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BP chief Tony Hayward sold shares weeks before oil spill

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highplainsdem Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jun-04-10 08:28 PM
Original message
BP chief Tony Hayward sold shares weeks before oil spill
Source: The Telegraph

BP chief Tony Hayward sold shares weeks before oil spill

By Jon Swaine and Robert Winnett
Published: 12:10AM BST 05 Jun 2010


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 familys 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 BPs share price plunged after the oil spill began six weeks ago.

-snip-

Read more: http://www.telegraph.co.uk/finance/newsbysector/energy/...
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BrklynLiberal Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jun-04-10 08:47 PM
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1. It just figures..that asshole would be able to save his ass to some extent.
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FailureToCommunicate Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jun-04-10 08:50 PM
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2. Only 4 million (pounds) a year. How DOES he scrape by.
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dixiegrrrrl Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jun-04-10 08:55 PM
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3. Amazing co-incidence.
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Rosa Luxemburg Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jun-04-10 09:02 PM
Response to Original message
4. why did he do that?
was he anticipating a terrorist attack?
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davidpdx Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jun-04-10 09:17 PM
Response to Original message
5. I'm just waiting for some kind of "Enron" type of information
That he knew a disaster was pending. A public hanging is in order.
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defendandprotect Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jun-04-10 09:19 PM
Response to Original message
6. Coincidentally, that is -- and more than strange . . . !!
When you look at the loss -- while they were allegedly celebrating their

"safety record" -- wouldn't there have perhaps been an equal gain had this

not happened?

Strange, indeed --

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Patchuli Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jun-04-10 09:27 PM
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7. He knew....
and he needs to be held accountable. Prick.
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Ruby the Liberal Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jun-04-10 09:29 PM
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8. Oh FFS
Insiders of a corp have to SCHEDULE sales weeks/months in advance. These sales have to be reported on the 10Q quarterly statement or the company is kicked off the exchanges.

There is PLENTY of reasons to be pissed off at BP and its incompetent CEO. This one just makes the opposition (us) look clueless.

More discussion posted here on this: http://www.democraticunderground.com/discuss/duboard.ph...
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Trillo Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jun-04-10 09:36 PM
Response to Original message
9. Transparency?
Where's the transparency that this was, in fact, a scheduled in advance sale.
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davidinalameda Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jun-04-10 10:04 PM
Response to Reply #9
10. granted the man is a sleaze
but I don't buy the conspiracy theories in this thread

the story sounds like an OMGism
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CountAllVotes Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jun-05-10 09:34 AM
Response to Original message
11. *phew* ... I smell a big rat!


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TheWebHead Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jun-06-10 07:08 AM
Response to Original message
12. prior knowledge? gimme a break
so he knows the stock is about to drop 35% after a rig explosion and BOP failure, and he sells less than 1/3 of his position. it's nonsense. The stock was trading at a 52 week high in the weeks before the disaster, so selling was logical and was likely a diversification strategy most insiders employ, unless you're an idiot like aubrey mcclendon was with Chesapeake in 2008 - all in and on margin. He's had foot in mouth syndrome and company wide they didn't take safety seriously enough, but if he had any idea this was about to happen they would've taken steps to prevent it rather than becoming America's pinata, crashing their stock, and exposing his 2/3+ remaining position to bankruptcy.
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Doctor_J Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jun-06-10 07:23 AM
Response to Original message
13. Amazing this man isn't in custody
or swinging from a lamp post.
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1Hippiechick Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jun-06-10 08:01 AM
Response to Original message
14. sell high, buy low? n/t
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Zorra Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jun-06-10 02:56 PM
Response to Original message
15. Things that make you go "hmmmm". n/t
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