There was absolutely NO way to know that a disaster was on the horizon unless you used

[Are_grits_groceries]

a Magic 8 Ball.

Goldman Sachs sold $250 million of BP stock before spill
http://rawstory.com/rs/2010/0602/month-oil-spill-goldman-sachs-sold-250-million-bp-stock/

BP chief Tony Hayward sold shares weeks before oil spill
http://www.telegraph.co.uk/finance/newsbysector/energy/oilandgas/7804922/BP-chief-Tony-Hayward-sold-shares-weeks-before-oil-spill.html

Move along here. Nothing to see.
No big deal. They just used the same Magic 8 ball.

Should I sell my BP shares???


I wonder who else used the Magic 8 Ball???

[Jamastiene]

1. K&R

Food for thought. Good point.

[Turbineguy]

2. Sometimes

a cigar is just a cigar.

Although in this case, a very good cigar.

[Junkdrawer]

3. Who would want to own shares in a company with a CEO as reckless as Tony Hayward?

Certainly not Tony Hayward....

[Are_grits_groceries]

4. The question is why did they decide to sell them then at that point??

He hasn't just suddenly become reckless. When his recklessness was going to catch up to him, out they went.

President Obama had just lauded drilling technology and confirmed the idea of continuing drilling. That would seem to be a plus for them????

[Junkdrawer]

5. I think they knew that the up stock market (at that time) was (and is) smoke and mirrors...

Pump Happy Talk up people's butts, then Dump when you force a peak. Old as the hills.

[Are_grits_groceries]

6. Sorry. I have no benefit of any doubt left to give

Hayward or Blankfein.

I believe I am all out period.

[Junkdrawer]

11. Perhaps "Risk Management"?

"I'm ordering a balls-out push to tap reserves that will lead to increased profits and even more bonuses, but I'll hedge my bet by selling 1/3 of my stock in case it all turns south."

[Mimosa]

10. Market was up and they needed money?

Are Grits Groceries said:

"President Obama had just lauded drilling technology and confirmed the idea of continuing drilling. That would seem to be a plus for them????"

Didn't the stock market go up 300 points after that?

[SpiralHawk]

7. "Stop picking on corporopersons (R). Smirk." - Supreme Court (R)

"or we will subject you to xCommander AWOL (R) Bush's special 'non-torture' (smirk) um questioning. Sneer."

- Supreme Court (R)

[malaise]

8. For this to be true means that

economic terrorism is at work. That's a frightening thought but...

[Are_grits_groceries]

9. I hadn't thought of MIHOP.

That could be true.

I was thinking that they knew the well was in big trouble long before it blew. They were certain enough of all the warning signs and problems to move. Then it was either LIHOP or we can't control this, so we better get out when the getting is good.

They knew this hand was lost and maybe the whole company with it, so they folded. If BP comes back in some form, I'll bet they ante up again.

[Are_grits_groceries]

12. I have no idea what type of information Hayward had when he sold his shares.

The procedure may have gotten progressively risky. At a point, he wasn't willing to risk all of his money, but he was willing to continue the gamble.

If he knew that it will be impossible or nearly so to fix, BP may have dawdled to see what would happen to them from the government. Why spend the money when the investment is gone?

Nowhere along the line have they taken into account the harm a blowout could do to the environment if one happened. I don't believe they will take an ecological approach now unless forced. They also have dawdled and given chump change to the area for a company that makes billions in profits.

I know Jindal is sitting on the money they have already given. Make them funnel the money straight to the parishes. NOW!

[BeFree]

13. If they knew and continued on...

...even against all the warnings from the workers on the rig, then they did this on purpose.

For what ends, then, is the question.