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Gingersnap
06-10-2010, 11:22 AM
Barack Obama's attacks on BP hurting British pensioners

Barack Obama has been accused of holding "his boot on the throat" of British pensioners after his attacks on BP were blamed for wiping billions off the company's value.

By Louise Armitstead and Myra Butterworth
Published: 10:12PM BST 09 Jun 2010

City investors said the president was jeopardising the pensions of millions with his "excessive" criticism of the energy company following the Gulf of Mexico oil spill.

Before the accident on April 20, BP was Britain's biggest company, with a stock market value of 122 billion. Since then, 49 billion has been wiped off its value.

On Wednesday, BP's share price fell a further 17.35p to 391.55p representing a 40 per cent drop on the 655p price of a share two months ago.

Experts have said that the clean-up costs of the oil spill will run to between 10 billion and 20 billion but the biggest cost to the company is from investors dumping stock for fear of BP being further punished by the US Government.

Those fears have been heightened by Mr Obama's increasingly aggressive rhetoric towards BP, which some investors see as an attempt to deflect criticism of his own handling of the crisis. Last month, a White House spokesman said the President's job was to keep his "boot on the throat" of the company.

In the past week, Mr Obama, who insists on referring to BP by its former name British Petroleum, has suggested that its chief executive, Tony Hayward, would have been sacked if he worked for him.

BP's position at the top of the London Stock Exchange and its previous reliability have made it a bedrock
of almost every pension fund in the country, meaning its value is crucial to millions of workers. The firm's dividend payments, which amount to more than 7 billion a year, account for 1 in every 6 paid out in dividends to British pension pots.

BP is so concerned about Mr Obama's power to affect share value that it has urged David Cameron to appeal to the White House on its behalf. Downing Street, however, has refused to get involved. "We need to ensure that BP is not unfairly treated it is not some bloodless corporation," said one of Britain's top fund managers. "Hit BP and a lot of people get hit. UK pension money becomes a donation to the US government and the lawyers at the expense of Mrs Jones and other pension funds."

Mark Dampier of the financial services company Hargreaves Lansdown said: "[Mr Obama] is playing to the gallery but is not bringing a solution any closer. Obama has his boot on the throat of British pensioners. There is no point in bashing BP all the time, it's not helpful. It is a terrible situation, but having the American president on your back is not going to get it all cleared up any quicker."

Telegraph (http://www.telegraph.co.uk/news/worldnews/northamerica/usa/barackobama/7815713/Barack-Obamas-attacks-on-BP-hurting-British-pensioners.html)

PoliCon
06-10-2010, 11:33 AM
He doesn't care what Britian says - he only cares what france and our enemies say.

Gingersnap
06-10-2010, 11:46 AM
He doesn't care what Britian says - he only cares what france and our enemies say.

I care. It makes me laugh. :D

bijou
06-10-2010, 12:07 PM
A little satire seems appropriate here:



OBAMA STARTING TO SOUND LIKE A BIT OF AN ARSE
10-06-10

PRESIDENT Obama's handling of the Gulf oil spill is starting to make him come across as a bit of an arsehole, it emerged today.


In the past week British liberals have become increasingly distressed at the president's political exploitation of anti-UK sentiment and his constant use of the world 'folks'.

And as the White House threatened legal action against BP but none of the American companies it was working with, Britons who just 18 months ago were cheering on the Obama campaign have this week found themselves quietly typing the word 'Bhopal' into Google. ... http://www.thedailymash.co.uk/news/international/obama-starting-to-sound-like-a-bit-of-an-arse-201006102804/

Gingersnap
06-10-2010, 12:33 PM
He should have never sent that bust of Churchill back across the pond. :D

noonwitch
06-10-2010, 12:49 PM
BP is blaming Obama for the financial fallout of their oil spill? Their stock value is dropping fast. I don't think Obama has anything to do with that, when customers decide to take their business elsewhere.

hampshirebrit
06-10-2010, 02:57 PM
BP is blaming Obama for the financial fallout of their oil spill? Their stock value is dropping fast. I don't think Obama has anything to do with that, when customers decide to take their business elsewhere.

The stock value is dropping at least as much because Obama is trying to deflect attention away from his own administration's culpability and can't keep his yap shut.

Perhaps you (and he) should consider that BP contributes 3 times the tax revenue to the US government that it does to the UK government and there are more than 3 US BP employees for each 1 UK employee.

And it hasn't been called British Petroleum for years. It's just BP.

lacarnut
06-10-2010, 03:22 PM
The stock value is dropping at least as much because Obama is trying to deflect attention away from his own administration's culpability and can't keep his yap shut.

Perhaps you (and he) should consider that BP contributes 3 times the tax revenue to the US government that it does to the UK government and there are more than 3 US BP employees for each 1 UK employee.

And it hasn't been called British Petroleum for years. It's just BP.

