Monday, June 14, 2010

Obama Lynching BP (NYSE:BP)?

Is the response of Obama and the Democrats going to end up destroying BP (NYSE:BP)? Some industry watchers think that is exactly what's happening, and have went so far as to call it a "lynch mob mentality."

Fadel Gheit at Oppenheimer & Co. in New York, said this, “The government has a lynch mob mentality,” said. It’s in nobody’s interest to bankrupt BP, but that’s what Obama is doing right now. Crippling BP is not going to make them clean the spill better.”

In that atmosphere, BP Chairman Carl-Henric Svanberg will visit the White House this week, while the day after, BP CEO Tony Hayward will testify before Congress concerning the disaster.

Some of the outrage from the opposite point of view is the notion BP should be forced to pay for the wages of workers that lost their jobs because of Obama's moratorium on drilling for oil in the region.

That, and Obama and the Democrats trying to force BP to suspend or eliminate their dividend is part of the lynch mob mentality that could end up driving the company to bankruptcy.

1 comment:

ashok said...

Can any one precisely imagine the scenario if BP goes bankrupt?How much employees will lose jobs?How much income govt.will lose>not now but for all the time to come.
What was the fate of Toyota?
Obama and his administration has become not only antibusiness but in plane word POLITICIAN INTERESTED IN POLITICS AND NOT THE SERVICE TO THE NATION.OBAMA IS GOING TOO FAR IN GIVING EMPTY STATEMENTS.He has no idea of the magnanimity of BP.His future actions certainly speak on the relations with Britain,one more example of a misstep of his foreign policy.