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Thread: BP posts $17bn loss after oil spill

  1. #21
    Student The Dane's Avatar
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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.
    Ever have to dance with the devil in the pale moonlight?
    Scales in the grass but the scales don't move right?

  2. #22
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    Re: BP posts $17bn loss after oil spill

    Quote Originally Posted by Reverend_Hellh0und View Post
    So the ends are the same, the proccess is one calling themselves government, the other not calling themselves government?


    Semantics, The Difference maker!
    I realize it's less black and white than you are used to, but it's an important distinction to make.
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  3. #23
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    Re: BP posts $17bn loss after oil spill

    No its not.
    Let evil swiftly befall those who have wrongly condemned us

  4. #24
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    Re: BP posts $17bn loss after oil spill

    Quote Originally Posted by Reverend_Hellh0und View Post
    Yes. satisfaction that there is 17b less to pay for damages. Awesome!
    Quote Originally Posted by Jetboogieman View Post
    Unfortunately, I don't feel the slightest satisfaction in all of this. If BP goes down, they won't be able to pay for any additional cleanup costs/additional spill damage that may arise.
    While I wouldn't jump for joy to see BP fold, I'd have to say it's their own fault. Had they taking the proper safety measures and not tried to cut corners none of this would have happened.

    My wife asked me during this tragedy what I thought was the difference between BP folding and GM's problems prior to receiving a gov't bailout. My reply: safety, lost of life and environmental damages.

    Losing a few thousand jobs due to lofty or irresponsible business practices doesn't equate failure to not follow safety precedures which cost people their lives as well as their livelihood.

  5. #25
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    Re: BP posts $17bn loss after oil spill

    Quote Originally Posted by Reverend_Hellh0und View Post
    No its not.
    I realize that's a standard response from someone with such a binary view, but since you havent really demonstrated that you have a grasp on the subject, I dont know how much good trying to flesh out the concept to you would do.
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  6. #26
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    Re: BP posts $17bn loss after oil spill

    Quote Originally Posted by Hoplite View Post
    I realize that's a standard response from someone with such a binary view, but since you havent really demonstrated that you have a grasp on the subject, I dont know how much good trying to flesh out the concept to you would do.


    Your right. Cause if its the "people" controlling the production and the means its not a form of government.
    Let evil swiftly befall those who have wrongly condemned us

  7. #27
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    Re: BP posts $17bn loss after oil spill

    Quote Originally Posted by Hoplite View Post
    BP posts $17bn loss after oil spill - Business - Al Jazeera English

    Ouch. I cant say I'm stunned but I cant help but feel a small sense of satisfaction. Sloppy business practices rarely cost businesses what it should and in this case, it might cost BP everything.
    That's $17 billion that BP can now right off from their tax bill. That's about $6.8 billion in taxes that the government won't get.

    Aren't you a big supporter of Obama and his agenda?
    Last edited by apdst; 07-27-10 at 07:20 PM.
    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.

  8. #28
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    Re: BP posts $17bn loss after oil spill

    Quote Originally Posted by Objective Voice View Post
    While I wouldn't jump for joy to see BP fold, I'd have to say it's their own fault. Had they taking the proper safety measures and not tried to cut corners none of this would have happened.

    My wife asked me during this tragedy what I thought was the difference between BP folding and GM's problems prior to receiving a gov't bailout. My reply: safety, lost of life and environmental damages.

    Losing a few thousand jobs due to lofty or irresponsible business practices doesn't equate failure to not follow safety precedures which cost people their lives as well as their livelihood.
    So, explain to us where BP ****ed things up.

    I've yet to hear an answer to that question that wasn't sagging with Leftist talking points.

    At the end of the day, it's never a good thing when someone loses their job. So much for the, "compassionate Liberal".
    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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