Nearly £7billion was wiped off the value of BP yesterday amid growing fears that its crucial dividend payout to shareholders will be suspended.
The shares fell 9.3 per cent, with City analysts warning that they will fall even lower in the coming weeks.
Since the oil rig explosion in April, the market capitalisation of the company has almost halved, losing about £55billion in value. BP Hit For 7 Billion (pounds)
That’s $81 billion in dollars since the explosion. If their total assets were $235 billion, BP is headed for bankruptcy, fast.
This means bailout cries will be getting louder and louder (soon). There are already estimates of economic and environmental damage in the $1 Trillion range.
If they keep finding more of these (two so far), maybe they could refine them down to power the prison where some of the BP execs are going:
1 Ton Tarball Found south of Perdido Pass, Florida, June 11, 2010
Personally, I could give a shit about BP. No company on Earth is “too big to fail”, nor should they receive any bailouts, especially one that has actively covered up its crimes, censored the news, banned coverage, threatened employees and journalists and created the worst global disaster in modern human history.
One person told me that they should take the responsible parties and shove a pipe down their throats and another one up their ass and pump them full of crude oil as just punishment. That is after all, what has happened to most of the wildlife down in the Gulf.
This satellite shot from June 12th doesn’t begin to show the millions and millions of dead fish, whales, dolphins, sharks, birds, crabs, crustaceans and countless other life forms that died, choking to death on thick gobs of oil.
We are destroying our oceans. I’ve written on this many times now, but be SURE you check out Desdemona Despair’s (current) links: