BP Stock Tumbles as Feds Announce Oil-Spill Probes

[Hissyspit]

Source: Associated Press

BP stock tumbles as feds announce oil-spill probes

By MIKE KUNZELMAN and GREG BLUESTEIN, Associated Press Writers – 1 hr 57 mins ago
NEW ORLEANS – BP's stock plummeted and took much of the market down with it Tuesday as the federal government announced criminal and civil investigations into the Gulf of Mexico oil spill. BP engineers, meanwhile, tried to recover from a failed attempt to stop the gusher with an effort that will initially make the leak worse.

Attorney General Eric Holder, who was visiting the Gulf to survey the fragile coastline and meet with state and federal prosecutors, would not say who might be targeted in the probes into the largest oil spill in U.S. history.

"We will closely examine the actions of those involved in the spill. If we find evidence of illegal behavior, we will be extremely forceful in our response," Holder said in New Orleans.

BP's stock nose-dived on Tuesday, losing nearly 15 percent of its value on the first trading day since the previous best option — the so-called "top kill" — failed and was aborted at the government's direction. It dipped steeply with Holder's late-afternoon announcement, which also sent other energy stocks tumbling, ultimately causing the Dow Jones industrial average to tumble 112.

Read more: http://news.yahoo.com/s/ap/us_gulf_oil_spill

[drm604]

1. Nobody likes to see the market go down.

Certainly not me, I have a 401K, but I think we have to bite the bullet on this and make an example regardless of the market. The country can't allow itself to be held at bay by the economic power of a company and we need to show the multi-nationals that we will not be held at bay. We also need to make examples of individuals who've committed criminal acts so that other CEOs, etc. will know that they really can go to prison.

[lonestarnot]

3. Meaningless? Looks like it has an affect to me.

:shrug:

[drm604]

4. Huh?

Did I say anything about anything being meaningless or not having an affect? Did you reply to the right post? If so, I'm not following you.

[lonestarnot]

6. oops yes, poster below.

:hi:

[defendandprotect]

8. ... so does any other kind of organized crime . . . !!

[defendandprotect]

2. Why . . . ??? It's meaningless game playing . . . rigged --

[lonestarnot]

7. See #3.

[defendandprotect]

9. It's a form of organized crime . . . you're in denial of --

[lonestarnot]

11. What is a form of forganized crime?

Oil or the stock market?

[defendandprotect]

12. Capitalism . . .

Unregulated capitalism is merely organized crime --

And even regulated capitalism is dangerous in its exploitation of nature

and humans. That's the core of capitalism . . . exploitation!



And certainly re oil -- we should have NATIONALIZED it long ago --

why should any private interests be in control and profiting from our natural

resources?

As for the "stock market" -- even various members of the Senate/Congress now

are referring to it as a "gambling casino."

[MannyGoldstein]

5. Great time to buy BP stock

They'll never have to pay for their mess, nor be held criminally liable.

Obviously, I wouldn't buy stock in the American Middle Class, mess chumps who'll have to pay for BP's mess.

[defendandprotect]

10. Capitalism is a crock . . .