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| | |-+  BP chief Tony Hayward sold shares weeks before oil spill
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Author Topic: BP chief Tony Hayward sold shares weeks before oil spill  (Read 13407 times)
Alafia87
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« on: June 26, 2010, 04:40:21 PM »

http://www.telegraph.co.uk/finance/newsbysector/energy/oilandgas/7804922/BP-chief-Tony-Hayward-sold-shares-weeks-before-oil-spill.html

The chief executive of BP sold £1.4 million of his shares in the fuel giant weeks before the Gulf of Mexico oil spill caused its value to collapse.
 
By Jon Swaine and Robert Winnett
Published: 12:10AM BST 05 Jun 2010

 
Tony Hayward: 'This won't stop deepwater drilling. It will transform it' Tony Hayward cashed in about a third of his holding in the company one month before a well on the Deepwater Horizon rig burst, causing an environmental disaster.

Mr Hayward, whose pay package is £4 million a year, then paid off the mortgage on his family’s mansion in Kent, which is estimated to be valued at more than £1.2 million.
 

BP targets $1bn savings as profits fall by 53pc
British entrepreneur flees debts in DubaiThere is no suggestion that he acted improperly or had prior knowledge that the company was to face the biggest setback in its history.

His decision, however, means he avoided losing more than £423,000 when BP’s share price plunged after the oil spill began six weeks ago.

Since he disposed of 223,288 shares on March 17, the company’s share price has fallen by 30 per cent. About £40 billion has been wiped off its total value. The fall has caused pain not just for BP shareholders, but also for millions of company pension funds and small investors who have money held in tracker funds.

The spill, which has still not been stemmed, has caused a serious environmental crisis and is estimated to cost BP up to £40 billion to clean up.

There was growing confidence yesterday that a new cap placed over the well was stemming the oil flow. An estimated three million litres a day had been pouring into the sea off the coast of Louisiana since the April 20 explosion, damaging marine life.

The crisis has enraged US politicians, with President Obama yesterday forced to cancel a trip to Indonesia amid a row over the White House’s response.

Mr Hayward, whose position is thought to be under threat, risked further fury by continuing plans to pay out a dividend to investors next month.
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Alafia87
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« Reply #1 on: June 29, 2010, 06:45:17 PM »

Goldman Sachs beat oil spill debacle with BP shares sell-off
 Simon English
21.06.10

BP disaster: Oil spill costs hit $2 billion
BP worker: 'I warned about safety problem'
Shares: Another fall as clean-up costs hit $2bn
Fallout: BP partner hit by downgrade
Hayward: Chief executive wants Russian meeting


Goldman Sachs sold more than half of its stock in troubled energy giant BP before the Gulf oil spill in April.

The investment bank's prescience is revealed in filings to Wall Street watchdog the US Securities and Exchange Commission.

Those show that between January and March of this year, Goldman sold 4.9 million shares across three separate funds — 58% of the bank's total holding.

Goldman is itself facing legal action for its role in the subprime mortgage debacle. Until BP ran into trouble, it was perhaps the most under fire company in America.

The bank has a record of astute selling ahead of major disasters. It was shorting the US housing market before the real estate bubble burst.

Goldman isn't the only investor to be ahead of the curve. Neil Woodford of Invesco Perpetual sold out of both BP and Royal Dutch Shell in October 2009. H

e was concerned about the rising costs of exploration and the falling oil price, fearing these factors could hamper their ability to reward shareholders.

Other large BP shareholders to have cut their stake as the share price tumbled include Legal & General, M&G, Scottish Widows and Axa.

Some City analysts now argue that the shares have been so battered they are now cheap. However, advisers note that they are for brave investors only given the risks that remain to the company's future.
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Alafia87
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« Reply #2 on: June 29, 2010, 10:05:46 PM »

Disaster capitalists: Halliburton to make money off oil spill

By Daniel Tencer
Friday, June 18th, 2010 -- 3:10 pm

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Does a company that both builds oil rigs and cleans up oil spills have any motivation to prevent oil rig disasters?

That's the question some people in business and politics are asking themselves after Halliburton's purchase of an oil clean-up company 10 days before the Deepwater Horizon explosion that killed 11 workers and launched the worst oil spill in US history.

