Transocean, in order to cover their butt, released a statement on Friday that stated BP lied about flow rates and kept the oil flowing for two additional months. First, how would this lie benifit BP when they already had people dead? Second, if true........why did Transocean sit back and be mute while the whole world watched the video of the oil flowing everyday? Why did Transocean, through their silence, be a partner in BP's crime? Transocean, according to their statement, watched BP destroy the planet...........and said NOTHING. (Transocean's defense is the dumbest statement yet........in a trial that is exposing all the parties envolved. Interesting that BP is the only player that has stepped to the plate and said........yes, we have experienced a tragedy.........and we are willing to shoulder our fair share.) This trial is becoming more transparent by the day and I believe BP is the only company telling the truth.
i wish you were right but, i don't think so. we all know BP misrepresented the flow for the first couple weeks. they lied - period. they wanted to minimize the disaster. I recall RIG early attempts to stop the flow that faled due to pressure of oil pouring out. this was very damaging testimony. expect to see BP open down on Monday. this is where the charge of "willful misconduct" comes from. originally i applauded BP taking ownership for the spill as the press condemned them. but... i gotta admit they were negligent. the key is was it "gross negligence". i had hoped not but when BP turned down the gov't settlement offer and then the ante upped to "willful misconduct".. oh oh. I am still holding my BP positions but no longer would buy any BP. it simply does not look good. we all know how courts love to stick it to the man. esp those with deep pockets.
Not gross negligence. Too many other companies acting like they saw nothing, did nothing, said nothing. As if they weren't there. BP was in charge............but that does not stop anyone from saying...............BP is 'under-reacting' and we need to do more..............Transocean's report creates far more questions then answers. Why are all these companies in such a hurry to say stupid things like: We knew it was wrong, we knew it was bad, we knew the wrong information was coming out..........but, you see, BP was in charge.....so, we just let it all go down. (I honestly do not believe for one second that BP was doing everything in their power to destroy the planet earth...............and Transocean could have.................according to their report........helped out much much more. Silence..........with their knowledge.........is not an excuse.
Friday afternoon you indicated BP a "strong buy" saying it was undervalued with a high div but today it is a "hold" and not looking very good? It is very early in the trial so not sure how that could change an investor's mind so drastically. Just curious why the abrupt switch since it sounded as if you had the feelings of BP misconduct/negligence for sometime?
Bottom line here was BP was in charge, and that is going to be the head line next few months. You can argue all you want but it's like if you goto Wendy's and get a bad Burger, the Burger Flipper says the burger was examined by the manager before sent out, the manager comes back and starts blaming everybody in the joint when he approved the burger to be sent out? It's not going to work.
Good questions. I read the article from yahoo and was surprised too. If BP was the only one with documents as Transocean claim, is everyone, including the government, going to ignore their own actions, calculations, viewing enjoyment and disgust from the cameras etc., and claim that BP wouldn't have wanted the leak to stop ASAP? I agree that BP is the only one taking responsibility and stepping up to the plate ethically and morally. This was a tragedy. They did mess up. But, everyone else is full of #$%$. Just my opinion...