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  #11  
Old 06-19-2010, 06:01 PM
pampl pampl is offline
 
Join Date: Oct 2008
Location: Seattle
Posts: 750
Default The Economist

Here's another article which is rather more bullish on the BP "shakedown" escrow account
Quote:
Investors have therefore been grappling with two concerns; the prospect of colossal liabilities down the road, and the risk of a self-fulfilling liquidity squeeze, with the company frozen out of borrowing markets. The escrow agreement is an attempt to stop the financial panic while also proving to the American public that they will not, in Mr Obamas phrase, be nickel and dimed by BP. The $20 billion escrow account should cover most clean-up costs as well as the potential economic damages BP might have to pay. As such it provides a rough figure for these costs which is within the realms of sanity. There are other advantages too: BP will contribute to it gradually over four years, easing the strain on its cashflow. And the presidents comments that BP is a strong and viable company and it is in all our interests that it remains so should also help to calm nerves. Kind of him not to call it British Petroleum, a superseded name that is back in somewhat chauvinistic usage (see chart 2).
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