US Should Seize BP's US Assets ?

Robert Reich, former US Labor Secretary and someone who has the ear of the economic policy makers in this administration, said on CNBC today that the US should place BP into receivership at least temporarily to pay for the cleanup.

From CNBC

If this happens the government will own: two car companies (GM and Chrysler), two mortgage lenders (Fannie and Freddie), an insurance company (AIG), a too big to fail bank (Citi), and a petroleum company.

I'm all for the corporate death penalty for BP, if criminal negligence is proven (and my standard of proof is simply looking at a Gulf Beach), but one must ask why not a corporate death penalty for all the malfeasance from the "Too Big to Fail" banks over the past few years?



[edit on 1-6-2010 by jefwane]

Too right, at least it will show something, lol.

The US government does not fully own any of them. Sure they have investment in their assetts, but they can't clean house if they want, they can only do that in Freedie Mae I believe.

IMO we should nationalize all of the businesses you listed, completely nationalize them. We should tell them either you pay back all of the money or we nationalize you and kick everyone out(everyone). Then replace them all with competent people who can get the job done.

As for BP we should nationalize them, we should nationalize all companies that are drilling on our land. Why should private companies profit from our countries resources and leave us out in the cold!?

That's a fantastic idea, that would allow the leaders of many other countries to do it to the oil companies that have done such destruction in their countries, they could do it to chemical companies, and lumber companies, mining companies, and every other kind of company that has raped the land, and destroyed the habitats of countless endangered animal species, and let the Governments of those countries hold all assets of those companies responsible until they repair and pay for all the damage that has been caused over many decades.

Your absolutely right OP, these companies need to be forced to pay for all the atrocious activity that has done so much damage to the Worlds ECO systems, the companies who when they had finished just left, never bothering to even try and clean up their mess, what's good for one company should be just as good for any, regardless of the country or the company.

BP is not an American company, and the oil rig if I understand correctly was NOT in US territorial waters, but in international waters. I heard they were 50 miles from the coast, territorial waters ends at 20 miles I think. Yeah, they should have to pay for the cleanup, obviously, but can we-the US- really sieze them?

Define: seize.

We could flat seize some butts and put them in jail and sentence them to hard labor cleaning up some swamps.

Originally posted by Misoir
The US government does not fully own any of them. Sure they have investment in their assetts, but they can't clean house if they want, they can only do that in Freedie Mae I believe.

IMO we should nationalize all of the businesses you listed, completely nationalize them. We should tell them either you pay back all of the money or we nationalize you and kick everyone out(everyone). Then replace them all with competent people who can get the job done.

As for BP we should nationalize them, we should nationalize all companies that are drilling on our land. Why should private companies profit from our countries resources and leave us out in the cold!?

So the United States does not do any of that in other countries around the World? I think if we look hard enough there is quite a lot of countries out there having the exact same thing done to them by American companies.

You believe someone would deliberately do what has happened, I mean sure I am certain there are the unscrupulous greedy types who would sell their own mothers for the right price, and I understand your anger, if this wasn't an accident, then I would look a little closer to home for an answer.

If your serious though about throwing all the companies off US Soil, then shouldn't the same be done to American companies on foreign soil?

Well yes the US should seize Bp and then it can answer as to why it stoped local groups cleaning up the slick as it moved towards land by not allowing them a licence to clear it up, as if a licence should be needed.

Looks to me someone wanted maximium damage from this spill and they are playing it for every last buck they can get.

i come from the UK but we get to pay about the highest pump price in the world and you will be told Bp is being charged $70-$100bn to clean up the mess and they might spend a few billion but that will be about it.

I know lets ban deep sea drilling or introduce a green tax.

it's OK the british tax payers can aford the loss of tax revenue from Bp because it's not like we get to see any of it and we are now at the stage where rising taxes or cutting benifit will course riots on the streets so it matter little to the man in the street.

