JP Morgan as BP's Biggest Shareholder Says Oil Disaster is Good for the Economy!

JP Morgan says that the Gulf oil spill will help the economy.

This is an odd thing to say, given that the spill is our modern dust bowl, which could very well deepen and prolong our economic woes.

What might explain such an odd statement?

Well, JPM is apparently BP's largest shareholder. So happy talk meant to drive BP's share prices higher can only help JPM.'

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The Facts on the BP 'Escrow' Account

The "escrow account" in 2010 is not $20 billion dollars. BP will put in $3 billion dollars in the third quarter of 2010 (ending September 30) and another $2 billion in the fourth quarter (ending December 31). Thereafter, it will have to make installments of $1.25 billion each quarter for the next three years.

This means that the necessary money will not be available to pay the tens of billions in losses that are real and immediate. It also means that people and businesses will have to get in line.

The real number for the escrow account in 2010 is $5 billion—six months from now at the earliest. To put this in perspective, BP has been bringing in between $26 billion and $36 billion annually in profits on revenue of $250 billion, and pays out more than $10 billion in dividends yearly.

According to a report in Forbes, BP could absorb $35 billion in spill costs before it would have a "material impact" on its operations. But instead, it will be allowed a paltry $5 billion a year, in an installment plan over four years.'

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Obama’s Oval Office Speech: A Cowardly Cover-up of BP’s Crimes

Part two



President Obama’s Oval Office speech Tuesday night on the Gulf oil disaster was a cowardly exercise in evasion and cover-up that could have been written by the publicity department of BP.

The 18-minute speech, coming on the 57th day of the worst environmental catastrophe in US history, provided no concrete assessment of the causes of the oil spill or the dimensions of the crisis—in terms of damage either to the ecosystem or the economy.

The speech represented a complete capitulation to BP and corporate power. Anyone who expected that Obama would use the occasion to provide the American people with an honest accounting of the disaster and the culpability of BP had to be sorely disappointed.'

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BP Bailout Proposal Coming Soon

Get ready for the BP bailout debate. As the most hated company in America led by the most despised CEO in business continues its systematic deceptions about the magnitude of the catastrophe, its systematic secrecy and threats of reprisal against employees who speak the truth in public and its systematic blockade against reporters seeking the basic facts, get ready for the mother of all political debates.

When the full damage of the oil is calculated, and the full payment of restitution is required and the full consequences of lawsuits are understood and the monetary consequences of such enormous personal and economic misery are realized, BP will tell us that we face the choice of BP going bankrupt and being unable to pay its debts or receiving a government bailout so it can meet its obligations from the damage it has done.

We will be told that BP is too big to fail.

Prediction: Before the rooster crows another 60 times, BP will be seeking a government bailout. If you thought the Wall Street bailout debate was nasty, wait until you see the BP bailout debate.

There should be NO bailout of BP paid for by ANY taxpayer, period, end of discussion, over and out. If necessary there should be a fund paid for by all of the oil companies doing offshore drilling, as the price of their doing business off our shores and as the incentive to make sure this does not happen again.'

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Boehner: Government--i.e. Taxpayers--Should Help Pay For Oil Spill

Congressional Democrats and the White House are toying with different ways to force BP to cover the costs of damages from the Gulf oil spill. But they face stiff opposition from industry...and it seems leading Republicans. In response to a question from TPMDC, House Minority Leader John Boehner said he believes taxpayers should help pick up the tab for the clean up.

"I think the people responsible in the oil spill--BP and the federal government--should take full responsibility for what's happening there," Boehner said at his weekly press conference this morning.

Boehner's statement followed comments last Friday by US Chamber of Commerce CEO Tom Donohue who said he opposes efforts to stick BP, a member of the Chamber, with the bill. "It is generally not the practice of this country to change the laws after the game," he said. "Everybody is going to contribute to this clean up. We are all going to have to do it. We are going to have to get the money from the government and from the companies and we will figure out a way to do that".'

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Chairman of Goldman Sachs International Was – Until Last Year – Also Chairman of BP

Janine Wedel has written extensively on how the “shadow elite” rule the world and about the “flexians” – the movers and shakers of the shadow elite who glide across borders, and structure overlapping (and not fully revealed) roles in government, business, media, and think tanks to serve their own agendas.

Wedel says that flexians wear many hats both within and outside of government, and use their networks of contacts to influence policy – are warping our democracy and the rule of law.

Peter Sutherland is the quintessential flexian.'

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Toxic Corexit Dispersant Chemicals Remained Secret as Feds Colluded with Big Business

After weeks of silence on the issue, the U.S. Environmental Protection Agency (EPA) finally decided to go public with the list of ingredients used to manufacture Corexit, the chemical dispersant used by BP in the Gulf of Mexico oil disaster. There are two things about this announcement that deserve our attention: First, the ingredients that have been disclosed are extremely toxic, and second, why did the EPA protect the oil industry's "trade secrets" for so long by refusing to disclose these ingredients until now?

