One party you don’t want to be when BP's bankruptcy lands square squash on the table is a Louisiana fisherman or a Florida tourist operator. British pensioners first! Sure, Obama has declared that BP is liable for all damages yada yada, but there’s a long list as we speak of Gulf Coast residents who can’t hardly squeeze a penny out of the company even now, and that’s before any serious litigation has started.
It’s all just posturing. By the time the real claims arrive, BP will likely be very deeply mired in interminable Chapter 11 and/or subsequent proceedings, and the little man will be dead broke and waiting for years to see if he may ever get a single penny for what he worked long and hard to build up, whether he’s Forrest Gump in Terrebonne Parish or Mr. Bean in Coventry.
Don’t help the little man, help BP, says the British government. And that will be the political stance, though certainly not the public message, going forward, on both sides of the pond. Nothing has changed as of yet and nothing will until Gump and Bean reach for their pitchforks.
Goldman Sachs or BP, the politicians’ reaction remains the same. Screw whoever’s not in your circle, and use (your power over) their money to pay off who is. Corporations rule this planet, not the people that live on it.
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