What is all this talk about the possibility of BP declaring bankruptcy? What would that do to the "legitimate" claims against it?
I have had this concern from the beginning that the interests of BP and those of the president are decidedly different.
BP has a responsibility to its stockholders. Already beaten down by the drop in stock value, will the stockholders now demand that BP seek the protection of bankruptcy? Will the giant oil company resort to this measure as a way of meeting its fiduciary responsibility?
That's a great question. Can the government of the United States do anything about it? That's another one.
Whatever the president can do to protect the interests of BP's American victims should be number one on his agenda.
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