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if any one knows..

nonothing

Well-known member
Just wonder what kind of affect this bp oil spill has had on charities and retirement plans...If any portfolio had 10% bp funds in it, it had to make some kind of dent...
 

hypocritexposer

Well-known member
nonothing said:
Just wonder what kind of affect this bp oil spill has had on charities and retirement plans...If any portfolio had 10% bp funds in it, it had to make some kind of dent...

It's taken a huge dent out of some retirement funds. They'll probably be bailed out by the taxpayers in the US and the UK.

I would think the $20 Billion that obama has strongarmed out of BP, will also have an effect on the stocks and further damage the retirement funds invested in BP.
 
A

Anonymous

Guest
Lots of banks are taking a bath. Some of the larger banks owned 10 million shares which results in about a third of a billion in losses for each 10 million shares owned.
 

Cowpuncher

Well-known member
The $20B that BP has agreed to put into an escrow accound will be funded over 2 or 3 years. Since BP was paying about $9B (3.3 billion shares at $3.36/share) they will be able to fund it just from suspending their dividend. Especially since the dividend funds have already been taxed and the costs will be deducted from their US income taxes as the money is spent.

Over the years, I have dealt with BP a few times and they are not dummies (except in cost cutting while drilling wells in deep water).
They operated many offshore fields in the North Sea as well as the Amoco properties they acquired in the gulf.

If political noise could stop the oil flow, it would have been stopped a couple of months ago.

I think their problem is the current ongoing costs and whether they are a part of the $20B or not.
 
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