Friday, June 4, 2010

BP Death Penalty

BP behavior merits extraordinary measures by Obama. He should follow Harry Truman's lead in the Steel seizure cases and revoke BP's franchise to operate oil & gas licenses on federal territory and resell them to deserving oil operations in compliance with US law (antitrust and environmental). Though Truman was eventually overruled, it was a case of losing a battle after the war was won.

In advance of the coming significant civil and criminal liability against BP, the attorney general should move to preserve BP assets for creditors including the USA by seizing any BP property in the US; similar to actions against Iran in 1979-80.

We need to take possession of current assets (convertible to cash) and sell BP leases, real estate and franchises to the other oil companies based on a combination of best price and their environmental, OSHA, antitrust and securities records.

Cash earned from sale of assets should be held and distributed as determined by the Courts with due consideration for BP rights after payment of all BP responsibilities under the law.

BP Ops in US should be shut down for as long as it takes to clean up the Gulf. Then, if they want back, they should have to post a bond with US government for an amount equal to the total clean costs for this mess.

In short- BP should get the corporate "death penalty" for this series of horrific actions, not unlike Enron and Arthur Anderson.

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