Bullied into a £13bn cave-in: Obama forces BP to set up huge compensation fund for U.S. oil spill victims – and British pensioners will pick up the bill
By DAVID GARDNER
Last updated at 1:57 AM on 17th June 2010
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The news sent BP shares plunging to a 14-year low of £3.37, and is a major blow for Britain’s pension funds, which rely on BP’s dividend income to provide £1 in every £6 they receive each year
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BP has cancelled the first-quarter payment that was due on June 21. Mr Svanberg said the second and third quarter dividends would be suspended – a major blow for Britain’s pension funds.
The move will also hit American investors. While 40 per cent of BP’s major shareholders are in Britain, Americans have a 39 per cent stake in the multi-national company.
BP also reportedly has twice as many American as British employees.
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You have to laugh at the economic illiteracy of the liberals, the Administration, and the left-leaning media. Who did they think owned BP? Like the boycotts of BP gas stations, only the little guy who operates the station gets hurt.
Argh!
Like the GM bond holders, the BP stockholders are going to get screwed by the Socialist in the White House!
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