Expect an eventual BP bankruptcy
Al Ritter
The biggest question is… will British Petroleum declare bankruptcy due to the spill in the Gulf? They have lost close to $88 billion in market value in the recent month, and shares make drop to a point of a hostile take-over from of all places…….China! Yes China needs oil resources, and has the necessary funds to purchase those unwanted shares.
Obama and his hostile administration have actually added to this problem by his repeated comments on the situation. Recent comments from the Whitehouse of “keeping his boot on the throat of BP,” and “looking for someone’s ass to kick,” have only served to demean BP, and drive stock prices even lower than they would have normally gone.
It seems to serve Obama and his administration well to publicly lambast, and demonize BP to sway public opinion towards his cap and trade bill that already passed congressional muster, but up until now sat teetering on the senate desk.
As time goes on with a continued oil leak Obama’s approval rating continues to fall, but it is this writer’s fear that the cap and trade bill will eventually gain more traction with democrats and environmental activists.
It is also my feeling that with liabilities to American soil increasing hourly, that somehow the Obama Administration will find some way to lay claim to BP even though it is a foreign company. In much the same way the Administration laid claim to GM and Chrysler by circumventing the bankruptcy court, I fear the Administration will seize US assets of BP and hold them ransom.
From the past 18 months of tyrannical reign, is it so far-fetched to see this one the horizon?
