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Frontrunning: June 11
- That’s enough ‘kicking ass’, Mr President: Barack Obama’s attacks on BP may play well at home, but they are damaging millions of British people (London Times)
- Banks with state debt ignore not-if-but-when default (Bloomberg)
- As reported, Caja Madrid, Bancaja start moves to form Spain top savings bank, as BBVA says Spain may need €50 billion of capital to infuse into insolvent banks (Bloomberg)
- BP weighs cutting dividend (WSJ)
- Kerviel co-worker says SocGen should have known about trades (Bloomberg)
- Waiting for inflation? It's already here (Minyanville)
- Enough with the economic recovery. It's time to pay up (WaPo)
- Irked CDO investors now targetting Merrill (WSJ)
- Lehman emails that say "stupid" didn't stay "just between us" (Bloomberg)
- US firms holding record piles of cash underscoring worries about sustainability of financial recovery (WSJ)
- Hungary PM says to issue second economic action plan in H2 (Reuters)
- The bearish forecasters who rose to fame in the market crash of 2008 have, for the most part, not surrendered their pessimism. Their moment could be coming back around (BusinessWeek)
- Risk/reward from current levels (Green Faucet)
- The beginning of the end for Wall Street (RCM)
- Daily humor from disgraced car czar Steve Rattner at the only venue desperate enough for clicks to still have him: How Wall Street stokes populist fury (MSN)
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You should have put this in the Frontrunning.
Japan will be next after Europe is my guess, then the rest of Asia will follow.
http://finance.yahoo.com/news/Japan-PM-warns-of-Greecelike-apf-420481783...
"Japan's new prime minister warned Friday that his country could face a financial mess like that of Greece if it did not deal urgently with its swelling national debt."
Mr. President, nothin' but foot in asses.
Now if you could remove your feet from the asses of the American people and Main Street, maybe, just maybe you'd have a foot to put up the ass of BP.
But, of course, wanting to put anything up an ass is the political left's bread and butter.
"That’s enough ‘kicking ass’, Mr President: Barack Obama’s attacks on BP may play well at home, but they are damaging millions of British people."
As badly as BP is damaging millions of Americans along the Gulf Coast?
Fuck them, let me see next a nuke power plant ran by a foreign company starts melting down and just say don't hurt the shareholders. No the company is just a big lying sack of shit.
"That’s enough ‘kicking ass’, Mr President: Barack Obama’s attacks on BP may play well at home, but they are damaging millions of British people "
BP should be liable for all damages incurred by the oil spill, regardless of the implications to investors, widows and all. Investing in stock has risks.
Another laughable issue is the U.S. politicians, especially N. Pelosi, who get on T.V. ans scream how the tax payers should not be liable and BP should be held accountable. Does anyone remember a $800 Billion bail-out in the not so distant past????? Where were their morals then? This confirms what we all knew, their morals twist with the political contributions (I was going to say political wind, but as I remember it, all the tax payers were against the bail out, but they did it anyway.).
The vacuum, in which Dr. No will fill in order to gain world dominiance, seems to be getting a little higher each day.
I have yet to see, anywhere, a statement that BP have refused liability in this incident. Meanwhile, the stock is getting talked down by Obama and the White House. He should know, that as POTUS his words are reported globally. The guy is not in Chicago any longer.
I see nationalism rearing its ugly head in the near short term.
Oh, give me a break.
Like the good capitalists, BP will jawbone to death their willingness to pay all "reasonable damages" (that's the propaganda they spew out by the minute on television) while hiding behind the UK government and an army of lawyers so as to avoid paying anything to anyone without a million-dollar courtroom battle.
Anyone who thinks a corporation like this one is going to do what's 'right' (however that's defined) opposed to what's in the interest of economic self-preservation is just asking to be deluded, deceived, and punked.
BP has been raping the earth for decades now, and they've not been held responsible for much of anything. The fanciful suggestion here that they're falling over themselves to pay for this, their largest F-up ever, is beyond ludicrous.
Yep, you're right, corporations will do whatever they can to extend the period when they have to finally account for their actions. A bit like Union Carbide and the catastrophe in Bhopal. I notice the President of the company didn't have to face the music on that one as the US refused to extradite him to India to face charges. 25 years is all it took for them to get their final slap on the wrist.
