BP Chief Sold $ 1,400,000 Worth Of Shares Before Spill

[Ugmo]

Yeah, I assume it was a coincidence. You're saying he knew the oil rig was going to explode? That's preposterous.

[pulsar0510]

Yeah, I assume it was a coincidence. You're saying he knew the oil rig was going to explode? That's preposterous.

It's not preposterous to think that perhaps he knew they were playing fast and loose with safety guidelines and figured an accident was inevitable.

[Crazy Levi]

I was wondering when this shit was gonna start.

Can't wait till we get to the part where Greenpeace was actually behind it to help shore up their membership.

Mattfig? Help us out here!

[lerxstcat]

Yeah, I assume it was a coincidence. You're saying he knew the oil rig was going to explode? That's preposterous.

It's not preposterous to think that perhaps he knew they were playing fast and loose with safety guidelines and figured an accident was inevitable.

In fact, if he knew that the blowout preventer on that rig was notfunctional, and AFTER that point they decided to use seawater instead of drilling mud in the process of sealing the exploratory well, you'd have to think that if he is competent in the oil business he would almost KNOW that rig was going to blow.

Maybe this is some big insurance scam on BP's part, or perhaps Hayward is trying to get fired to invoke some golden parachute retirement clause. His whining "I want my life back" on American TV after his fast and loose policies killed 11 people - on a rig that had a SEVEN YEAR PERFECT SAFETY RECORD before that - well something stinks, and it's not just the oil and dead birds and fish in the Gulf.

Something is profoundly wrong with this whole picture, and how both BP and the Federal government seem so nonchalant about it all.

[lerxstcat]

I was wondering when this shit was gonna start.

Can't wait till we get to the part where Greenpeace was actually behind it to help shore up their membership.

Mattfig? Help us out here!

We've seen neither hide nor hair of Greenpeace around here, and that is odd, too, now that you mention it...

[Ugmo]

I'm really not big on conspiracy theories. Isn't it more likely that the simplest explanation is true... namely that he wanted to pay off the mortgage on his mansion, so he sold his stock to pay for it?

If he knew Deepwater Horizon might explode, you'd think he would have spent some trying to prevent that rather than selling his stock paying off a mortgage. Doesn't seem like they made any effort to increase safety on the thing, which.... considering that an incident like this is an existential threat to the comany... would suggest they didn't realize the risk was so big.

I'm not ready to join the tinfoil hat brigade.

[lerxstcat]

I'm really not big on conspiracy theories. Isn't it more likely that the simplest explanation is true... namely that he wanted to pay off the mortgage on his mansion, so he sold his stock to pay for it?

If he knew Deepwater Horizon might explode, you'd think he would have spent some trying to prevent that rather than selling his stock paying off a mortgage. Doesn't seem like they made any effort to increase safety on the thing, which.... considering that an incident like this is an existential threat to the comany... would suggest they didn't realize the risk was so big.

I'm not ready to join the tinfoil hat brigade.

No, BP has taken a fast and lose safety policy recently and it has come out in the wake of this accident. He is the CEO but he answers to the board. So it's quite feasible to me that if he sees the board intent on fast and massive profit-taking at the expense of safety, that he might decide to get his debts paid off before the shit hit the fan.

You should look up the 60 Minutes episode where they covered the Deepwater Horizon explosion. The workers on that rig knew that this was gonna happen. Find it and watch it, and then tell me what you think.

[Ugmo]

No, BP has taken a fast and lose safety policy recently and it has come out in the wake of this accident. He is the CEO but he answers to the board. So it's quite feasible to me that if he sees the board intent on fast and massive profit-taking at the expense of safety, that he might decide to get his debts paid off before the shit hit the fan.

You should look up the 60 Minutes episode where they covered the Deepwater Horizon explosion. The workers on that rig knew that this was gonna happen. Find it and watch it, and then tell me what you think.

So this Hayward dude doesn't even really have the final say in anything? If it is as you say, then that's not even really a conspiracy theory. That's Hayward hedging his bets.

But still, why is the simplest explanation (he needed some quick cash to pay off his mortgage) not the most likely?

[lerxstcat]

No, BP has taken a fast and lose safety policy recently and it has come out in the wake of this accident. He is the CEO but he answers to the board. So it's quite feasible to me that if he sees the board intent on fast and massive profit-taking at the expense of safety, that he might decide to get his debts paid off before the shit hit the fan.

You should look up the 60 Minutes episode where they covered the Deepwater Horizon explosion. The workers on that rig knew that this was gonna happen. Find it and watch it, and then tell me what you think.

So this Hayward dude doesn't even really have the final say in anything? If it is as you say, then that's not even really a conspiracy theory. That's Hayward hedging his bets.

But still, why is the simplest explanation (he needed some quick cash to pay off his mortgage) not the most likely?

Well WHY would he need quick cash if he makes 4 million pounds a year as his BASE SALARY? Unless he saw trouble ahead of some kind. Sure it COULD be just general caution, but it could be more.

Him being CEO dosn't make him owner of BP. He started out as a worker but caught the attention of the former longtime CEO and became his right hand. So when that fellow died, Hayward got the promotion.

Subsequent to the Deepwater Horizon blowing up, it's come up in investigations that BP has recently started skirting a LOT of safety procedures in order to get exploratory wells into production faster. Now Deepwater Horizon, which was owned and run by Transocean on a day-to-day basis, had a 7-year perfect record on that rig for NO major accidents. That's pretty amazing because it's a hazardous business.

But as they got closer to converting over for production, they ran into some snags which made them fall behind schedule. That's when BP started skirting safety issues to try and speed things up. And it has come out that they have done this on other rigs as well, since the Depwater Horizon exploded and sank.

So if Hayward, who came up through the anks, sees the fatcats ordering shortcuts because they want bigger dividends faster, maybe he sees the shit hitting the fan at SOME point as being inevitable, and decides to get all his bills paid up while he still has an income. It's more than plausible.

I'd like to ask you, though, HAVE you watched the 60 Minutes segment on this? It'd take about 25 minutes out of your life and answer a lot of questions that you would probably later ask piecemeal, and then doubt the answers because you didn't see it for yourself.

So SEE for yourself the initial story of events leading up, and then mix in the other facts we are gadually learning. It's WELL worth watching, no pun intended! You may not reach the same conclusions I have, but you will come away with your own set of questions, I'm sure.

[Crazy Levi]

What I want to know is, what happened to the plane that hit the pentagon.

Where is it? There was no plane wreckage at the site!

[WhiteHouseSubsAC]

What I want to know is, what happened to the plane that hit the pentagon.

Where is it? There was no plane wreckage at the site!

[Crazy Levi]

What I want to know is, what happened to the plane that hit the pentagon.

Where is it? There was no plane wreckage at the site!

Wow. Looks like it just hit an oil rig!