I wonder if Obama realizes that if BP goes under because he is demonizing it what affects that will have on American citizens and their livelihood. Don't get me wrong BP is responsible for one of the greatest environmental disasters in history but collapsing a company as large as BP to gain brownie points with the voters would be disastrous for stockholders (including the union pension funds he loves so much) as well as the credit market in general.
SULTANS OF SWAP: BP Collapse Potentially More Devastating than Lehman!
Companies / Credit Crisis 2010
Jul 01, 2010
By: Gordon T Long
As horrific as the gulf environmental catastrophe is, an even more intractable and cataclysmic disaster may be looming. The yet unknowable costs associated with clean-up, litigation and compensation damages due to arguably the world’s worst environmental tragedy, may be in the process of triggering a credit event by British Petroleum (BP) that will be equally devastating to global over-the-counter (OTC) derivatives. The potential contagion may eventually show that Lehman Bros. and Bear Stearns were simply early warning signals of the devastation lurking and continuing to grow unchecked in the $615T OTC Derivatives market.http://www.marketoracle.co.uk/Article20778.html
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