BP is starting over. It just named a new American president and its finances are looking up. BP’s second-quarter report showed surprisingly strong revenues of $75.9 billion, beating Wall Street’s estimates. (This includes a $32.2 billion writedown along with the $20 billion liability fund that the Obama Administration wanted.) The company has started to sell $30 billion of its assets to ensure it has all the money it needs to pay any liability claims. No wonder several Wall Street analysts are suggesting BP stock as a terrific buy.Howie P.S.: If Nate Silver is right, it might become even more difficult for Congress to pass laws that get "corporations to act differently."
It doesn’t seem to matter BP was responsible for the worst environmental disaster in American history. Consumers worldwide – including Americans – continue to slurp up its oil.
But wait a minute. If BP emerges from this debacle fatter and happier than anyone imagined a few months ago, whatever happened to the idea of corporate accountability? Does this mean any giant corporation can wreak havoc and then get back to business as usual? MORE...
Thursday, July 29, 2010
Reich: "The Final Lesson of BP"