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BP In The News – For All the Wrong Reasons
Monday, August 27, 2012 5:50
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With everyone else away, I’ll do a short silly-season run of company-based pieces – energy, of course – starting with BP.
CU always told me that BP’s efforts to get back in with the Russians were ill-fated.
My BP insiders said otherwise. Yes, they said, we were burned last time around (like Exxon and Shell and Chevron and Marathon and …) but this time, *nudge nudge*, everything is going to work out.
What is is with oil companies and Russia ? Well, huge reserves, for one thing. And somehow it will all be different next time. But it never is, because the Russians don’t change their ways in a hurry: they never have, and why would they start now ? Might is right, contracts mean nothing, win-win is for wimps.
Anyhow, against all better judgement I sort-of believed them (though not to the extent of going long BP, oh no, not with Two-Faced Obama still on their case).
So BP’s travails continue. It’s a measure of their size and underlying muscle that they can survive all this in any kind of shape at all. But for how long can a company soldier on with such poor judgement on big issues ?
ND
2012-08-27 05:49:27
Source: http://www.cityunslicker.com/2012/08/bp-in-news-for-all-wrong-reasons.html
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