BP boss fiddles while the Gulf burns
Is there a comparison between the actions of Tony Hayward and those of Nero?
My local paper had three front-page photos this weekend. The first showed chief executive Tony Hayward yachting. The second compared the environmental impact of the oil spill to the Dust Bowl disaster of the 1930s. And the third showed the massive fires in the Gulf burning off the oil. Flip in one page, and there was a picture of workers in jumpsuits with hand tools cleaning the beaches.
Today, instead of taking care of business in the Gulf and getting this 21-inch pipe plugged, Hayward decided to go to Russia to suck up to the Russians before they shut down BP's operations there.
What do I want from BP? How about just trying to make me believe it cares. How about a photo of all the executive officers and the board of directors in jumpsuits with rakes and shovels cleaning the beaches?
Better yet, how about a finding that BP's actions are no longer gross negligence but have risen to a finding of criminal negligence?
Who is benefiting? The short-sellers and hedge funds are making a killing. The day the well is plugged, those that jump in will make another quick fortune. Too bad they won't share with the innocent stockholders who put their belief in a stable dividend to pay bills in their golden years or the innocent fishermen, waitresses and maids who depended on the beauty of the Gulf to make a living.
Hey, Tony, why don't you tell them to eat cake!
Jim Van Meerten is an investor who writes on financial matters on Financial Tides, Barchart Portfolio Blogs, Seeking Alpha, Marketocracy and MSN Top Stocks. Please leave a comment below or email JimVanMeerten@gmail.com
Disclosure: No positions in BP at the time of publication
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The solid report comes a month after the retailer closed all of its Canadian operations.
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