posted
i saw this live, i was astounded at the "mindset" of this guy....
yesterday we saw a Corporation actually behave as if it were a true Citizen and own up to it's Citizenship responsibilities and this guy calls it a shakedown? The far right is off it's collective rocker....
A leading House Republican has accused the White House of a "$20 billion shakedown" of oil giant BP by requiring the company to establish a huge fund to compensate those hurt by the Gulf Coast oil spill.
Rep. Joe Barton made the assertion Thursday at the outset of a House hearing where BP's chief executive officer, Tony Hayward, was appearing for the first time before Congress.
Facing Hayward at the witness table, the Texas Republican congressman said, "I'm ashamed of what happened in the White House" on Wednesday. Barton was referring to the agreement that President Barack Obama announced with BP for establishment of a $20 billion relief fund.
posted
Leaving aside the ridiculous fact that Barton, and other Republicans, continue to suck up to BP during this crisis, who the hell does Barton think he is to apologize for the White House?? What an arrogant, know-nothing, full-of-himself tool.
-------------------- Wise men learn more from fools than fools from the wise. Posts: 3827 | From: beautiful California | Registered: Sep 2008
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quote:Originally posted by raybond: Leaving aside the ridiculous fact that Barton, and other Republicans, continue to suck up to BP during this crisis, who the hell does Barton think he is to apologize for the White House?? What an arrogant, know-nothing, full-of-himself tool.
Actually Ray, I think the common term is scumbag. Or GOP for short...or was that POS? Oh well....same difference anyway!
-------------------- It is impossible to make anything foolproof because fools are so ingenious. Posts: 3311 | From: St. Louis | Registered: Feb 2005
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posted
here's a perfect example of how and why limbugger is destroying the GOP...
in politics, the middle ALWAYS chooses who will in the national elections...
rush chases the middle away...
Limbaugh bashes GOP for Barton response Posted: June 21st, 2010 04:05 PM ET
"It was a shakedown pure and simple," said Limbaugh, echoing the words for which Barton later apologized. "And somebody had the audacity to call it what it was and now everybody's running for the hills."
"All you have to do is look at the polling," Limbaugh continued. "We're talking about Republicans inside the beltway. All you have to do is look at the polling data and media coverage and find out what they are going to do."
Barton, the ranking Republican on the House Energy and Commerce Committee, quickly faced fire from both the right and the left after apologizing to Hayward during the BP chairman's appearance before his committee Thursday. Hours later – amid threats he would lose his leadership post – Barton retracted the comments.
"Let's just slither away under the rock here," Limbaugh said, mocking the Republicans' approach to Barton. "We'll let Joe Barton get eaten by the Democrat lizards on this to protect ourselves. This is politics and this is the reason why true believers have such a problem with politics. It's just that simple and no more complicated than that.
-------------------- Don't envy the happiness of those who live in a fool's paradise. Posts: 36378 | From: USA | Registered: Sep 2003
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quote:"Let's just slither away under the rock here," Limbaugh said, mocking the Republicans' approach to Barton. "We'll let Joe Barton get eaten by the Democrat lizards on this to protect ourselves. This is politics and this is the reason why true believers have such a problem with politics. It's just that simple and no more complicated than that.
I think that may be the most profound summarization of politics in America that I've ever heard.
posted
huh? "true beleievers"? that's just another term for fool....skepticism is the root of all knowledge. beleif is the closing of the mind... i don't think there's anybody more closedminded on the natioanl stage than an "ultra- ______ " place anything in the blank strarting with right or left...
-------------------- Don't envy the happiness of those who live in a fool's paradise. Posts: 36378 | From: USA | Registered: Sep 2003
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posted
IMO? BP created that fund in order to survive the worst environmental disaster ever, except for Chernobyl.....
they are basically granting less than 1/4 of their profits for the next four years to assure the WORLD that they are sincere in their assumption of thier RESPONSIBILITY...
they could just fold and be auctioned off, allowing the Chinese to obtain an oil company of worldwide stature without assuming ANY of the liabiltiy for this....
as Bob said, we really do want BP to succeed at this, no matter how much you hate oil or big biz, no matter how much of an environmental kook you are, you have to know that the only way this will get the proper care is for BP throw itse3lf ont he mercy of world opinion.... they have, and unless the well cannot be plugged this year, they will survive. that is not a fersure thing yet either...
they have Also EFFECTIVELY DENIED TRIAL LAWYERS A BILLION DOLLARS that billion is a serious lowball estimete, they will make some money off this, but you figure that out of 20 billion in legal claims the trial lawyers would normally get HALF, so you can safely estimate the savings at 10 billion$ which goes directly to claimants, instead... that's actually smart.
