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BP p.l.c. Message Board

  • vikkitrader vikkitrader Jun 19, 2013 3:55 PM Flag

    More Indictments Against BP

    Feds announced 2 more criminal indictments against BP today - 1 against a former engineer and another against a former site leader, for obstruction of Congress and deleting texts/emails that showed BP knew the spill rate but concealed that.

    Can't be good for BP's upcoming phase II trial or the civil suits by the states...which means it can't be good for longs. More reason to short BP.

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    • Nonsense. Nobody knows the exact spill rate. It will never be known. There were only a number of techniques to ESTIMATE the spill rate. All have flaws and big uncertainties. BP gave all information including real time video of the crude discharge. BP gave ample opportunity to others, including university researches, to make their own determination. Tell me how many tons of dust are on the moon and don't lie to me about it !!!

    • I guess you don't understand that BP is defending itself in a number of lawsuits and this is what the opposition , only in this case the opposition is not introducing anything new. BP went down today with the decline in oil. With easing of Fed bond buying the dollar gets weaker and oil will increase. Meanwhile, the lawsuits will dance on for years and BP will slowly resolve these issues, pennies on the dollar. Eventually, BP will return fully to the fourth largest oil company in the world. Play your shorts but know when the worm turns. The long investor's strategy is to keep their powder dry, collect the dividend, and focus five years out.

    • Come on Tricky Vikki, this is pretty lame even for you.

      These are not new charges. Judge threw out original indictment against Rainey; the DoJ simply rewrote it to include the specific allegation that wasn't clearly stated earlier. The one against Mix is essentially the same, no new allegations. OLD NEWS.

      The REAL story from Fox News (the one Vikki doesn't tell us):

      "Wednesday's indictment of former BP executive David Rainey adds language alleging that he knew of the pending congressional investigation he is charged with obstructing. A federal judge had dismissed the obstruction of Congress charge from Rainey's original indictment, in part because it didn't contain that allegation."

      "A grand jury also issued a new indictment Wednesday against former BP engineer Kurt Mix, who is charged with deleting text messages about the company's response to the spill. The new indictment makes few substantive changes to the version it replaces and doesn't add any new counts."

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