The BP Goose and its Golden Eggs
Reader comment on: Obama on BP's Strength
Submitted by Fred Van Bennekom (United States), Jun 18, 2010 20:07
Obama doesn't want BP to fail because then it can't be milked - though his instincts of course lie in nationalization. You can be sure that someone with half a brain in the administration pointed out to him the impact of a bankruptcy filing upon funding for the cleanup and more. (Unlike GM, BP is not a US company where the president can screw the secured bondholders for political expediency.)
We should all watch how that $20B is actually spent. Will some go to favored environmental groups? Would anyone be surprised if it did or if BP was pushed to set up some other fund to buy into the good graces of the president?
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