The Trifecta Is Complete: BP Downgraded By S&P To AA-, On CreditWatch Negative

Tyler Durden's picture

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doublethink's picture

 

Cover-Up

 

The gusher is much worse than you know.

 

http://abcnews.go.com/Blotter/bp-feds-withheld-videos-showing-massive-sc...

 

Instead of Michelle, Paul McCartney should have performed Revolution at the White House.

 

 

jesusfreakinco's picture

Double,

THanks for the link.  Am short BP and will hold unti they Ch 11.  With the dems in control of Congress and the WH, I expect them to seize control of BP in the next few months.  When that happens, BP will sell off into the single digits. 

We'll see if I am right...  The video just confirms my position.

Agent P's picture

You're going to get burned on that position my friend.

ZerOhead's picture

They make $25 billion in profit a year and have already lost a third of market cap.

They have many friends in very high places and remember how the Supreme Court reduced the fines imposed on Exxon from $5 billion to $500 million on the Valdez fiasco. It's been twenty years and I still don't think all the claimants have been paid out from that one... just sayin'...

downrodeo's picture

I can't understand the flaccid demeanor of the Coast Guard throughout this event. They're taking orders from an oil company. I can't fathom why this doesn't raise alarm bells for the general populace. Maybe it does but we're simply too numb to respond. IDK, man///

ZerOhead's picture

 

$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$=

Regulatory and governmental capture... need I say more.

(Sure money talks... but these amounts scream! :)

Cistercian's picture

 I like how they say in the report the relationship of BP and the government is "cozy".

  The reality on the ground shows BP owns them.Only when it becomes something out of the apocalypse will the .gov act....perhaps.

  Talk about corruption destroying the whole world!

 How can anyone vote for demopublicans now with a clear conscience?

truont's picture

Wow!  What would we do without the rating agencies?!

Once the stock dropped 30%, they then decided to "warn" investors about BP's risk.

Thanks, S&P!

ZerOhead's picture

JPM and GS had to be consulted first I am sure to assist in the analysis...

koaj's picture

i heard they were thinking about downgrading Greece as well

Snidley Whipsnae's picture

And BP has brought disaster to Florida tourisim...about the only thing left in Florida.

From MarketWatch...

"It is already ugly," said John Fareed, a partner at Fareed Zapala Koepke, an Orlando-based hospitality-industry consultancy. "When it hits, it will be real and will position itself in the psyche of consumers who are getting ready to make vacation plans. It is going to have a huge impact in terms of future bookings and cancellations.

"Every indication from the people we work with is that bookings have slowed to a trickle. It is the absolute worst time of year to be dealing with these issues. There is absolutely no good spin you can put on this," he added.

http://www.marketwatch.com/story/spill-could-mean-dark-times-for-sunshine-state-2010-06-03

 

Cistercian's picture

 As dreadful as it is, the mental image of Disneyworld in a lake of fire somehow seems fitting.The perfect image that captures the great "recovery" party....in Hell.

stalky's picture

View from the 12 subs working on the spill: http://www.stalky.org/item.html?2593

Yardfarmer's picture

BP must go down like Lehman. Oil is the new money.