BP TO FILE CHAPTER 11?

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by Davis Fleetwood


While a few out of work gulf fisherman are earning extra cash skimming oil for BP, bankers and lawyers are working overtime as well, drafting bankruptcy papers and takeover deals. Before you cheer the downfall of BP, ask yourself: where will all of the liability go?

According to Andrew Ross Sorkin’s article in the New York Times: “The idea that BP might one day file for bankruptcy, particularly as part of a merger that would enable it to cordon off its liabilities from the spill, is starting to percolate on Wall Street.”
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NOAA Warned Interior It Was Underestimating Threat Of Serious Spill

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Originally published at The Huffington Post. Written by Dan Froomkin

National Oceanic & Atmospheric Administration officials last fall warned the Department of Interior, which regulates offshore oil drilling, that it was dramatically underestimating the frequency of offshore oil spills and was dangerously understating the risk and impacts a major spill would have on coastal residents.

NOAA is the nation’s lead ocean resource agency, and the warnings came in its response to a draft of the Obama Administration’s offshore oil drilling plans. The comments were Web-published in October by the whistle-blowing group, Public Employees for Environmental Responsibility (PEER).

But NOAA’s views were largely brushed aside as Obama went ahead and announced on March 31 that he would open vast swaths of American coastal waters to offshore drilling — a plan now very much in doubt as a blown-out BP well in the Gulf of Mexico spews out an estimated 200,000 gallons of oil daily, for the 13th straight day.
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