BP will surely lose much more money than most analysts are predicting. The so-called responsible environmental movement is not very well connected to popular sentiment, which clearly has a long way to go. The Facebook group Boycott BP will easily be at 300,000 before tomorrow morning.
Facebook, Twitter Users Vent Wrath Over Oil Spill
Web users have turned to social media sites to channel anger, frustration, and even humor over the Gulf oil disaster, particularly at BP
By Douglas MacMillan
Web users dismayed by the BP oil leak are using Facebook and Twitter to channel outrage, organize cleanups, and poke fun at the public relations crisis facing the company behind the largest-ever U.S. spill.
A Facebook group called “Boycott BP,” which encourages people to stop using BP (BP) products, has drawn more than 250,000 fans. U.S. government agencies have set up pages on Facebook, Twitter, Google’s (GOOG) YouTube, and Yahoo!’s (YHOO) Flickr to field questions about the cleanup effort. An anonymously managed Twitter account that makes glib comments, purportedly on BP’s behalf, has more than 97,000 followers.
And then from the “please tell us what you really think” department is this gem:
Sheila Williams, a spokeswoman for London-based BP, says the company is monitoring sentiment on social media sites, although she says online outreach is a lower priority than containing the spill in the Gulf of Mexico. “Our view is that people are entitled to their views,” she says. “Our major area of concern is to try and control the leak.”
How quaint! BP still believes in the Freedom of the Press! Really?
And here is a quote from the Wanna bet? department:
Hayward reduced BP’s net debt ratio to 19 percent in the first quarter from 23 percent a year earlier, giving him greater ability to meet cleanup costs and related liabilities. The company has an AA credit rating from Standard & Poor’s and made a record $6 billion profit in the first quarter on $73 billion of revenue.
“The liability could be tens of billions of dollars, but I do think BP has the balance sheet capacity to be able to handle a hit like that,” said Jason Gammel, an analyst at Macquarie Securities USA Inc. in New York. “It’s too early to say it’s a takeover candidate because no one wants to own an unquantifiable liability.”
The issue here goes far beyond claims related to economic losses. The loss to the Biosphere far exceeds the market capitalization of the entire stock market. BP will have to pay for that. They will have to be bankrupted, and all of their assets seized. Anyone who stands in the way of that is not part of the solution, but part of the problem.