And, its their greed that should be punished.
Investing in AXA, GM, BP and most others, are crap-shoots at best. The propaganda from these big companies shields the CEOs, COOs, and other low-life...
Remember all the banks that should have been toast? AIG for example, all indication are they should have failed, but stock bottomed around $8, government stepped in to prevent bankruptcy, and it rocketed back up to $50.
I would be willing to take the risk on BP around $20-21 a share. Not a huge risk, but something.
Preventing bankruptcy of key banks and financial institutions at a time of economic crisis (largely a loss of confidence) is an all together different matter than preventing the bankruptcy of a foreign based energy company. Neither Enron nor BP are too big to fail.
I don't doubt that, but the estimates people are giving seem ridiculous in Exxon's context. Exxon actually paid a little more then half a billion after years of appeals. Even if BP's actual fines are $10 billion, spreading that level of pain over years of appeals effectively renders the total outflow relatively minor.Ultimately, I think BP's cost and fines will be much higher than we saw with Exxon, even after all the appeals.
"If your opponent is of choleric temperament, seek to irritate him." - Sun Tzu