Monday, June 7, 2010

Financial Writer Advises BP (NYSE:BP) to Deny Everything

Financial writer Bill Bonner has written BP (NYSE:BP) should deny everything and prepare for the onslaught of lawsuits about to hit the company.

Bonner stated, "There are billions in lawsuits coming up…and the attorneys around the Gulf are slicker than an oil spill. The English don’t realize what they’re up against…an Alabama lawyer in a seersucker suit…talking to an Alabama jury…about how a British billion-dollar company destroyed their lives and livelihood."

Concerning BP CEO Tony Hayward, he offered the advice he should keep quiet about everything and admit nothing, citing the apparently foolish comment that BP wasn't "prepared" for the spill.

Someone Bonner identified as a Washington friend said this about the upcoming lawsuits, “You have no idea how this works. The shyster lawyers are all in tight with the lawmakers. Many of them are shysters too. That’s why Obamacare is so tilted towards the lawyers and the pharmaceutical companies. They’re all in cahoots.

“And now this oil spill is going to set off a feeding frenzy on BP. The shyster lawyers are drawing up their class action strategies now. And you’ll see public interest groups get into the action. These guys are smart. And they’re very well funded. They’re going to short BP shares…and then announce a $20 billion lawsuit. And every pseudo environmental group…and trade organization…and labor union…and city council…and cracker-jack collection of meddlers anywhere within 100 miles of the coast…they’re all going to be looking at that pay day…when BP settles for…what?…$100 million…$1 billion…who knows. But they can invest millions in the case, because they know the payoff will be huge. They’re just fighting for position now…seeing who can put together the winning jackpot case… It’s sickening.”

Maybe Tony Hayward needs to heed the advice of these guys as he speaks out while under pressure.

6 comments:

Anonymous said...

Based on the way BP behaved, and the way its CEO is behaving, and the way its board of directors is behaving...BP needs to be sued out of existence, and Tony Hayward, Suttles, and Thad Allen need to be sued in civil court PERSONALLY and corporations everywhere (WALL STREET) need to take note: you think you are invulnerable because you know how much evil you do, and have done, without penalty, before now.
Time's up.

luckytiger said...

Tony Hayward needs to be sued personally? Why? Because he personally blew up the pipe? Yes, it's a terrible environmental disaster, but all I hear is "how much money is in it for me?" People aren't doing anything unless they get paid. That's not caring about the environment or their own livelihood. I saw fisherman on the news today who said they could be out on the waters trying to sop up some of the spill but nobody had invited them. Hell, why not just get out there and do what is necessary to save your livelihood? Instead they waited for a "contract" from BP. That's like letting your business burn and not putting water on the fire unless there's cash offered. In the end, it's no longer about saving the business -- or in this case, the environment; it's all about the money.

Anonymous said...

It's pretty sad and pathetic that in the face of the worst environmental disaster in our country people have the gall to tell people to lie and deny the truth to save a buck. This company made billions, these CEOs made millions, and the RIGHT thing to do is tell the truth. If the company folds so be it. I have a feeling and acting with a conscience would make this Hayward guy the BP hero of this event. What America wants to hear is the honest truth, not the legally advised nonsense that has become the mainstay of doing business.

Anonymous said...

its funny how you all have it in for this british company that carries out 40% of its business on your soil and you all want it destroyed. No mention that the 2 companies who made the mistakes with the BOP and cement job dont get a mention, American companies by any chance? No one could forsee this happening, yes its going to be hard to get back to normal but unless these companies strive to get this oil and gas, where will it come from. Think about your life now with no car, no trains and planes, no work. The world needs oil people!

Anonymous said...

I wouldn't even entertain telling the truth. All the American's know is that BP is a British Company, and because of that, they won't stop till their destroyed. I think BP should spend their money on the clean up and try their best to dodge the lawsuits. After all the only people that'll benefit will be the lawyers.

Anonymous said...

That is amazing. Peoples lifes are being destroyed, people have died, and you think the oil executives should lie because they are going to get sued?