As reported in the New York Times, Brian Turnbaugh, a policy analyst at OMB Watch said, "EPA had the authority to act all along; its decision to now disclose the ingredients demonstrates this. Yet it took a public outcry and weeks of complaints for the agency to act and place the public's interest ahead of corporate interests".'

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Attorney: Deepwater Horizon Managers Knew About Oil Rig Problem Before Explosion

Top Houston attorney Tony Buzbee says he has new evidence which indicates that Deepwater Horizon’s managers knew that the BP oil rig had major problems before its explosion on April 20, citing the eyewitness account of a crew member who rescued burning workers on the rig of a conversation between Deepwater Horizon installation manager Jimmy Harrell and someone in Houston. According to the witness, Harrell was screaming, “Are you fucking happy? Are you fucking happy? The rig’s on fire! I told you this was gonna happen".'

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The Gulf Spill Continues: Is Obama Powerless Against BP?

After BP successfully placed a cap to divert some of the spewing oil into tankers, thousands of gallons continue to flow daily into the gulf. August is slated as the earliest date that any permanent solution may emerge. BP remains totally in charge of potentially the largest environmental disaster in the earth’s recorded history, a fact that proves — in “check mate” fashion — that corporations dominate the inner workings of the U.S. government, a truth previously revealed by the bank bailouts.

More than one gigantic eco-system may be destroyed by BP, and the President of the U.S. is sadly reduced to lecturing in “serious tones,” with daily adjustments of tone based on the results of polling agencies.'

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CEO: BP Will Make Good on $10 Billion in Profit Payouts to Shareholders, Despite Oil Gusher Disaster

BP's shareholders may receive more this year from the company's coffers than those affected by the spill in the Gulf of Mexico will receive in their lifetime.

BP CEO Tony Hayward has indicated that he will go ahead with massive dividend payouts to shareholders in the aftermath of the worst oil spill in US history. $10 billion in payouts are scheduled for this year. The cost of the spill has been estimated in the tens of billions, but ExxonMobil only ended up paying a $507 million settlement for the 1994 Exxon Valdez spill after 20 years of appeals.'

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BP Oil Leak May Last Until Christmas in Worst Case Scenario

BP Plc’s failure since April to plug a Gulf of Mexico oil leak have prompted forecasts the crude may continue gushing into December in what President Barack Obama has called the greatest environmental disaster in U.S. history.

BP’s attempts so far to cap the well and plug the leak on the seabed a mile below the surface haven’t worked, while the start of the Atlantic hurricane season this week indicates storms in the Gulf may disrupt other efforts.

“The worst-case scenario is Christmas time,” Dan Pickering, the head of research at energy investor Tudor Pickering Holt & Co. in Houston, said. “This process is teaching us to be skeptical of deadlines.”

Ending the year with a still-gushing well would mean about 4 million barrels of oil spilled into the Gulf, based on the government’s current estimate of 12,000 to 19,000 barrels leaking a day. That would wipe out marine life deep at sea near the leak and elsewhere in the Gulf, and along hundreds of miles of coastline, said Harry Roberts, a professor of Coastal Studies at Louisiana State University.

So much crude pouring into the ocean may alter the chemistry of the sea, with unforeseeable results, said Mak Saito, an Associate Scientist at Woods Hole Oceanographic Institution in Massachusetts.

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Physics Professor: Oil Leak Could Last for Years

Physics professor Michio Kaku has some bad news: oil could gush from the leaking BP deepwater well for years.

After six methods for stopping the leak failed, BP is now trying a seventh method: "cut and cap." Underwater robots are attempting to trim the pipe connected to the blowout preventer -- and depending on how well the cut is made, either a "top hat" or "top cap" will be lowered from the surface which would then transport the spewing oil to a drilling ship.'

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From the 1953 CIA Overthrow of Democracy in Iran, to the Iraq War, to the Criminal Gulf Catastrophe and Deaths, BP Was There

If you were to draw an oily line from the first exploitation of oil in the Middle East by the British in 1901 (they were in the process of converting their then world dominating naval fleet from coal to oil and were in desperate need of it) to the overthrow of the secular democratic leader in Iran, Mohammed Mossadeq, in 1953, to the Iraq War, to the criminal environmental catastrophe in the Gulf, BP would have been there.

