Shareholders revolt?

The Financial Times Deutschland writes:

"The oil company could be prosecuted by shareholders for paying billions
upon billions into a fund for damages without being legally required to do
so . It's therefore a good thing that the US government has not asked for a
blank check to cover damages. With the high sum (of $20 billion), the
government can now offer quick and unbureaucratic First Aid (to people
living near the Gulf)."

"But the firm can't just run free now that an arbitrary sum has been set.
What the final cost for damages might be, and which mistakes were made by
whom, have yet to be determined. Civil and criminal complaints against BP
have to remain an open possibility. This fund is just a first step toward
stopping the holes that the oil catastrophe has ripped in the finances of
many affected people."

http://www.spiegel.de/international/...701279,00.html

Smells like a cover-up in progress:

A rare and endangered species of sea turtle is being burned alive in BP's
controlled burns of the oil swirling around the Gulf of Mexico, and a boat
captain tasked with saving them says the company has blocked rescue efforts.

Mike Michael at Gather.com reports that Kemp's Ridleys are listed as
endangered under the Endangered Species Act. Harming or killing one "carries
stiff fines and civil penalties ($500-$25,000) assessed for each violation.
Criminal penalties include possible prison time and fines from
$25,000-$50,000."

Michael suggests that, given the size of the fines BP could face as a result
of the turtle deaths, the company may be happy to let turtles burn, as it
would make it impossible to calculate exactly how many turtles died. He
notes that the bodies of dead animals are being kept as evidence to
determine how much in fines BP will be liable for.

"Is BP destroying evidence to keep their liability down?" he asks. "Is
anyone going to stop them?"

http://rawstory.com/rs/2010/0620/bp-...turtles-alive/

A case of gross negligence?

Location of Deepwater Horizon oil rig was criticized

More than 12 months ago some geologists rang the warning bell that the
Deepwater Horizon exploratory rig might have been erected directly over a
huge underground reservoir of methane.

Documents from several years ago indicate that the subterranean geologic
formation may contain the presence of a huge methane deposit.

None other than the engineer who helped lead the team to snuff the Gulf oil
fires set by Saddam Hussein to slow the advance of American troops has
stated that a huge underground lake of methane gas-compressed by a pressure
of 100,000 pounds per square inch (psi)-could be released by BP's drilling
effort to obtain the oil deposit.

Current engineering technology cannot contain gas that is pressurized to
100,000 psi.

By some geologists' estimates the methane could be a massive 15 to 20 mile
toxic and explosive bubble trapped for eons under the Gulf sea floor. In
their opinion, the explosive destruction of the Deepwater Horizon wellhead
was an accident just waiting to happen.


http://www.helium.com/items/1864136-...-kill-millions

After all the litigation is complete will BP survive ?

Best Regards

Tom.










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