ZH: Scottish Widows Fund Doubles Down on BP

[Ruby the Liberal]

http://www.zerohedge.com/article/scottish-widows-have-not-had-enough-pain-double-down-bp-exposure

As we reported previously, the Scottish Widows Investment Fund, which is a top holder of BP stock, has lost about $70 million in its BP holdings over the past month. One would think that faced with such a drubbing the portfolio manager would decide it is time for risk off and either take the position off or diversify. One would be wrong. As seems to be the default case these days, when in doubt, and when losing tons of money, double down.

Reuters reports that among the bond managers gulping up BP bonds in chase of bargains, is Roger Webb, investment direct of SWIP (Scottish Widows Investment Partnership). "We think the dollar bonds in particular look quite cheap -- ultimately we are happy to get to an overweight position." And what heartless president would ever say "die" to a company in which an entire nation's widow population is invested and likely to lose their retirement funds, even if it means that no actual saltwater is left in the Oil Blob formerly known as the Gulf of Mexico.