THE INEVITABLE IS GOING TO BE BANKRUPCY
What I am about to say is not going to be welcomed nor will many conservatives will agree with it; but the indications are that BP will drag their feet until the moment they have to declare bankruptcy and then the American tax payer is going to be stuck with the bill.
If that is the case, wouldn’t it be better that we step in now and secure BP’s revenues, prevent them from paying any dividends to stock holders until they have met the liabilities and hold them accountable this way. It is a draconian move but I believe it will be the only answer.
What would we gain from doing this? I think that we would gain a lot…BP for one can’t walk away from this responsibility and also, if we are stuck with owning an oil company perhaps that is exactly the answer to giving Exxon and Shell some competition.
Nuts, you say? Not so much if you consider the alternatives. We are looking at years of litigation if we are to go by past experiences…does the Exxon Valdez ring a bell? The Exxon people dragged on in the courts for years and some of the claims took decades to make good. We just don’t want that to happen here, it is bad enough that we have a disaster of this magnitude. To protect the shareholders above the general public interest is just not good politics; why you might ask? Because you would be paying the stock holders with tax payer’s money and that just isn’t fair.
PHOTO SOURCE: http://newsimg.bbc.co.uk/media/images/41353000/jpg/_41353225_7fire-online.jpg
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