Tuesday, June 15, 2010

BP (NYSE:BP) Bankruptcy Irrelevant to Americans

While the results of a new Gallup/ USA Today poll unsurprisingly revealed Americans don't care if paying the costs of the cleanup drives BP (NYSE:BP) to bankruptcy, it unfortunately shows their cluelessness as to the consequences if they do.

If BP goes to bankruptcy, overall there will be no more payout, as they'll be protected from their creditors, which at this time is everybody affected by the Gulf oil spill.

A healthy BP is a necessity for the process to go forward and damages to be taken care of. And Americans also are considering the cleanup aspects and costs, which BP must have the capital to deal with.

In another finding of the poll, about 70 percent of American don't believe Obama has been tough enough on BP, although attempting to appear and act too tough has backfired, so that's somewhat of a catch-22 for Obama, who must walk a fine domestic and international line when dealing with the situation.

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