Remind me again what was the name of that zionist/american company that was working on the rig hours before it blew up ?

We are all being stuffed by the same global elite and will soon all be using the same currency as each other, it's just one big happy family my friend so sit back and let me buy the next war for yo.

I read somewhere that the British Government or the Queen still own a share big of BP, so I don't think it would be possible for us to seize them. Not sure if that is true though, I can't find a source. We could banish them from operating in the U.S. if that would make the Gulf Coast feel better.

*edit*

Then in 1966, The Burmah Oil Company bought Castrol. Burmah Oil, one of Britain’s oldest companies, had once effectively owned the company that became BP, before selling its majority holding to the British government at the start of World War I.

By the time Castrol GTX launched in 1968, to acclaim from drivers professional and otherwise, Castrol products were on sale at service stations and garages in more than 140 countries. Like the racers it sponsored, Castrol sales had momentum. In the 1970 London to Mexico rally, 16 of the 23 finishers were lubricated by Castrol.

Burmah Oil as a whole fared less well. The global oil crisis of the 1970s sent the company into financial freefall. The Bank of England bailed it out, but only in exchange for the company’s remaining shares in BP.

www.bp.com...

(The Queen Owns BP)
forum.prisonplanet.com...


[edit on 1-6-2010 by tooo many pills]

I think Riech's quote was seize "BP's US assets". They have plenty of US assets to seize, but I agree with James Carville in that I'd like to see BP's US head in Angola.

As far as US's ownership interest in the other companies I mentioned, I agree that they aren't wholly owned by the US .gov, I'd rather see them wound down and liquidated in an orderly fashion rather than full .gov ownership.

Even though the rig was in international waters, the harm from it is impacting the US mainland.

Reply to azzlin:
I know what you're getting at and you're probably right. However, weak sovereigns that were to do that would face consequences. The most immediate being loss of foreign investment and foreign aid. Unless they have the human and technical capability to exploit those resources themselves, what are they to do? Most countries that have let multinationals pillage and pollute at will have corrupt governments that don't care as long as the bribes keep coming.

Originally posted by JJRichey
BP is not an American company, and the oil rig if I understand correctly was NOT in US territorial waters, but in international waters. I heard they were 50 miles from the coast, territorial waters ends at 20 miles I think. Yeah, they should have to pay for the cleanup, obviously, but can we-the US- really sieze them?

Quick answer coming all the way from the UK ie Britain, NO! you can't nationalize BP its not yours to begin with.

Bloody Americans always trying to steal other peoples stuff lol!

Louisiana, Alabama, Mississippi, and Florida should form a 4 state union, and take control of the situation. They have every right to protect their coastline. Even if that means they need to kick BP off well site and bring in EXXON or someone large enough to actually do something besides stall the public.

The Federal government should only be there to support state activity. They don't need to be in charge.

I don't get it. A bunch of suits telling the public through the TV, that they're working on it.

Well, the IXTOC took 9 months! And they didn't use dispersant until 4 months in.

[atsimg]http://files.abovetopsecret.com/images/member/be67b7cf9a1c.jpg[/atsimg]
news.google.com...,676789&dq=relief+well&hl=en

Two nationwide civil suits should also be started. One against BP, and one against MMS (Federal Govt)

[edit on 1-6-2010 by OurskiesRpoisoned]

reply to post by jefwane

I think Riech's quote was seize "BP's US assets". They have plenty of US assets to seize, but I agree with James Carville in that I'd like to see BP's US head in Angola.

That sounds more correct and is a better idea, but it would only piss off the Queen of England and the Bank of England (Rothchilds).

Originally posted by tooo many pills
reply to post by jefwane

 

I think Riech's quote was seize "BP's US assets". They have plenty of US assets to seize, but I agree with James Carville in that I'd like to see BP's US head in Angola.

That sounds more correct and is a better idea, but it would only piss off the Queen of England and the Bank of England (Rothchilds).

