Chairman Obama’s Next Move? Takeover BP?

…tapping, tapping, tapping…waiting, waiting waiting…for the next move of the collectivist Obama administration which could very well be the borg absorption of British Petroleum as recommended by economic transition team member Robert Reich.

Because one should never waste an excellent crisis!

Why Obama Should Put BP Under Temporary Receivership

It’s time for the federal government to put BP under temporary receivership, which gives the government authority to take over BP’s operations in the Gulf of Mexico until the gusher is stopped. This is the only way the public know what’s going on, be confident enough resources are being put to stopping the gusher, ensure BP’s strategy is correct, know the government has enough clout to force BP to use a different one if necessary, and be sure the President is ultimately in charge.

If the government can take over giant global insurer AIG and the auto giant General Motors and replace their CEOs, in order to keep them financially solvent, it should be able to put BP’s north American operations into temporary receivership in order to stop one of the worst environmental disasters in U.S. history.

The Obama administration keeps saying BP is in charge because BP has the equipment and expertise necessary to do what’s necessary. But under temporary receivership, BP would continue to have the equipment and expertise. The only difference: the firm would unambiguously be working in the public’s interest. As it is now, BP continues to be responsible primarily to its shareholders, not to the American public. As a result, the public continues to worry that a private for-profit corporation is responsible for stopping a public tragedy.

Read the entire article at the link above.  Mr. Reich does have a point that the government does need to be in legal control and have direct authority over what is happening to fix the leak in the gulf, I’m just worried that Bambi isn’t gonna give this bright shiny back when the leak is fixed.

(H/T BB)

7 thoughts on “Chairman Obama’s Next Move? Takeover BP?

  1. An obongo takeover of BP will accomplish nothing..The answer here is technology and nothing else….Anybody remember Howard Hughes and his Glomar Explorer that he built to grab the sunken Russian sub off of Hawaii?..He did it for the CIA, supposedly it couldn’t be done, Howard dreamed it up with a fish tank in his Vegas hotel room….The so-called Govt. has nothing to add to this but redtape and delays and mayhem..

    1. If they are experts and the only game in town Why are we in this mess. Really Experts…..Wow are we in trouble if they are experts. Goodby bp…call roter router

  2. Riech does not have a clue. For BP this is currently a minor financial setback that may impact the quarterly statement! Unbelievable yes, but true. The reason the oil companies have big profits is that they are really really big. BP make $93 million a day! this rig cost them in the neighborhood of $500K-$1000K a day to operate. They play for big numbers. So when they say they have spent $900 million on this disaster so far, you know they are being fiscally conservative- not environmentally conservative. Their bringing out workers for a photo-op with Obama this weekend was a cruel joke. We need to have scads of folks cleaning beaches and scads of oil skimmers out in gulf – why isn’t the there a circle of oil skimmers a mile in diameter surrounding the leak? Why not retrieve the oil and use it instead of trying to burn or sink it? Where are the environmentalists? The answer must be that skimming is more expensive and no one is twisting BP’s arm to clean up things. One wonders whose foot is on whose throat Mr. pResident?

  3. It’s one thing for pResident Obummer to take over US auto industries, etc, but would it be so easy to take over a foreign company, esp. one as large as BP? i can’t see that happening. And I am unclear what is meant by taking receivership.

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