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Idiot of the day: Tony Hayward

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July 27, 2010 – Comments (0) | RELATED TICKERS: BP

When Tony Hayward said to Obama, "I am terribly sorry, sir, you can fine me for any amount you think is appropriate", he proved himself an excellent "green" politician, but a horrible CEO. If I were in his shoes, I would just tell Obama to take his case to the British court system where he would most certainly spend the next 20 years shuffling papers around, and in the end, with any luck, he would win just about enough to pay the lawyers' fees. Then I would negotiate from a position of strength and settle for a $100M-$200M compensation which is the realistic amount of damage. BP shareholders must hope the next CEO will not be such a spineless creature, and the Russians should hope he gets videotaped saying something disrespectful about Putin and gets deported before he has a chance to run TNK-BP into the ground.

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