The Media Campaign Begins: BP Is Now Too Big To Fail

Tyler Durden's picture

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Nolsgrad's picture

60,000bpd X 100days X $4,350 = $26,100,000,000 fine alone.

Maybe they'll get a quantitiy discount

digitalhermit's picture

What what in the (taxpayers) butt, that is. That's where this TBTF sh*t always ends up.

http://www.youtube.com/watch?v=fbGkxcY7YFU

 

Careless Whisper's picture

i hope none of you are surprised by another gang rape by a big corporation. i've been saying for weeks that bp has deep political connections, second only to goldie. they should be called Bilderberg Petroleum. after the wh deal i said that the central bankers would secretly end up buying the bp paper, and people thought i was silly. oh really. just watch.

 

Cheeky Bastard's picture

Wrong CP; think JPM [London subsidiary most likely] and DB. Thy are known to enter into such "trades"; even-though the volatility in the spread could have easily presented an opportunity for GS to hedge any unhedged long position in BP debt. Selling at 600 and buying at 500 to lock in the profits. AIG 2.0 or is it LEH 2.0, whatever. The thing I want to say with this incoherent comment is; sure, GS was selling into the widening; but it wasnt alone doing that.

EDIT:

With the recent CDO offering i wouldn't be surprised if you see a CDO2 being marketed in the next 2 months compromising solely of APC, RIG and BP CDS.

AssFire's picture

Nothing better than another state run industry to compete on an uneven playing field where there are no losses but only profits. RIP private Oil industry, we will put your headstone  next to the insurance (after you are demonized further by the thin skinned cockroach residing in the Whitehouse).

Caviar Emptor's picture

Right on, comrade. Soon all people be vorking for national power company. 

Popo's picture

Actually it's worse than that:  Soon all people will be working (unpaid) for a private power company.

Bailing out private entities with our taxpayer dollars is a fancy way of saying: We are slaves.

The modern version of slavery is the same as the old version, but we insert a few extra financial transactions (ie: taxation + bailouts) to preserve the illusion of freedom.

Socialism is a terrible, intrinsically broken system -- but it beat the shit out of serfdom.

The only real answer is to let the TBTF's fail, and take the pain.

 

 

 

 

weinerdog43's picture

I junked you for your mischaracterization of socialism.  What you are describing is anything but socialism.  Not a defense of socialism per se, but what you are describing is fascism.

MsCreant's picture

Thanks for at least saying why you junked after junking. So many don't.

BumpSkool's picture

You may recall that from inception until the oil crisis of 1970s Oil Majors paid NO TAX at all, because they had written the legislation that allowed them not to. Then, under the oil depletion allowance they paid significantly less tax than a similar corp. The also had government funded wars to open up Ex+Prod. markets all during the pre and post-WW II era ... so its hardly like these entities have ever been truly "private" ... Privileged certainly... but hardly "private"

cranky-old-geezer's picture

"... no losses but only profits."

Hmmmm.... where can I sign up for that?

Taxpayers are the bottom of the food chain. 

Plankton whining about being plankton.

 

williambanzai7's picture

Tsunamis, Katrinas and TBTF. These are the new buzzwords for the new kleptocracy.

AssFire's picture

BP has not put up the 20 billion, we did BP put their US assets up to cover the loan. They will contribute only 5 billion this year, then 2.5 billion a year thereafter. But don't worry they will have 500  to 800 million coming in from our US Gov owned AIG, who insured Cameron's BOP and other related exposures. THIS BURNS MY ASS.

Caviar Emptor's picture

The great Roman historian Livy, lamenting the decay of the national character wrote: "These days....we can bear neither our diseases nor their remedies" 

Rusty Shorts's picture

 - i dismissed this post a couple of weeks ago, but the ranking general part...

http://www.youtube.com/watch?v=t5Br6TzjQxM

... - wrong thread, i know.

Hephasteus's picture

Easy to dismiss web bots. They are run by microsoft and the powers that be. They usually get shit completely wrong. What do you expect from microsoft. It took them windows 3.1, os/2 1.0 and windows 95 just to figure out how to print shit. Just because a retard with a lisp compiler and a huge net pipe thinks he can piece stuff together...

