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Thread: BP posts $17bn loss after oil spill

  1. #11
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    Re: BP posts $17bn loss after oil spill

    Quote Originally Posted by NolaMan View Post
    So, even though BP is paying for the clean up costs... you would seize all their assets to pay for the clean up costs? What on Earth would be the point of that?
    Insurance.

    Quote Originally Posted by Reverend_Hellh0und View Post
    Alot...
    Ah, Im sure.

    Tell me what's the difference between the two, in summary, in your own words. thanks.
    Stripping away the specifics, Communism is a collective governance and distribution of resources by a central government whereas Socialism is governance and distribution of resources via a group of citizens who are not of the political class. In both cases, the goal is to create a class-less society where the basic needs of all citizens are met and where the profit motive is no longer a driving force in society.
    Last edited by Hoplite; 07-27-10 at 02:17 PM.
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    Re: BP posts $17bn loss after oil spill

    Quote Originally Posted by Hoplite View Post
    Insurance.


    Insurance of what? That the company is run into the ground and no one gets damages?
    Let evil swiftly befall those who have wrongly condemned us

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    Re: BP posts $17bn loss after oil spill

    Socialists and communists don't believe in property rights. What a shock.

    Personally, if I was the CEO of any company operating in Venezuela that Chavez tries to expropriate, I'd take a sniper rifle to Caracas and do the world a favor.

    I'd take back a couple golf courses too, while I'm at it.

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    Re: BP posts $17bn loss after oil spill

    Quote Originally Posted by Hoplite View Post
    Insurance.
    What indication exactly has BP given you that they are not going to pay damages? They already put up $20 billion, and now are preparing to make more available..seems to me that a company planning not to pay would not take such steps.

  5. #15
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    Re: BP posts $17bn loss after oil spill

    Quote Originally Posted by NolaMan View Post
    What indication exactly has BP given you that they are not going to pay damages? They already put up $20 billion, and now are preparing to make more available..seems to me that a company planning not to pay would not take such steps.
    A confiscation of US-based assets would ensure that if BP decides they've paid enough. Either way, we have assurances of at least partial payment.
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    Re: BP posts $17bn loss after oil spill

    Quote Originally Posted by Hoplite View Post
    A confiscation of US-based assets would ensure that if BP decides they've paid enough. Either way, we have assurances of at least partial payment.
    We have those assurances anyway, since if BP is ordered to pay damages and refuses, the US can then seize their US assets anyway.

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    Re: BP posts $17bn loss after oil spill

    Quote Originally Posted by NolaMan View Post
    We have those assurances anyway, since if BP is ordered to pay damages and refuses, the US can then seize their US assets anyway.
    Call it a proactive approach
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    Re: BP posts $17bn loss after oil spill

    Quote Originally Posted by Hoplite View Post
    Call it a proactive approach
    I call it an illegal approach...

    The only precedent for doing that would be if there is a legitimate concern that these assets are going to be transferred out the country.. I can hardly think you can argue that effectively.

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    Re: BP posts $17bn loss after oil spill

    Quote Originally Posted by Hoplite View Post
    Insurance.

    Ah, Im sure.


    Stripping away the specifics, Communism is a collective governance and distribution of resources by a central government whereas Socialism is governance and distribution of resources via a group of citizens who are not of the political class. In both cases, the goal is to create a class-less society where the basic needs of all citizens are met and where the profit motive is no longer a driving force in society.


    So the ends are the same, the proccess is one calling themselves government, the other not calling themselves government?


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    Re: BP posts $17bn loss after oil spill

    So BP has posted 17bn in losses from the spill, 32bn in costs for cleanup, and 20bn for the escrow account, this totals to 69bn. BP has total assets of 240bn, making their debt to net worth ratio about 1/3. They face a very real threat, gulf coast operations account for a large percentage of their profits. If they decide to liquidate various operations around the world and then a deep water drill ban is still in place they will be looking at bankruptcy.

    However, BP is responsible for a lot of pensions in the UK and thus we could be looking at UK's very own too big to fail.
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