What did they know?
Posted on | June 23, 2010 | No Comments
It appears that some highly-placed BP executives had some sense of trouble to come, and talked.
A fascinating new book, “Oil: Money, Politics, and Power In the 21st Century”, by investigative reporter Tom Bower published this month, conveys a distinct awareness of unease at BPs parsimony and lack of risk awareness.
I’ll let you read the book, and decide for yourself whether Mr. Bower’s sources sensed approaching disaster. Note that this important book was completed well before the April 20 blowout!
Even more surprising is the news that Goldman, Sachs & Co. liquidated more than half of its position in BP just before the April 20 blowout, according to U. S. Security and Exchange Commission filings.
This remarkably astute move came shortly after Peter Sutherland, Chairman of Goldman Sachs International, retired as Chairman of BP (December 31).
Between January and March, 2010, Goldman, Sachs sold 4.9 million shares, or 57.8%, unwinding entire positions in three of its largest funds.
BP shares averaged 57 dollars per share for the first quarter, rising from a low of 35 dollars in March of 2009. BP shares closed at 32 dollars on the New York Stock Exchange last Friday..
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