RE: A Bailout For BP ?!?!!

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RE: A Bailout For BP ?!?!! - 6/11/2010 4:38:44 AM

RacerJim

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quote:

ORIGINAL: BitaTruble

quote:

ORIGINAL: Owner59

Is it possible?

How would average Americans react to any politician proposing one?

I'd boot his fucking ass out of office.

Was that too harsh?

What took you so long?

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Post #: 21

RE: A Bailout For BP ?!?!! - 6/11/2010 5:05:55 AM

DarkSteven

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A bankruptcy is NOT a bailout. Under bankruptcy, a company claims that it has issues meeting its debts and its debt is restructured or forgiven. A bailout is where the government uses its money to bail out a company. In one case, the creditors get dinged, in the other case the taxpayers.

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RE: A Bailout For BP ?!?!! - 6/11/2010 5:10:03 AM

DomYngBlk

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The silence of those on these boards that regularly bash the Democrats for "Bailouts" is deafening.

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RE: A Bailout For BP ?!?!! - 6/11/2010 5:29:39 AM

crazyml

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quote:

ORIGINAL: Marini

Many people are assuming that BP will file a Chapter 11 and bail soon.

With respect to these "many people", have you looked at BP's balance sheet? Which would be the first place someone ought to look if in doubt about the solvency of a company like BP...

Looking at the Balance sheet for fy 2009 -

- 67 billion in current assets.
- 158 billion in fixed assets

From the Group income statement -

- Profit, after tax - 17 billion.

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RE: A Bailout For BP ?!?!! - 6/11/2010 5:30:24 AM

RacerJim

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quote:

ORIGINAL: servantforuse

Not to worry. Obama said that he will make BP pay for the clean up. He hasn't kept any of his other promises but maybe this one is somehow different.

The only way Obama can make BP pay for the clean up is to ignore the law enacted during Clinton's administration which limits BP's liability to $75 Million. Of course, since Obama has already ignored other laws, including the U.S. Constittution, in his pursuit of fundamentally transforming the United States of America this time probably won't be any different.

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RE: A Bailout For BP ?!?!! - 6/11/2010 5:34:10 AM

DomYngBlk

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Ahhh the old republican fallback position. If all else fails...blame it on Clinton!

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Post #: 26

RE: A Bailout For BP ?!?!! - 6/11/2010 6:11:48 AM

Sanity

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quote:

ORIGINAL: DomYngBlk

Ahhh the old republican fallback position. If all else fails...blame it on Clinton!

http://www.collarchat.com/fb.asp?m=3251960

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RE: A Bailout For BP ?!?!! - 6/11/2010 6:19:57 AM

LadyEllen

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quote:

ORIGINAL: pahunkboy

The British want us to stop bashing them.

London mayor tells Obama: Stop bashing Britain...

Whats particularly daft about this is that BP is owned 40% by US shareholders, 25% by UK shareholders and employs about twice as many in the US as in the UK, and it hasnt been called British Petroleum for over ten years.

Apart from its domicile, there is little British about BP.

Still any scapegoat in a storm, eh?

E

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RE: A Bailout For BP ?!?!! - 6/11/2010 6:23:44 AM

Jeffff

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quote:

ORIGINAL: VAcontroldom

The US Government "bailout" of the auto industry never made sense. The US auto industry hasn't made money for a long time, except Ford, who wasn't included. It wasn't a bailout, it was a gift to the auto unions, where for the first time unsecured interests came before secured ones. We will never get all our money back.

GM Paid off the loan in April.

I am not sure about Chrysler

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RE: A Bailout For BP ?!?!! - 6/11/2010 6:25:05 AM

Jeffff

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quote:

ORIGINAL: RacerJim

quote:

ORIGINAL: servantforuse

Not to worry. Obama said that he will make BP pay for the clean up. He hasn't kept any of his other promises but maybe this one is somehow different.

The only way Obama can make BP pay for the clean up is to ignore the law enacted during Clinton's administration which limits BP's liability to $75 Million. Of course, since Obama has already ignored other laws, including the U.S. Constittution, in his pursuit of fundamentally transforming the United States of America this time probably won't be any different.

I always get my Constitutional Law from Nascar fans!

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RE: A Bailout For BP ?!?!! - 6/11/2010 6:42:09 AM

Musicmystery

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quote:

Of course, since Obama has already ignored other laws, including the U.S. Constittution, in his pursuit of fundamentally transforming the United States of America this time probably won't be any different.

Were you in a coma while Bush was President?

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RE: A Bailout For BP ?!?!! - 6/11/2010 6:44:03 AM

Musicmystery

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quote:

He hasn't kept any of his other promises

Nonsense. We were just talking about fixing the VA, for example. And passing health care--remember that one?

