Sunday, July 11, 2010

BP is Finished?

Rickards correctly predicted that BP would be charged with criminal negligence, and he also predicted this would result in damages that would finish the company altogether. In less than 30 days, Politico has confirmed that criminal charges are forthcoming against BP and that others will be prosecuted as well.

This was from the Jim Rickards piece on June 18th titled Why BP Will Not Survive:

“Don't think the law can stop this. The law will accelerate it. BP's negligence will turn out to be criminal, not civil and the criminal penalties are exponentially greater than the civil fines and normal tort claims. Obama will use the threat of criminal prosecution to get more and then use an actual criminal prosecution to get the residual.”

To read the entire Jim Rickards piece “Why BP Will Not Survive” CLICK HERE.

This was from the Politico article signaling the BP criminal investigation:

Attorney General Eric Holder signaled here that the Justice Department may be conducting a sweeping criminal investigation into the Gulf Coast oil spill, saying that its suspected targets may cover more than just BP.

"There are a variety of entities and a variety of people who are the subjects of that investigation," Holder told CBS' Bob Schieffer at the Aspen Ideas Festival.

To read the entire Politco article confirming the criminal investigation of BP and apparently others CLICK HERE.

Eric King