# BP's first-quarter replacement cost profit was $5,598 million, compared with $2,387 million a year ago, an increase of 135%. # Non-operating items and fair value accounting effects for the first quarter had a net $49 million unfavourable impact compared with a net $194 million unfavourable impact in the first quarter of 2009. # Finance costs and net finance income or expense relating to pensions and other post-retirement benefits were $228 million for the first quarter, compared with $368 million for the same period last year. # The effective tax rate on replacement cost profit for the first quarter was 34%, compared with 37.5% a year ago. # Net cash provided by operating activities for the first quarter was $7.7 billion, compared with $5.6 billion a year ago. # Net debt at the end of the first quarter was $25.2 billion. The ratio of net debt to net debt plus equity was 19% compared with 23% a year ago. # Cash costs(b) for the first quarter were slightly lower than a year ago despite adverse foreign exchange and fuel cost effects. # Total capital expenditure, including acquisitions and asset exchanges, for the first quarter was $4.7 billion. Organic capital expenditure(c) in the first quarter was $3.8 billion. Disposal proceeds were $0.1 billion for the first quarter. For 2010 as a whole, we continue to expect organic capital expenditure of around $20 billion and disposal proceeds of $2-3 billion. # The quarterly dividend, to be paid on 21 June 2010, is 14 cents per share ($0.84 per ADS), the same as a year ago. The corresponding amount in sterling will be announced on 8 June 2010. A scrip dividend alternative is available, allowing shareholders to elect to receive their dividend in the form of new ordinary shares and ADS holders in the form of new ADSs. Details of the scrip dividend programme are available at www.bp.com/scrip.
posted
Glass, this is something that's annoyed me about this BP fund. It's not the fact that the fund is being set up, it's the circumstances around it. Why was it done in a closed door meeting where the reports claim that Biden basically said "Give us your money or we take it?"
If BP had come out and simply said, "Look, we want to make this right. Here is $20 Billion that we'll set aside to help those affected." They would have been seen as responsible businessmen. But to have the Gov basically confiscate it without due process is at the very least unseemly and at the very worst unconstitutional.
Either way, if the trial lawyers lose out...I'm all for it.
posted
i think the WH was looking for a way to take credit for it too.. that's it, make of it what you want....
i think the media on both side has gone over the edge of reason.. to expect the Govt ot step in and be ready to clean this up in three weeks is beyond reason. They showed up mmeditalety to rescue the workers and put out the fire, that's what we expect them to do.. to have a destroyer group on standby for oil spills is crazy...
Jindal is down in LA wanting to build sand berms that will divert the oil to FLA and he blames the Feds for not letting him? LOL.. since they are letting him now? FLA will get the oil that was going to LA, who should be blamed for that?
see how simple everything is?
-------------------- Don't envy the happiness of those who live in a fool's paradise. Posts: 36378 | From: USA | Registered: Sep 2003
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posted
the drilling ban was just struck down by a judge, i hope that (&(*&er is ready to go clean oil up with his own hands if we have another spill 'fore this one is fixed
-------------------- Don't envy the happiness of those who live in a fool's paradise. Posts: 36378 | From: USA | Registered: Sep 2003
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posted
Repubapigs are just sick because they are being made fools of.
-------------------- Wise men learn more from fools than fools from the wise. Posts: 3827 | From: beautiful California | Registered: Sep 2008
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posted
Whats 16 inches long and hangs between Tony Haywards legs.
Joe barton's tie.
Not if Rush can get there first
-------------------- Wise men learn more from fools than fools from the wise. Posts: 3827 | From: beautiful California | Registered: Sep 2008
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posted
Judge who ruled against offshore drilling moratorium invests in oil industry. Today, Judge Martin Feldman, a U.S. District Court Judge for the Eastern District of Louisiana, sided with a drilling company which had argued that the Obama administration’s blanket, 6-month moratorium on deepwater drilling in the Gulf of Mexico was illegal. The drilling company, Hornbeck Offshore Services of Covington, LA, claimed financial distress from the imposition of the moratorium. In the ruling handed down this afternoon, Judge Feldman agreed, writing that the administration made an “arbitrary and capricious” decision that would have an “immeasurable effect on the plaintiffs, the local economy, the Gulf region, and the critical present-day aspect of the availability of domestic energy in this country.” Like many judges presiding in the Gulf region, Feldman owns lots of energy stocks, including Transocean, Halliburton, and two of BP’s largest U.S. private shareholders — BlackRock (7.1%) and JP Morgan Chase (28.3%). Here’s a list of Feldman’s income in 2008 (amounts listed unless under $1,000):
BlackRock ($12000- $36000) Ocean Energy ($1000 – $2500) NGP Capital Resources ($1000 – $2500) Quicksilver Resources ($5000 – $15000) Hercules Offshore ($6000 – $17500) Provident Energy Peabody Energy PenGrowth Energy RPC Inc Atlas Energy Resources Parker Drilling TXCO Resources EV Energy Partners Rowan Companies BPZ Resources El Paso Corp KBR Inc Chesapeake Energy ATP Oil & Gas
In his opinion today, Feldman wrote, “Oil and gas production is quite simply elemental to Gulf communities.” Indeed, it is so elemental that the justice system is invested in the oil and gas industry. As TP’s Ian Millhiser has written, “Industry ties among federal judges are so widespread that they are beginning to endanger the courts’ ability to conduct routine business. Last month, so many members of the right-wing Fifth Circuit were forced to recuse themselves from an appeal against various energy and chemical companies that there weren’t enough untainted judges left to allow the court to hear the case.”
