptcy, but large sums will be paid in fines, and the bad PR will

force them to change names...At least in the US.

[stray cat]

13. They should say to hell with it and walk away - leave others to live with trying to fix it

[lpbk2713]

14. The top brass and Board Members will still be filthy rich.

With special emphasis on "filthy".

They are playing out the same scenario as the criminals Bush & Cheney.

[elocs]

15. No. The simple reality is, no. n/t

[charlesg]

16. The biggest supplier of fuel to the U.S. military?

[socialist_n_TN]

25. All the more reason to nationalize BP assets

in the US and use the physical assets (refineries, drill rigs, etc) to create "Government Oil" to supply military and other governmental needs. No profit needs = lower costs for government. Anything left over could be sold to the public at a standard price fixed to the market but WITHOUT THE PROFIT MARGIN. This would result in a bargain for the US consumer too.

[Stuart G]

27. Perhaps nationalization is the only way to go.

but how would that get through Congress?

[tomm2thumbs]

17. they are no doubt 100 layers of shell companies that can trim off a few loose ends and move on

it might not be the same name, nor the same 'inc' but these things are like black mold - unless you remove every last piece of the structure, they grow back, and eventually take hold again and again and again

for some things there is no bleach that will do the trick

[Tesha]

18. Naaaahhh -- Bhopal didn't destroy Union Carbide, and this won't destroy BP.

(Even if it should. If corporations are persons, why can't we give them the
death penalty?)

Tesha

[BeFree]

19. All your BP are belong to US.

US BP working for me!!

Catchy, right?

[chrisa]

20. Don't worry. The government will bail them out.

Remember that the government has a blank check. BP's lobbyists will just ask for more money. The government will then just cut more social programs, or raise taxes in order to shell out billions per year to save BP.

Also, nobody will ever be found criminally liable in BP. Congress will protect them, and anybody who dares speak out against BP risks their livelihood. Those who were sickened, or those who were killed will have their family given a small, token payment in exchange for having them shut up and sit down (eg. legalized hush-money).

Ahhh... The smell of corporate Fascism is in the air.

[gateley]

23. I'm not so sure about Congress protecting them. They have

an awful lot of irate constituents. This could be a make or break vote for several of those in office, so I'm guessing they will tread warily.

[bunny planet]

21. I read somewhere the other day that JP Morgan Chase owns 30%

of BP - its incestuous and criminal.

[Odin2005]

26. No, they are who is REALLY in charge, so they will make sure they get bailed out.