re: #230 Racer X

Wow.

I’m not gonna defend BP - they totally screwed up and they need to pay.

But the white house put a moratorium in place - not just on BP but everyone. Now they want BP to pay for all those people - competitors employees - because of a white house moratorium?

Those other oil drilling outfits may be perfectly capable of safely extracting oil.

Agreed. There’s even talk that it’s going to sink the company….
Is BP headed for Bankruptcy?

BP has reportedly already spent $1 billion on the oil spill, but I would bet that very little of that is clean-up so far. Much of that is probably the cost of the rig and trying to stop the leak. Drilling the two relief wells can’t be cheap. At the end of 2009, BP had a book value (the total of its assets minus liabilities) of $102 billion. But very little of that was cash, just $8 billion (now possibly $7 billion). What’s more, $20 billion of BP’s book value was made up of goodwill and intangible assets, accounting terms in part meant to signify the value of your brand. We can all probably agree that BP’s goodwill now equals close to zero. Whether its stock will follow we will soon see.

I still own some BP stock. I figure it might be too late to bail out now but I’m seriously considering it.