Thursday, June 3, 2010

Democrats Pressure BP (NYSE:BP) on Dividends

Democrats are going the fascist route again by trying to tell BP (NYSE:BP) what they should do with their dividends, much of which pensions of people in the UK are dependent upon.

Fascism refers to the merger of the government and business.

Democrat Senators Ron Wyden of Oregon and Charles Schumer of New York sent a letter to BP Chief Executive Officer Tony Hayward in an attempt to shake him down and manage the company from their Washington perches.

Hayward is reportedly and rightfully going to confirm he's going to maintain the dividend, and hopefully he won't fold. As always, the Democrats are going way too far and overreaching their authority, the reason they're going to take a beating in the upcoming elections.

To use this tragedy to build political capital, or at least attempt to, is cynical and opportunist, and will eventually backfire as people start to understand what is happening.

Democrat Senators have no right to tell a company what they should or shouldn't do with their dividends, and they need to such keep their tentacles out of things that are none of their business.

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