I'm glad someone realizes this has been an orchestrated attack on the US to wipe out the economy, kick out the constitution, and become part of the commonwealth.

reply to post by OurskiesRpoisoned


I am sure it is also a power-play to plummet the stock prices of BP all over the world, which would make regular people sell their shares. This would let the Queen and/or Rothschilds swoop in to buy up every share at a well orchestrated discount.

Originally posted by tooo many pills
reply to post by OurskiesRpoisoned

 

I am sure it is also a power-play to plummet the stock prices of BP all over the world, which would make regular people sell their shares. This would let the Queen and/or Rothschilds swoop in to buy up every share at a well orchestrated discount.

I think they (meaning BP and the London Interbank) can take a small hit like a few billion $ to shut down shrimping, Gulf coast tourism, run oil and gas prices up when truckers are already strained, start a civil uprising, and then they
can instill martial law through the UN since FEMA is basically defunct.

Forgive me if this is a stupid question, but if BP did enough damage to itself to where they couldn't afford to clean it up, wouldn't that mean that their company should just go out of business? Shouldn't it be "Bye Bye BP" instead of "Let's save BP"?

And for the love of god, can we get off of oil. We have ways to do it that would have worked decades ago. And if for whatever reason our government kept those ideas away from us, we surely have the technology to find something else. We're stuck people. You think we'll ever see free solar energy on a global scale? Who gets a profit off of that!?! On second thought, we should be scared of the day we DO get massive solar energy, because that means some evil nutjob has figured out a way to make profits off of the sun.

reply to post by jefwane


I agree 100% with Reich what ever his motives are. Whatever assets BP has in the U.S. should be immediately seized and all profits funneled in to the U.S. ECONOMY.

Then MI6 can support the likes of the Tea Party and other radical movements and overthrow the Obama (Mossadeq) administration and install a British proxy regime who will give us exclusive access to U.S. (Iran's) natuaral resources .

Seriously though, Nationalise!. Just like should have been done with the banks.



[edit on 1-6-2010 by Peruvianmonk]

I also agree with forcing companies, that have harmed the environment, to compensate governments, and to repay for reversing damage done. I don't (much) care either if what the company did was (technically) legal at the time.
But since governments aren't (historically) good at running businesses, it's important not to undermine investor confidence. After all, the idea should be to sell the company back to stock market, so our government can e.g. pay of some national debt (or more likely not issue some more!). But no trader is going to want to buy those shares, in a buisness, if they believe the companies in our country, that's trying to force it, to pay, huge court liabilities.
Therefore the only way to (seriously) confront these companies, is to put them fairly on trial, by facing a public Jury. (If the Jury is a fair sample of the country) then its surely also fair, that these people should decide whether or not compensation is owed?
Don't know about your; but here's how I might write the law...
"All companies, individuals and enterprise will be legally compelled to pay compensation if a Jury decides that it is right that they do so. The Jury alone will vote to agree and on how much compensation should be awarded, and to whom it should go. If the Jury acquits a company, then it will decide if that company may sue for wrongful prosecution."
I'd let the company appeal up to a (maximum) of 3 times, and use the weight of the 3rd verdict to decide who was innocent, unless of course (somehow) the Jury at the 3rd trial, agreed with the Defence that there be a re-trial.
Originally posted by JJ Richey

BP is not an American company,

And even if it was, you'd hardly want investors dumping American stocks, because they're subject to this new law. So the only way to bring about such a change in law, is through some kind of international consensus-treaty.
However maybe its not so hard to sell to other nations, as all governments like extra money (even if it is compensation) and because all governments love their environment being restored for free (even if they, themselves wouldn't have done differently in history!!

reply to post by jefwane


.....BP isn't an American company.. it's a British corporation...

Something tells me Britain would have some minor objections if we just up and stole one of their oil companies?

Shows the intelligence of CNBC. Really. It does.