While we're at it, why don't we bring Shell and Exxon to account for what they've done in the NIger delta. Or do these catastrophes only take on any importance when it involves the Home of the Brave directly????
Obama is a jabroni.
Good points made in the article about the number of US BP employees and shareholders.
DavidC
Lehman emails that say "stupid" didn't stay "just between us"
Are the "lawyers" so "stupid" or just too "cheap" to hire a few "interns" to read all the emails that they must "resort" to doing key word "searches"?
Does anyone else find it interesting that Obama is going to kick BP's ass for the spill (God knows they deserve it), but when the banks damaged this country just as badly although in a very different, less understandable, less media-sensationalistic way, they were handed hundreds of billions?
Double standard much?
It's tough to kick ass and suck it simultaneously.
That said, I don't think they're comparable. One has essentially reduced to zero, potentially for decades, the use-value of thousands of square miles.
The other were a bunch of paper shufflers who have no real long term effects on the economy short of crisis-manufacture. Obama could have told the Wall St. blood-suckers to take a hike without much damage done (except to the stock market, when said bloodsuckers threw one of their typical hissy-fits).
BP didn't feed enough cash into the Democrat Party's slush fund (compared to Wall St and the banks). BP should have bought the "insurance."
delete
That’s enough ‘kicking ass’, Mr President: Barack Obama’s attacks on BP may play well at home, but they are damaging millions of British people
It's time the subjects of the crown joined the party. The crown, through its asset, BP committed that it could effectively respond to a catastrophe that caused 100K barrel a day spill. This has proven to be patently false. With friends like that who needs enemies?
Perhaps it is time to swap out some oil infested Louisiana marsh land as compensation to the widows of Scotland since both are all about drill baby, drill... While they can be housed in future in the soon to be abandoned resorts of the gulf coast of Florida. Heck, perhaps these subjects of the realm can even dine on gulf seafood marinated with BP's version of Quaker State...
Oh please, leave the histrionics at the door. Rational discourse on this matter seems to be seriously lacking from inhabitants of the US.
A commitment is just that. Just as the US violated your nation by using Diego Garcia in a way we committed we would not the same applies here. Histrionics apply not to fact pal, but flail. Which is precisely what is emanating from the UK at present. If you doubt me plan your family vacation for the Christmas holiday this year in Panama City Florida and remember to bring your little ones for a swim in the ever more toxic stink hole of GoO that is now the Gulf of Obama.
http://www.youtube.com/watch?v=UrOZllbNarw
Cheers and remember that it is always easier to have someone else pay the price. A item of policy my countrymen are just discovering the drawbacks to as well.
Oh, yes. One more thing. Being able to disagree without being disagreeable I would hope could find its way into your future posts. Speaking of which, what exactly is your position on point since you singularly failed to raise one?
Perhaps I should use an bit of the history of Great Brittan to illustrate.
http://www.youtube.com/watch?v=QzIT67dBkSc
For the sake of discussion let us imagine that Charles II had died shorty thereafter and after 20 years of rule his brother has led the realm to near total destruction of failed rule. Finally Parliament brings a list of particulars and initiates impeachment proceedings. First of all, this would require the members of Parliament to acknowledge their own short comings for permitting the state of affairs to deteriorate to such an extent. In this scenario I see you as a member of an unruly mob who stands at roadside and shouts; "You're doing this because of his faith".
My Lord, let us have justice!
When I make an error in one of my posts I like to correct it. Here is my edit and the source for my information. Comment?
In its application for the well, BP told the government it was prepared for a worst-case oil spill of 250,000 barrels a day.
http://www.bloomberg.com/apps/news?pid=20601087&sid=aWHL9GTMUyR0&pos=1
Epic fail on my understatement of 100K.. my apologies to all
The oil spill is highly toxic and if you live in the area you should leave. No joke.
Unless of course your a marine animal who is adapted to a certain environment and can't live elsewhere. In which case you just die.
Unless of course your a marine animal who is adapted to a certain environment and can't live elsewhere. In which case you just die.
Indeed.