Wednesday, July 7, 2010

BP (NYSE:BP) Still Hasn't Responded to Advance Notice Demand of Justice Department

It's not surprising that BP (NYSE:BP) hasn't responded to the demand by the U.S. Justice Department to give them 30 days advance notice of any asset sales or transfers of cash, as it's unprecedented, and may not even be legal, if BP wanted to go that route to challenge it.

If BP were to agree to this, everything they could do would be made public to their competitors, and essentially the U.S. government would be running the company, no matter how they spin it. At least in the sense of all the big decisions.

This is an unusual request to say the least, and seems to go beyond the authority of the Justice Department.

Of course this is taking advantage of the PR disaster of BP, and is using that to pressure them to be under the control of the government, which is what this really is all about.

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