But the fourth largest company in the world wasn't always called BP. It used to be owned by the British Government (remember the navy armada in need of oil). It was named the Anglo-Iranian Oil Company when the CIA teamed up with the British because the Western style Iranian leader Mossadeq wanted to nationalize Britain's 100% owned and run giant oil concession in Iran, and the West would have none of that. So Eisenhower authorized "Operation Ajax," and the Shah of Iran was placed in power -- ruling with an iron fist and the dreaded SAVAK, all the time fully backed by the U.S. -- leading to the radical theocratic revolution that we still confront today. All the time BP, which formally adopted its current name in 1954, was there.'

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Fury and Despair as BP Admits Oil Could Gush for Months

An uncontrollable fountain of oil could gush into the Gulf of Mexico until August, the Obama administration warned today, as BP conceded it was moving to a containment strategy after failing to plug the well at the centre of the most environmentally disastrous spill in US history.

As anger and despair grew in the coastal communities of Louisiana, BP began preparations to cut a leaking drill pipe on the ocean floor and attach a containment cap intended to capture at least some of the 12,000 to 19,000 barrels of crude spewing from its Macondo well every day.

The oil company, which has come under withering attack for its handling of the crisis, acknowledged there was "no certainty" of success in the effort, which will take four to seven days and which some experts say could make the leak worse.'

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Energy Expert: Nuking Oil Leak ‘Only Thing We Can Do’

BP 'totally in charge of the news' about oil leak, energy expert says

As the latest effort to plug the oil leak in the Gulf of Mexico meets with failure, the idea of nuking the immediate area to seal the oil underground is gaining steam among some energy experts and researchers.

One prominent energy expert known for predicting the oil price spike of 2008 says sending a small nuclear bomb down the leaking well is "probably the only thing we can do" to stop the leak.'

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Obama Administration Blocked Efforts to Stop BP Oil Drilling Before Explosion

"In 2009, the Obama administration intervened to support the reversal of a court order that would have halted offshore oil drilling in the Gulf of Mexico. Obama’s Interior Secretary Ken Salazar, who has long had close ties to the industry, specifically cited BP’s Deepwater Horizon operation as one that should be allowed to go forward, according to a group involved in the court case.

A Washington DC Appeals Court ruled in April 2009 that the Bush administration’s five-year plan for offshore oil and gas drilling (covering 2007 to 2012) was not based on a proper review of the environmental impact of the drilling. Only days before the ruling, the Obama administration had granted BP a “categorical exclusion,” exempting it from an environmental impact study for the Deepwater Horizon project".'

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Parish official: BP Shipped in Workers for President's Visit

A Gulf Coast official accused BP of shipping workers into Grand Isle, Louisiana, for President Barack Obama's visit to the oil-stricken area Friday and sending them away once the president left the region.

Early Friday morning, "a number of buses brought in approximately 300 to 400 workers that had been recruited all week," Jefferson Parish Councilman Chris Roberts told CNN's "Situation Room."

Roberts said the workers were offered $12 an hour to come out to the scene at Grand Isle and work in what he called a "dog and pony show."

But, when Obama departed, so did the workers, he said, adding that he's never seen more than 20 workers at the Grand Isle cleanup site since the effort started.'

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BP Capping Information Flow on Oil Gusher Damage

British Petroleum, accountable for a devastating oil leak in the Gulf of Mexico, is reportedly blocking efforts to expose the extent of damage caused by the environmental disaster.

The explosion of BP's Deepwater Horizon oil rig has been sending a historic amount of oil gushing into the Gulf of Mexico over the past three weeks.

With at least 70,000 barrels of oil leaking into the Gulf per day, there are grave concerns that wildlife is faced with a serious threat.

BP rejected claims that the move sought to hide the extent of damage. The company argues that the censorship was only established to provide one reliable source for the public.'

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BP Oil Gusher Threatens 'Total Destruction'

The British Petroleum oil spill is threatening the entire eastern half of the North American continent with "total destruction," reports say.

An ominous report by Russia's Ministry of Natural Resources warned of the impending disaster resulting from the British Petroleum (BP) oil and gas leak in the Gulf of Mexico, calling it the worst environmental catastrophe in all of human history, the European Union Times reported.

Russian scientists believe BP is pumping millions of gallons of Corexit 9500, a chemical dispersal agent, under the Gulf of Mexico waters to hide the full extent of the leak, now estimated to be over 2.9 million gallons a day.

Experts say Corexit 9500 is a solvent four times more toxic than oil.'

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Rothschild Zionist Mandelson Next BP Chief?

With Tony Hayward struggling to survive the disastrous oil spill in the Gulf of Mexico, Mandrake hears that BP grandees are toying with the idea of his being succeeded as chief executive by an intriguing figure: Lord Mandelson.

"What recent events have shown is that we need someone who is adroit at handling the politics and the public relations," whispers my man in the company's offices in St James's Square, London. "Peter knows our company well and was, of course, close to Peter Sutherland [the former chairman] and Lord Browne [the former chief executive]. Some would say it is the perfect fit".'

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