The crisis engulfing BP plumbed new depths last night as President Obama bullied the company into depositing £13.5billion into a fund to settle compensation claims for the calamitous Gulf of Mexico oil spill.
After a face-to-face showdown with the President at the White House, BP chairman Carl-Henric Svanberg revealed the payment meant the oil giant would be forced to suspend dividends to its shareholders until at least next year.
The news sent BP shares plunging to a 14-year low of £3.37, and is a major blow for Britain's pension funds, which rely on BP's dividend income to provide £1 in every £6 they receive each year.
Thursday, June 17, 2010
BP oil spill: British pensioners will pick up the bill for BP compensation fund
And that fund money will be paid to Obama's union thugs.
Subscribe to:
Post Comments (Atom)
1 comment:
I'm sure this was done to attack the stock, and I'm betting Soros et al were all short. So prescient, eh?
Post a Comment