you have no sense of magnitude, no sense of business, no sense of relativity.
BP is below fair value now, based on where it was before the incident.
That said, the mass hysteria will push it lower.
You lemmings can be sure the same ones leading you down the "BP is going to zero" path will be back to the long side long before you realize you are in a squeeze.
You have no idea what you are talking about.
Since the incident I have been both long and short BP. Made $6K long in about 5 minutes on the 1000 point sell off.
Stocks don't care about your irrational beliefs or emotional investment, and to think BP is going to zero from what is known today, is bordering on insane.
"They will settle on a small (relatively) amount otherwise it will go on for decades, really not a factor."
No, they will do the right thing ..
They wil file for BK.
That's what they will do.. Of course you know ore than anyone else, and won't believe it until it happens, and even then you will still squeal like a greased pig, because you were too stubborn to get out when people you thought to be dumber than you GOT OUT..
Read, and knowledge will set you free:
$6.2 trillion possible just for the EPA fines, and the Congress raising BP's liabilities retroactively
Government Could Reportedly Fine BP $4300 Per Oil Barrel Spilled ...
FOXNews - Trish Turner - 3 days ago
By that estimate, BP would owe more than $6.2 trillion in fines so far if the federal government imposes a $4300 penalty per barrel.
Artur Davis introduces bill to up BP's liability for Gulf oil spill; measure would raise cap
By Sean Reilly
May 05, 2010, 12:25PM
WASHINGTON -- Rep. Artur Davis, D-Birmingham, is among 5 House Democrats introducing legislation today that would dramatically increase oil companies' potential liability for offshore spills. The new bill, which mirrors already introduced Senate legislation, would raise the cap on damages -- apart from cleanup costs -- from $75 million to $10 billion.
Senate Bringing Oil Spill Liability Cap Bill to Floor Today
By: David Dayen Thursday May 13, 2010 10:32 am
The Senate will try to invoke unanimous consent and quickly pass the “Big Oil Bailout Prevention Liability Act of 2010,” which would raise the liability cap for companies responsible for oil spills from $75 million to $10 billion. It was introduced by Sens. Menendez, Nelson and Lautenberg, and it seeks to extract a major price for catastrophes like we’re seeing play out in the Gulf.
White House pushes to lift BP's liability limit for Gulf Coast oil spill
By The Associated Press
May 04, 2010, 6:22PM
Press Secretary Robert Gibbs said Tuesday the administration wants to work with Congress to change a law that caps at $75 million BP's liability for economic damages like lost wages or dwindling tourist dollars
Democratic Sen. Robert Menendez of New Jersey is co-sponsoring a measure that would raise the liability limit to $10 billion. Menendez also wants it to be made retroactive so it can apply to the huge spill that began after an oil rig exploded in the Gulf on April 20.
>>If $75 million is their limit, why then did they already spend $965 million?
Another example proving my point of uninformed shorts / negatives.
The $75MM is LIABILITY. The clean up is at cost.
And yes, BP has said they will pay actual damages
****BUT****** and this is a big but, because they don't have to pay, they don't have to agree to jury trials, or going before angry citizens.
They can set up binding arbitration and pay real damages, not emotional awards and lawyer fees.
If $75 million is their limit, why then did they already spend $965 million?
You KNOW down deep inside, unless BP took cover under that $75 Mil. cap, they are TOAST..You do know that, don't you?
Well, you are screwed then. Because there is no limitation on the liability. You are misinformed.
>>Your liberal heros from Washington will take care of that little problem for you soon enough.>
This is the perfect example of the short side having no effing idea wtf they are babbling about.
You cannot make a law after the fact and have it apply retroactively.
Next spill maybe, not this one.
<there is also an oil spill fine - about $100/gallon payable to the US Treasury - we are at $4 billion or so now and counting >
Or $500MM, depending on whom you believe.
If they try to fine BP that amount, the BP can not pay damages and fight the fine longer than you or I are alive.
They will settle on a small (relatively) amount otherwise it will go on for decades, really not a factor.