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RE: A Bailout For BP ?!?!! - 6/11/2010 9:27:07 AM

rulemylife

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quote:

ORIGINAL: RacerJim

The only way Obama can make BP pay for the clean up is to ignore the law enacted during Clinton's administration which limits BP's liability to $75 Million. Of course, since Obama has already ignored other laws, including the U.S. Constittution, in his pursuit of fundamentally transforming the United States of America this time probably won't be any different.

You would make yourself far more credible if you ever bothered to look up things instead of spouting nonsense.

To begin, the liability limit was part of the 1990 Oil Pollution Act. In case you're still confused, Bush was President then.

As for the rest, I'll let you read this:

The Gulf Oil Disaster: Who's Liable, and for How Much? - TIME

The other thing about the oil pollution law is that it creates a cap of $75 million per party for damages beyond the cleanup. So the responsible parties must pay the full price of the cleanup

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RE: A Bailout For BP ?!?!! - 6/11/2010 9:58:08 AM

VAcontroldom

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Musicmystery

I would love to be surprised but the Chrysler "bailout" was a loan guarantee. They paid back their loan

We took equity in GM that would require them to be worth more than they were at their peak with close to 50% market share. Right now it's likely worth a dime to the dollar.

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RE: A Bailout For BP ?!?!! - 6/11/2010 10:00:37 AM

VAcontroldom

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Jeff

You are right, they paid their loan but it was the smallest part of the GM bailout. Our equity ownership is the biggest part of the auto bailout

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RE: A Bailout For BP ?!?!! - 6/11/2010 10:55:55 AM

ThatDamnedPanda

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quote:

ORIGINAL: RacerJim

quote:

ORIGINAL: servantforuse

Not to worry. Obama said that he will make BP pay for the clean up. He hasn't kept any of his other promises but maybe this one is somehow different.

The only way Obama can make BP pay for the clean up is to ignore the law enacted during Clinton's administration which limits BP's liability to $75 Million. Of course, since Obama has already ignored other laws, including the U.S. Constittution, in his pursuit of fundamentally transforming the United States of America this time probably won't be any different.

Once again, you demonstrate that you have absolutely no clue what you're talking about.

The law clearly states that in instances of gross negligence, criminal conduct, or violation of federal safety regulations, the $75 million limit does not apply. It's a very simple and straightforward process, and it seems almost a certainty that there were numerous violations, and quite possibly criminal and/or negligent conduct. BP will fight like rabid wolverines, but at the end of the day, if the government finds - or if BP acknowledges, to avoid even harsher sanctions - that safety violations occurred and were contributory, they're toast.

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RE: A Bailout For BP ?!?!! - 6/11/2010 11:09:04 AM

RCdc

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quote:

ORIGINAL: DarkSteven

WTF? The banks were bailed out when their entire industry went down. BP is the only one hurting; their competitors are doing just fine. If other oil companies bought them in pieces and changed the management style, that would be great. And if BP's stock continues to plummet, not unrealistic. No bailout necessary.

That would be an incorrect assumption.
If BP goes down, so do pensions because they are tied into the shares.
40 % of shares are in USA hands, so that means it affects US economy too.

It's not as simple as 'just a company'.

That said, Boris Johnson doesn't speak for everyone. Personally, I think that the US is correct in dissing BP and the majority of british people I know are angry at BP.

the.dark.

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RE: A Bailout For BP ?!?!! - 6/11/2010 12:44:26 PM

Moonhead

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The peroxide Spode doesn't speak for much of anybody. The only reason the obnoxious little cunt won that Mayoral election is because all of the BNP voters put him down as their second choice. Still, at least he knows all of that bollocks about "piccaninnies" went down well with somebody. Bet he didn't use that one while talking about the uncle Tom in the white house, though.

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RE: A Bailout For BP ?!?!! - 6/11/2010 12:57:33 PM

SL4V3M4YB3

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I think Boris won because Londoner's like an underdog. In the first election Ken stood as an independent and beat the official Labour candidate Frank Dobson. However in the last election Ken was just a little too arrogant about Boris Johnson's chances and that of his own. That and the expansion of the congestion charging.

Ken Livingston is standing against Oona King this time, Boris Johnson hasn't yet decided. I'm not sure he'll get re-elected because people in London will want some balance and opposition to the Tory Government.

< Message edited by SL4V3M4YB3 -- 6/11/2010 1:00:02 PM >

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RE: A Bailout For BP ?!?!! - 6/11/2010 1:09:52 PM

Moonhead

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I don't buy that Londonders like an underdog at all. The BNP would do a lot better down there if that were true.

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