Rusty Shorts's picture

 - a blind chicken gets a kernel of corn every now & then.

Hephasteus's picture

Ya but it sucks trying to keep up with them knowing they bat .250

I need more asshats's picture

I think the webots are condensing and vaporizing.

russki standart's picture

I wouldn´t dismiss them out of hand. I´ve followed their work for a year and I believe that web bot guys are onto something.... They have made a number of astonishing predictions that have materialized in some form or another, and are getting better all the time. I would not, however, use them to guide my investment decisions.

Cognitive Dissonance's picture

"I wouldn't dismiss them out of hand."

I agree. The web bots are simply robots trolling for information. It's up to the human programmers to determine what information they should collect and how it should be handled.

As I continue to study the collective conscious, I'm coming to conclusions that validate the concept used by the web bots. As my articles have proffered, if the collective conscious creates our reality (if we create of reality) it then would make sense to try to discern or predict the coming reality because reality forms when certain critical masses come together or begin to peak. The bots are simply looking for those signs.

I'm not being insulting here but I've found that people with rigid world views and belief systems (which is what I was and struggle to remove) have a difficult time interpreting the web bot findings. It requires pulling information from many sources into forms composed of flexible connections, which in turn requires an extremely flexible belief system. Many people are simply too frightened to abandon their strongly held rigid views. I was for many decades and still struggle with it. For many, it's all they have.

Careless Whisper's picture

rigid views and trading/investing are a bad combination. the market will talk to us and if our view is wrong its best to admit it quickly. but that may be easier said than done.

A great many smashes by brilliant men can be traced directly to the swelled head — an expensive disease everywhere to everybody, but particularly in Wall Street to a speculator.

 

cougar_w's picture

Fish don't know what water is.

Like fish, the human monkey mind "swims" in a sea of interactions and impulses we cannot see with our mind's eye. We are accomplished at navigating nuance and agenda, so much so that we no longer know that we are doing so.

And yet, we talk about almost nothing else. In casual ways that we don't even notice, we discuss what is real and what is important. The murmur of our thinking ripples outwards as we covertly share ideas and moods. Like foreign winds carrying the scents of distant flowers and cookfires, we sense even the remote thoughs and concerns of peoples we'll never meet, in lands we'll never visit.

I cannot explain it properly, our language lacks the proper constructs. But I understand it. We are masters of the whispered world of the liquid meme. It is like water. It is not like water. It is like water that isn't there. It is like the previous three sentences held in the mind at once. Except that it isn't.

I am of the Tribe of the Long Whiskers for whom proper sense is an artform. I sense what this water is. I sense too that something bad happened a long time ago. Nobody notices but we've been talking about it for a long time. We talk about it every day. We don't know what to do, or at least, we didn't know.

I suspect that we are very near doing something about the bad thing that happened.

I did something as soon as I knew what to do, as right-doing is the responsibility of my tribe, and now I merely wait. Sitting back and watching, these curious monkeys are ready to decide for themselves, to seize the moment, to make things right.

It's been along time coming but that's just how one deals with matters that one cannot properly see. You swim a long time before you arrive at the edge of the infinite sea of thoughts, where you can then look back and see all that water at last for exactly what it was.

Then be delighted for it is true magic.

Turd Ferguson's picture

Agreed. Sometimes the bots produce interesting results. However, having "Joe" report the results, directly from his laundry room without, apparently, bothering to shower for the last few days, does seem to detract from the credibility of the information.

Pope Clement's picture

Fucking A brother ! Dominus Vobiscum and as St. Wilson (R.A.) remarked 'belief systems make you stupid'

superuser's picture

Wow, so in other terms, the government has outsourced many of its key responsibilities to third parties w/o: 1) making sure people's (peoples'--rhetorical) interests are strongly aligned; and, 2) having "SLAs" (Service Level Agreements) in place or relatively painless way of bringing this back "in-house," i.e., "in-sourcing."

