DIYbanter - View Single Post - OT Get ready the economy is about to tank:(

HeyBub[_3_]

wrote:
On May 2, 11:39?am, wrote:
On Sun, 2 May 2010 08:27:36 -0700 (PDT), "

wrote:
BP although a multi national company will likely go bankrupt, and
your stock will be worthless........

Like XOM?

There may be a great buying opportunity but I doubt they go under

BP will survive in some fashion but they will have to go bankrupt. the
secondary costrs are far beyond any companies ability to pay.

the current stock will be worthless, unless you have the paper share
for fire starting.

Boy, you sure assume a lot of facts not in evidence.

1. There has been no finding that BP was in any way to blame. The whole
thing could have been due to circumstances beyond the control of BP:
a. The original fire could have been an act of terrorism*.
b. There could have been a collision involving a submarine.
c. The blow-out preventer valves could have been defective**.
d. A lightning-strike could have caused the original fire.

2. Even IF BP is found to some degree liable, they have insurance for this
sort of thing.

---------
* An oil rig is a "soft" target. They are not protected and extremely
vulnerable. In the current case, the whole business could have been pulled
off by a handful (as few as one) eco- or Muslim terrorists.

** A blowout preventer is a device attached to the wellhead at the sea
floor. It contains at least two sub-devices used to stop the flow of fluids
or gas. One sub-device is almost always a large valve - like a faucet - that
is operated both remotely and manually. Another type of sub-device is a
honkin' big hydraulic press that crimps the pipe, squeezing it shut.

It is extremely odd that the blowout-preventer cannot be used to stop the
flow of oil. By standard and law they are tested frequently.