To the best of my ability I write about my experience of the Universe Past, Present and Future
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Tuesday, June 15, 2010
Possible BP Bankruptcy?
Since BP stocks have lost 90 Billion Dollars since the Gulf of Mexico Oil Disaster and because of having to use so much of their cash flow to pay out for oil stoppage and general cleanup, many ratings agencies worldwide don't think BP will be able to weather this and stay in business what with these losses. What this may mean long term is that once BP goes bankrupt or is sold off in pieces there will be no BP to be liable for anything and then the U.S. Government will be left to pick up the pieces, much like with the Bhopal disaster and Union Carbide disaster in India in 1984. In that case several executives of Union Carbide went to jail but the thousands who died and were injured in that disaster mostly were never compensated even a penny. This is beginning to look like Bhopal in that respect once again.
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