Some observers see a conspiracy in the actions of the company once headed by Dick Cheney. Halliburton, which built the cement casing for the Deepwater Horizon's drill, announced its purchase of Houston-based oilfield services company Boots and Coots for $240 million on April 9, just 11 days before the Deepwater Horizon explosion.

According to a report at the Christian Science Monitor Friday, Boots and Coots is now under contract with BP to help with the oil spill. The company "focuses on oil spill prevention and blowout response," CSM reports. Halliburton's purchase is not yet a done deal -- it's still awaiting regulatory approval, though few observers think the purchase won't pass muster.

"[Mergers and acquisitions] in the industrial and oil services sectors is totally normal," writes David Anderson at The Inspired Economist, "but the timing in this case, is not. Boots & Coots sure seems like the perfect company to own if it would soon become necessary to get more involved with some oil disaster.

"Does this strike readers as a coincidence? If so, it’s a pretty lucky one for Halliburton."

But could Halliburton have known that an oil disaster was on the horizon, and planned in advance to profit from it? News reports indicate they could have.

The New York Times reported in May that BP was concerned about the rig's well casing -- which Halliburton worked on -- as early as June of 2009. The Times also reported that a Halliburton employee warned BP three weeks before the explosion that BP's use of cement for the well casing was "against [Halliburton's] best practices."

But even if the company's purchase of Boots and Coots was just a "lucky coincidence," there is still plenty about it to alarm observers. According to CSM, analysts are worried that a company like Halliburton will grow "complacent" in preventing disasters, because there is money to be made from cleaning up the mess -- and then rebuilding the oil rig.

“Working on both sides of the fence” is common in the oil industry, University of Louisiana professor Robert Gramling told CSM, but “it makes for a very complex decision-making environment that can become problematic."

At the very least, Halliburton's purchase should give the company a revenue boost. While Halliburton has been reporting plummeting revenue in recent quarters, Boots and Coots has been a business success story, with its revenue jumping from $11 million in 2000 to $209 million in 2008, before dropping slightly in 2009.
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Alafia87
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« Reply #3 on: July 01, 2010, 07:43:42 PM »

http://www.thisislondon.co.uk/standard-business/article-23847193-goldman-sachss-shares-sell-off-beats-gulf-oil-spill-debacle.do


http://rawstory.com/rs/2010/0618/halliburton-making-money-oil-spill/
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Alafia87
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« Reply #4 on: August 27, 2010, 05:14:03 AM »

http://beforeitsnews.com/story/79/527/Obama_To_Earn_Nearly_85_Million_From_Gulf_Oil_Disaster.html

By: Sorcha Faal, and as reported to her Western Subscribers

 

In 1933 the great Depression Era United States President Franklin D. Roosevelt wrote to his good friend and advisor Colonel Edward Mandell House, “The real truth of the matter is, as you and I know, that a financial element in the larger centers has owned the Government ever since the days of Andrew Jackson…”

In 2010 the “financial element” controlling the United States government Roosevelt warned about has now, for all intents and purposes, taken over the Presidency too as evident by a new FSB report claiming that Obama stands to make nearly $85 million from the worst environmental catastrophe his Nation has ever seen.

As millions of gallons of oil continue gushing from the fractured beyond repair Gulf of Mexico seafloor following the April, 2010 explosion and collapse of BP’s Deepwater Horizon drilling rig, millions (and soon to be billions) of dollars are at the same time flowing into the pockets of America’s elite classes, mainly those controlling their government and banking.

Unfortunately for the American people though is that at the same time they can see the unfolding of this environmental catastrophe on their televisions, the looting of their National wealth is being hidden from them by a congressional-military-industrial complex they were warned about by their World War II hero PresidentDwight Eisenhower who in his January 17, 1961 farewell address said:

 “A vital element in keeping the peace is our military establishment. Our arms must be mighty, ready for instant action, so that no potential aggressor may be tempted to risk his own destruction...

This conjunction of an immense military establishment and a large arms industry is new in the American experience. The total influence — economic, political, even spiritual — is felt in every city, every statehouse, every office of the federal government. We recognize the imperative need for this development.

Yet we must not fail to comprehend its grave implications. Our toil, resources and livelihood are all involved; so is the very structure of our society. In the councils of government, we must guard against the acquisition of unwarranted influence, whether sought or unsought, by the military-industrial complex.

