President Obama has announced the latest American “war”. This time the victims are struggling British pensioners. Let me explain. BP accounts for 14% of dividends paid out from companies listed on the London Stock Exchange. Most of the beneficiaries of these dividends have been British retirees who rely on this income to boost their meagre state pension. Now, BP have had to cancel their dividend payouts after promising to handover $20b compensation in what Congressman Joe Barton described as a “shakedown” of BP by Obama.
Indeed, Mr. Obama has never tried to hide his irritation with BP. Not only has he repeatedly described the Tranocean oil spill as the BP oil spill, but he has also attempted to characterize it as a disaster created by foreigners. On several occasions he has referred to BP as “British Petroleum”, a name they haven’t used since 1998! In fact, prior to being called BP, the name of the company was BP Amoco Plc, since the company was formed through a merger of BP and the American Company, Amoco.
In terms of ownership of the disaster, let’s see…
The Deepwater Horizon is owned by Transocean – an American company
The responsibility for sealing the well was Halliburton’s – an American company
The failed blowout preventer was made by Cameron – an American company
The well is 25% owned by Anadarko – an American company
BP owns 65% of the well and is half American and half British.
Obama’s thinking? Hmm! Looks to me like we should hit on the foreigners. Let’s shakedown BP for $20b. Better not call it the Transocean oil spill either. Let’s call it the British Petroleum oil spill. That will make me more popular. More info here…