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Thread: BP eyes showdown with US govt on liability-BP source

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    Re: BP eyes showdown with US govt on liability-BP source

    Quote Originally Posted by upsideguy View Post
    This is not a question of intent, its a question of means.... If the direct and indirect costs and government fines get to be too onerous, BP, as a matter of survival, will go Chapter XI.

    Jim Cramer actually thinks they are toast. BP Is Toast! - TheStreet
    Jim Cramer is a moron, so that doesn't really sway me. I would be absolutely astonished if BP was forced to enter bankruptcy, and it looks like the vast majority of the market agrees.

    Moveover, BP has ONLY pledged to remedy direct costs. There too, direct costs have a degree of subjectivity to them.
    Again, you have to be clear about the distinction between cleanup costs and secondary costs. BP is paying all cleanup costs, which was what I was referring to. They've said that since the beginning, and there's no question about whether they will fall through on that. For secondary costs (e.g. lost wages/tourism revenue), BP has remained noncommittal on exactly how far beyond their obligations they will go, but they will likely end up paying out most of that amount anyways, whether voluntarily or through lawsuits.
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    Re: BP eyes showdown with US govt on liability-BP source

    Quote Originally Posted by apdst View Post
    If the government makes a stupid decision, then the government should have to pick up the tab that was run up because of that decision.

    Example: BP started burning the oil on day 2 of the spill. The government made them stop. Now the oil is invading the marsh.

    Ultimately, the government has to take responsibility for it's actions. ****ing up and passing it off on BP won't work. It's not only unfair, but it just ain't right.
    So, BP is the Victim here? That dog don't hunt. The reason the right and the pundits are up in arms is soley because Obama's name is on it.

    Honest question, should Obama just stand back and let BP not pay anything. I ain't no lawyer, but if you cannot do business or you cannot work because some company f+++ up, then they need to pay.

    BP cut corners, they went against suggestions from Haliburton (sic), this was not an honest fu.
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    Re: BP eyes showdown with US govt on liability-BP source

    Quote Originally Posted by Harry Guerrilla View Post
    BP is doing what they are supposed to and now the White House wants them to pay for their policy choices regarding off shore drilling.

    I'd tell them to stick it where the sun don't shine.

    Classic shtick of "oil companies are evil."
    The populists will eat it up.
    Sorry, this is more than that. The oil companies are not victims.
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    Re: BP eyes showdown with US govt on liability-BP source

    Quote Originally Posted by RightinNYC View Post
    Again, you have to be clear about the distinction between cleanup costs and secondary costs. BP is paying all cleanup costs, which was what I was referring to. They've said that since the beginning, and there's no question about whether they will fall through on that. For secondary costs (e.g. lost wages/tourism revenue), BP has remained noncommittal on exactly how far beyond their obligations they will go, but they will likely end up paying out most of that amount anyways, whether voluntarily or through lawsuits.
    And they should pay up the ye yang for punitive costs. This was not a simple mistake, this was due and wilful neglect on their part. I ain't feeling no sorrow for BP.
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    Re: BP eyes showdown with US govt on liability-BP source

    Quote Originally Posted by TBone View Post
    And they should pay up the ye yang for punitive costs. This was not a simple mistake, this was due and wilful neglect on their part. I ain't feeling no sorrow for BP.
    I don't think we have anywhere near enough information to arrive at that conclusion, selective Congressional disclosure not withstanding.
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    Re: BP eyes showdown with US govt on liability-BP source

    Quote Originally Posted by RightinNYC View Post
    I don't think we have anywhere near enough information to arrive at that conclusion, selective Congressional disclosure not withstanding.
    Honest question, why are you defending BP?
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    Re: BP eyes showdown with US govt on liability-BP source

    Quote Originally Posted by TBone View Post
    Honest question, why are you defending BP?
    lol

    Why not just cut to the chase and ask me why I support terrorists and hate freedom?

    I'm not "defending BP" so much as I am pointing out the problems with the populist "omg lets bomb the british for this outrage" zeitgeist.
    People sleep peaceably in their beds at night only because rough men stand ready to do violence on their behalf.

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    Re: BP eyes showdown with US govt on liability-BP source

    Quote Originally Posted by TBone View Post
    So, BP is the Victim here? That dog don't hunt. The reason the right and the pundits are up in arms is soley because Obama's name is on it.

    Honest question, should Obama just stand back and let BP not pay anything. I ain't no lawyer, but if you cannot do business or you cannot work because some company f+++ up, then they need to pay.


    Care to point out where I said that BP is the victim? Thanks in advance.

    BP cut corners, they went against suggestions from Haliburton (sic), this was not an honest fu.
    Care to back that up? Again, thanks in advance.
    Quote Originally Posted by Top Cat View Post
    At least Bill saved his transgressions for grown women. Not suggesting what he did was OK. But he didn't chase 14 year olds.

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    Re: BP eyes showdown with US govt on liability-BP source

    Quote Originally Posted by RightinNYC View Post
    lol

    Why not just cut to the chase and ask me why I support terrorists and hate freedom?

    I'm not "defending BP" so much as I am pointing out the problems with the populist "omg lets bomb the british for this outrage" zeitgeist.
    Good diverson. Quacks like a duck and sounds like a duck, must be a duck. You are defending BP and the right is defending BP. My assumption is because it is the popular position for the right to take now.
    It is better to die on your feet than to live on your knees.
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    Re: BP eyes showdown with US govt on liability-BP source

    Quote Originally Posted by TBone View Post
    Good diverson. Quacks like a duck and sounds like a duck, must be a duck. You are defending BP and the right is defending BP. My assumption is because it is the popular position for the right to take now.
    It is not "defending BP" to question the size of their liability. That is purely a legal question that will be settled down the road. No one is claiming BP will not be held liable, the question will be what is the size of that liability.

    Until we have more information, it is impossible to determine the exact size of that liability.

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