The potential for the disastrous rise of misplaced power exists and will persist. We must never let the weight of this combination endanger our liberties or democratic processes. We should take nothing for granted. Only an alert and knowledgeable citizenry can compel the proper meshing of the huge industrial and military machinery of defense with our peaceful methods and goals so that security and liberty may prosper together.”

The American people failed to listen to either Roosevelt’s or Eisenhower’s warnings, or even to their Founding Fathers, all of whom warned them that unless they remained vigilant in protecting their Nation they would lose it.

And according to this damning FSB report this is exactly what they have done.

Now to understand this report it must first be remembered who financed Obama’s takeover of the Presidency, and in order of their contributions to his campaign they are: 1. University of California, 2. Goldman Sachs, 3. Harvard University, 4. Microsoft, 5. Google, 6. Citigroup, 7. JPMorgan Chase & Co., and 8. Time Warner.

The importance of these contributors lies in what and who they control, and they are: 1.) University of California and Harvard University have provided Obama with the “intellectual firepower” he needs to force upon the American people his “progressive agenda” remaking their once vital democracy into a totalitarian socialist state, 2. Goldman Sachs, Citigroup and JPMorgan Chase & Co. have given Obama unlimited resources through his allowing them to loot the US Treasury, 3.) Microsoft and Google have given him unlimited access to information on the American people unprecedented in modern times, and 4.) Time Warner who has given Obama near total control over all the information told the American people through their news outlets.

Upon Obama’s taking office he staffed his administration with what is called a “Wall Street Cabinet”, including former employees of Goldman Sachs who Rolling Stone Magazine in their devastating article “The Great Bubble Machine” on this banking behemoth warned, “From tech stocks to high gas prices, Goldman Sachs has engineered every major market manipulation since the Great Depression — and they're about to do it again.”

And when Rolling Stone Magazine warned that Goldman Sachs was about “to do it again” they probably didn’t even know how apocalyptic this banking giant’s machinations towards the United States really are, and as evident by the BP disaster in the Gulf when just three weeks prior to the Deepwater Horizon explosion they sold nearly half their shares of BP stocks saving for their investors billions of dollars of potential losses.

Goldman Sachs wasn’t alone either in its astute “foreknowledge” of the collapse of BP’s stock value due to the Gulf disaster as BP’s own chief executive, Tony Hayward, sold about one-third of his shares weeks before this catastrophe began unfolding too.

But according to this FSB report the largest seller of BP stock in the weeks before this disaster occurred was the American investment company known as Vanguard who through two of their financial arms (Vanguard Windsor II Investor and Vanguard Windsor Investor) unloaded over 1.5 million shares of BP stock saving their investors hundreds of millions of dollars, chief among them President Obama.

For though little known by the American people, their President Obama holds all of his wealth in just two Vanguard funds, Vanguard 500 Index Fund where he has 3 accounts and the Vanguard FTSE Social Index Fund where he holds another 3 accounts, all six of which the FSB estimates will earn Obama nearly $8.5 million a year and which over 10 years will equal the staggering sum of $85 million.

The FSB further estimates in this report that through Obama’s 3 accounts in the Vanguard 500 Index Fund he stands to make another $100 million over the next 10 years as their largest stock holding is in the energy giant Exxon Mobil they believe will eventually acquire BP and all of their assets for what will be essentially a “rock bottom” price and which very predictably BP has hired Goldman Sachs to advise them on.

Important to note is that none of this wealth Obama, Goldman Sachs, and other American elites is acquiring would be possible without this disaster, all of whom, as the evidence shows, “somehow” knew what was going to happen before it actually did, including the US energy giant Halliburton who 2 weeks prior to this disaster just happened to purchase the World’s largest oil disaster service company Boots & Coots.

Unfortunately for the American people watching as these elites destroy their country is that they are being told none of the truth, especially about Obama, who while becoming enormously wealthy off the hardship, misery and toil of his citizens has become the only US President in history to begin jailing every government whistleblower he can find, has won the right to jail anybody he wants without charges and hold them forever, and most incredibly has claimed the right to assassinate any American citizen he deems a threat. 

The great American Founding Father, and the United States first President, George Washington once said, “Experience teaches us that it is much easier to prevent an enemy from posting themselves than it is to dislodge them after they have got possession.”  The American people to their great shame didn’t heed these words, now they are paying for it.
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