1) The way Congressional Representatives badgered BP CEO Tony Hayward last week was not Congress’s finest moment.
2) Last week’s $20 billion arm-twisting wasn’t this White House’s finest moment either.
3) BP Chairman Carl-Henric Svanberg has been subjected to ojust behandling by monolingual Americans imputing bad intent to his use of the unidiomatic expression “small people”.
4) I don’t think the BP is going bust. As I mentioned recently on Howard Lindzon’s blog, BP’s situation reminds me a little of that of Philip Morris or the other big tobacco companies when the litigation/legislation against that industry was coming to a head. There was a lot of uncertainty then, but ultimately, the federal government didn’t crush the tobacco companies; instead, it deepened its partnership with them, settling for a bigger piece of the action. A hated but highly-profitable company is a golden goose for government. As with any golden goose, it’s in the government’s interest to keep it viable. President Obama intimated as much last week when he said, “BP is a strong and viable company and it is in all our interests that it remains so.”.
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