The ignorance of liberals is astounding. Most think that oil companies are evil and let's tax the shit out of their profits cause they make too much money. Dummies in the US do not understand that billions are invested in pension funds. So Obama's big mouth is not helping to clean up the oil spill nor it is helping the stock price of BP. They will find out when they get their quarterly or yearly statement. The Teachers Union in NY may be shitting bricks.

If I was CEO, I just might say f...you Obama and leave. Pay the $65 billion dollars in damages and say have a good day. I would love to see the CEO put big mouth in his place but that will not happen. Obama and his thugs from the Justice Dept. send lawyers to sue. Putting all the blame on BP is the game plan cause Obama is not a leader or a game solver; he is just a Chicago style politician. :mad:.

marinejcksn
06-10-2010, 04:16 PM
He should have never sent that bust of Churchill back across the pond. :D

Or gave 'ol Brownie Region 1 DVD's in exchange for a pen made from the HMS Resolute. :D

noonwitch
06-10-2010, 04:48 PM
The ignorance of liberals is astounding. Most think that oil companies are evil and let's tax the shit out of their profits cause they make too much money. Dummies in the US do not understand that billions are invested in pension funds. So Obama's big mouth is not helping to clean up the oil spill nor it is helping the stock price of BP. They will find out when they get their quarterly or yearly statement. The Teachers Union in NY may be shitting bricks.

If I was CEO, I just might say f...you Obama and leave. Pay the $65 billion dollars in damages and say have a good day. I would love to see the CEO put big mouth in his place but that will not happen. Obama and his thugs from the Justice Dept. send lawyers to sue. Putting all the blame on BP is the game plan cause Obama is not a leader or a game solver; he is just a Chicago style politician. :mad:.



I don't think oil companies are evil, but BP is ultimately the party that is responsible for this spill. It's their rig.

hampshirebrit
06-10-2010, 04:55 PM
I don't think oil companies are evil, but BP is ultimately the party that is responsible for this spill. It's their rig.

Wrong. It's Transocean's rig.

Gingersnap
06-10-2010, 05:24 PM
There's enough blame to go around here for everybody - including us.

I'm also tired of the demonizing that's gone on with BP. It's not like they woke up one morning and said, "Gee, let's see what happens if we start flooding the gulf of Mexico with crude". It was an accident, it''s costing them a crippling amount of money, it's wasting a valuable commodity that they could have sold at a good price, and it's generating brand-ending PR. Isn't that enough? :confused:

lacarnut
06-10-2010, 05:37 PM
Wrong. It's Transocean's rig.

BP rents the rig like most oil companies do at thousands of dollars a day. Halliburton is an oil service company which is another part of the puzzle when talking about drilling for oil. Shows you how much liberals know about offshore drilling.

noonwitch
06-11-2010, 08:47 AM
BP rents the rig like most oil companies do at thousands of dollars a day. Halliburton is an oil service company which is another part of the puzzle when talking about drilling for oil. Shows you how much liberals know about offshore drilling.


I actually did know that, but if I had blamed Halliburton, you would have said it was just another liberal conspiracy theory perpetuated by Bush haters. The owners and operators of the rig are responsible for the explosion. BP still bears responsibility for their part, because they are leasing it and should be ensuring that they are using a safe and reliable rig. After all, no one wants to pay too much rent on a house with a leaky roof, and not demand that the landlord repair it.

It's still absolutely ridiculous of the british press to blame Obama because no one wants to buy BP products at the moment, and their old retirees are resorting to eating dog food. It's not his fault that the british elderly prefer to buy dog food with their money over cheap, canned food. It's not like dog food is any cheaper than a can of tuna.

hampshirebrit
06-11-2010, 10:33 AM
I actually did know that, but if I had blamed Halliburton, you would have said it was just another liberal conspiracy theory perpetuated by Bush haters. The owners and operators of the rig are responsible for the explosion. BP still bears responsibility for their part, because they are leasing it and should be ensuring that they are using a safe and reliable rig. After all, no one wants to pay too much rent on a house with a leaky roof, and not demand that the landlord repair it.

It's still absolutely ridiculous of the british press to blame Obama because no one wants to buy BP products at the moment, and their old retirees are resorting to eating dog food. It's not his fault that the british elderly prefer to buy dog food with their money over cheap, canned food. It's not like dog food is any cheaper than a can of tuna.

You don't get it, still. BP contributed over $4bn in tax revenue to the US economy last year, enough to keep plenty of welfare scroungers sucking on the gubbmint tit. Obama is undermining the US as much as the UK. Looks like his hatred for the UK is getting the better of him, hence the constant harping on about a a company name that hasn't been used for a decade. This unpresidential behaviour is damaging US interests as well as UK ones.

As to "no-one wanting to buy BP products" is concerned, I'm willing to bet that if BP gas is the cheapest in the area, then no-one is going to drive elsewhere to pay more.

And the dog-food reference ... that's just a bit of Ginger's poetic license with the thread title.