Sunday, June 6, 2010

BP chief Tony Hayward sold shares weeks before oil spill

Goldman Sachs, those wily little devils, dumped a bunch of their shares around the same time. But you can't investigate this anomaly. There is no suggestion that he acted improperly or had prior knowledge. It's purely coincidence. How do we know it's a coincidence, without giving it a second thought? Because conspiracies do not exist. People with immense wealth and power are pure, pure as the driven snow, and always have been throughout history. They have never used their wealth and power to advance criminal agendas. What, you didn't know this? Go read a history book for crying out loud.

    The chief executive of BP sold £1.4 million of his shares in the fuel giant weeks before the Gulf of Mexico oil spill caused its value to collapse

    London Telegraph -

    Tony Hayward cashed in about a third of his holding in the company one month before a well on the Deepwater Horizon rig burst, causing an environmental disaster.

    Mr Hayward, whose pay package is £4 million a year, then paid off the mortgage on his family’s mansion in Kent, which is estimated to be valued at more than £1.2 million.

    There is no suggestion that he acted improperly or had prior knowledge that the company was to face the biggest setback in its history.

    His decision, however, means he avoided losing more than £423,000 when BP’s share price plunged after the oil spill began six weeks ago.

    Since he disposed of 223,288 shares on March 17, the company’s share price has fallen by 30 per cent. About £40 billion has been wiped off its total value. The fall has caused pain not just for BP shareholders, but also for millions of company pension funds and small investors who have money held in tracker funds.

Read all of it.