BP’s long-term credibility was at stake last night as its chief executive fought to halt a headlong slide in its stock price and the Obama Administration announced a criminal investigation into the Deepwater Horizon oil disaster.
After losing a third of its value in six weeks, BP is expected to promise shareholders this week that their annual dividend — more than $10 billion last year — will be maintained.
More than £12 billion was wiped off the company’s value yesterday as President Obama vowed to bring to justice those responsible for what he called “the greatest environmental disaster of its kind in our history”.
Eric Holder, the US Attorney-General, announced a criminal and civil investigation, to be conducted by the FBI and other federal agencies, after meeting local officials in New Orleans. “If we find evidence of illegal behaviour we will be forceful in our response,” he said after BP shares endured their worst day’s trading in more than two decades, dragging down the FTSE 100 and with it the value of dozens of leading pension funds.
$10 billion dividend?
This takes tone deaf to a new level. Seriously, Tony Hayward is asking to be hurt. While I doubt he will be, he should talk with security folks before appearing in public anytime soon.
Of course, Holder could simply arrest him . . .
I looked for a good song with "hurt", "die" or "kill" in the lyrics, came up short. This will have to do (ignore the short commercial please):