Update White House Press Secretary Robert Gibbs announced that the administration will "immediately appeal to the 5th Circuit." The Sierra Club will join the appeal.
-------------------- Wise men learn more from fools than fools from the wise. Posts: 3827 | From: beautiful California | Registered: Sep 2008
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posted
sorry but i know for a fact that JP Morgan Chase does not own 28% of BP stock (they own an indeterminable amount of their debt tho).... that's a lie that has been spread around the net...
-------------------- Don't envy the happiness of those who live in a fool's paradise. Posts: 36378 | From: USA | Registered: Sep 2003
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quote:the administration made an “arbitrary and capricious” decision
It was capricious and arbitrary...there was no reason to shut down the other platforms that were running just fine.
The authors of the 'peer reviewed report' that they claim the ban was based on have uniformly come out and denounced the choice. They claim that nothing in the report they reviewed supported such an action.
Not to mention the government's loan to PetroBras that drills far deeper than this.
posted
It was capricious and arbitrary...there was no reason to shut down the other platforms that were running just fine.
no it was not. the Feds are being blamed for allowing the well to proceed and not doing enough inspection on it.
it is absolutely standard operating procedure in any large organisation to have a safety standown when something like this happens.
if another well blows? the people that die will be suing the judges that didn't stop it and the Govt and everybody else..
the only ban is on 33 wells for crying out loud. they are all exploration and would be capped anyway, just like this one..
the reason we cannot cap this one is because it is so deep according to almost all the experts...
nothing capricious at all about it.
this is a victory for no one. i bet you that inspectors can go on every single rig in the ocean and shut it down for violations if they want to... violations are easy to find if you want to really look...
-------------------- Don't envy the happiness of those who live in a fool's paradise. Posts: 36378 | From: USA | Registered: Sep 2003
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posted
Then that is the way it should have been. The inspectors should have been sent out en masse. Let them give every single rig a virtual body cavity search. Something comes up, quote it as the reason for shutting that particular rig down. Don't just blanket 'stop oil drilling' and then not expect those companies affected to simply sit by and lose money\time without complaining.
Perception is reality in everything, Glass. You well know this. And the perception could have been controlled a helluva lot better than it was.
posted
until they have all the answers? they don't know what the real reason for this failure is.. the ban was only on deepwater wells similar to this well
if they send out inspectors to all the rigs that were involved i the court case? the co's will prolly face some pretty hefty fines for violations. watch and see... fighting this in court was stupid.
the co's won nothing. you'll see. i ask again, what happens if another well blows and we have double the cleanup..
if we knew why this well blew? we MIGHT be able to prevent the next one. we still don't know why this well blew only BP can answer that and they will hold back that info as long as they can.
-------------------- Don't envy the happiness of those who live in a fool's paradise. Posts: 36378 | From: USA | Registered: Sep 2003
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posted 22-06-2010 16:24 -------------------------------------------------------------------------------- sorry but i know for a fact that JP Morgan Chase does not own 28% of BP stock (they own an indeterminable amount of their debt tho).... that's a lie that has been spread around the net...
-------------------- Wise men learn more from fools than fools from the wise. Posts: 3827 | From: beautiful California | Registered: Sep 2008
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posted 22-06-2010 16:24 -------------------------------------------------------------------------------- sorry but i know for a fact that JP Morgan Chase does not own 28% of BP stock (they own an indeterminable amount of their debt tho).... that's a lie that has been spread around the net...
actually i did look on BP's own website...
shares owned by institutions is only 12%... and that's 1,172 institutions...
the amadeaus report is fiction...
here's your source for reliable info
BP p.l.c. (BP) Stock Holdings Summary (Ownership)
INSTITUTIONAL Total Number of Holders 1,089 % of Shares Outstanding 11.40% Total Shares Held 356,832,441 Total Value of Holdings $10,822,727,936 Net Activity 9,479,038
Top 5 Holders Shares Held STATE STREET CO... 43,453,340 WELLINGTON MANA... 34,841,626 BARROW HANLEY M... 16,700,677 BANK OF AMERICA... 13,905,449 STATE FARM MUTU... 13,052,048
INSIDER TRADES There are no Insider trades for this security.
Last 5 Trades Shares Traded This Security is has no recent transactions.
-------------------- Wise men learn more from fools than fools from the wise. Posts: 3827 | From: beautiful California | Registered: Sep 2008
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quote:Originally posted by raybond: jolly good glassman
i dunno why these rumors get going. it's possible that JP Morgan has possession of shares in street name for account holders, but that's the only 'splanation i can find for the rumor.. if somebody didn't understand how the DTC works they might make the assunmption?
-------------------- Don't envy the happiness of those who live in a fool's paradise. Posts: 36378 | From: USA | Registered: Sep 2003
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