Tony Hayward fiddles while the Gulf burns
I made a promise to myself that I would not write any more articles about BP but they just keep on digging themselves deeper into a hole of stupidity. My local paper had 3 headline photos this weekend. The first showing Tony Hayward of BP infamy yachting, the second comparing the environmental impact of the oil spill to the Dust Bowl Disaster and the third of the massive fires in the Gulf to burn off the oil. Flip in one page and there is another picture of the hourly workers in jump suits with hand tools cleaning the beaches.
Immediately, into my mind popped the comparison of how Nero fiddled while Rome was in flames. The next image was of Marie Antoinette being told " The people have no bread" and her reply of "Then let them eat cake!" Sounds very much like " The little people are losing their income" and Tony's reply of "Well I'd like my life back too." I guess maybe the French were smarter than we are, we all remember how they got even with her.
Now today instead of taking care of business in the Gulf and getting this 21 inch pipe plugged he has decided to go to Russia and suck up to them before they shut down BP's operations there.
Bernie Madoff only caused his investors to lose $18 billion but since the April 19th close of 59.48 the stock has tumbled to 30.83; a loss of almost $89 billion to BP investors, many of whom are retirees and pension funds dependent on the dividend for income.
What do I want from BP? How about just trying to make me believe they care. How about a photo of all the Executive Officers and the Board of Directors in jump suits with rakes and shovels cleaning the beaches?
Better yet how about a finding that BP's actions are no longer Gross Negligence but have risen to a finding of Criminal Negligence.
Who is benefiting? The short sellers and hedge funds are making a killing. The day the well is plugged those that jump in will make another quick fortune. Too bad they won't share with the innocent stockholders who put their belief in a stable dividend to pay bills in their golden years or the innocent fisherman, waitresses and maids who depended on the beauty of the Gulf to make a living.
Hey Tony why don't you tell them to eat cake!
Jim Van Meerten is an investor who writes on financial matters on Financial Tides,Barchart Portfolio Blogs, Seeking Alpha, Marketocracy and MSN Top Stocks. Please leave a comment below or email JimVanMeerten@gmail.com
Disclosure: No positions in BP at the time of publication