To this plebe, first, the financial svcs sector exposed...now, energy...don't get me started on shelter and education (long since...)...what next, food? The last few true raw inputs...water and oxygen (TPTB working hard on both?)...long beans (guessing) and other high calorie/investment products...

superuser's picture

...before you all jump all over me, I realize that, for certain issues, there is a complicated (yet, simple) way to trace the money flows such that interest alignment can be mapped whereby things will be made more obvious...

carbonmutant's picture

The key priority here is that the current administration needs to have someone to blame for their errors in judgement...

cossack55's picture

Food? Check out Monsanto's recent "wins" in the courts (I would have said our courts, but that was a long time ago).

CustomersMan's picture

 

 

 

Just a head's up. Various sites that are updated every hour, without fail, are down since 2:00 pm yesterday.

 

Would advise that all be on high alert for news from middle east.

Read. Over?

russki standart's picture

Nothing will happen until after the G20 conference in Toronto June 26th and 27th.

I need more asshats's picture

Roger. Over.

11:00am Zulu. Thursday. Threat level escalates to Severe(red)? Over.

Testicular Cancer's picture

Two car companies, two mortgage companies, an insurance company, about 5-6 banks, & now an oil company. Is this a trend?

Problem Is's picture

Yes a Trend Captain Kirk...
TBTF Banks and corporations are just a tool by which the oligarchy loot the Amerikan tax payer via bailouts...

Commenters on this blog complain 50% of Amerikans don't pay Fed income tax yet neither do 50% of the Fortune 500...

Which same said commenters always fail to admit...

BTW: Nice rug Jim...

vs18's picture

Truly pathetic if it gets TBTF status

Apostate's picture

This is insufficient. We must also nationalize several tranny porn companies - or the SEC will be unable to do its job properly.

How exactly are the proud men and women of the SEC supposed to do their jobs without a secure supply?

Rusty_Shackleford's picture

"Tube8.com is not only vital to the nationwide rubbing out of knuckle children, but to our national security and the fragile economic recovery as well."  

michael63636's picture

They are in cahoots with the IRS auditors.

Caviar Emptor's picture

Yes folks, we are slowly descending into a cyberpunk world, as the original authors rightly predicted. A world dominated by entrenched corporatocracy which effectively replaces traditional government. There is no free trade or open politics, only large conglomerates which self-perpetuate by keeping the masses permanently entranced in their commercialism and repressed using ubiquitous prying information technology. Only a few brave isolated renegades survive, beaming their pirate signals over the net, trying in vain to wake the masses up.

CustomersMan's picture

 

 

Again, something is cooking, and it's not in Denmark.

 

All that change with McCrystal and Petraeus may have been a distraction.

 

 

Would stay very alert for sudden changes. Advise?

Akrunner907's picture

Let them keep doing all these rescues and inflating the too big to fail concept and that will just push us faster to an economic collapse.  Then it will be all about guns and butter.

Edmon Plume's picture

All you need to know about how screwed up America is:  British Petroleum "is the largest oil and gas producer in the U.S.,..."

WTH?

ED's picture

Whoa! Wait a minute. Nobodies talking about something failing - just transfering the assets to new, competent, ownership. What's all the hoo ha?

jeff montanye's picture

yes indeed.  it is so much malarky and utter disingenuousness.  the banks weren't going to "fail".  they were going to be recapitalized with shareholders wiped out and bondholders taking a buzz cut.  too bad so sad.  it's called risk and return.  but ohhh noo!   political fix too strong so this horrid, horrid administration (following the wretched, wretched prior one) continues as a govt of men not laws (maximizes graft and bribery) and we have tbtf.  thanks.

AnAnonymous's picture

Laws are enacted by men.

When men cannot afford the cost of enacting the law, what happens?

 

Too big to fail is a status brought by competition, not government or law.

Too big to fail can happen at all levels in a competitve environment.

A small firm owner can be too big to fail (for its relative group)

A small firm employee can be too big to fail (for its relative group)

The only difference here the smal firm itself is not too big to fail compared to the rest of the society/world.