Canaccord Genuity Morning Coffee on BP (BP): "Gross Negligence and Wilful Misconduct"
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Today's Overall Ratings:
Up: 5 | Down: 4 | New: 11
Rating Summary:
22 Buy, 14 Hold, 4 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 5 | Down: 4 | New: 11
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Canaccord Genuity Morning Coffee on BP (NYSE: BP): "Gross negligence and wilful misconduct."
The U.S. Justice Department is taking a firmer position against BP for the 2010 Gulf of Mexico oil spill, providing examples of "gross negligence and wilful misconduct" in recent court documents. If BP is found to be grossly negligent in the spill, damages owed could quadruple to $21 billion. The filing read, "The behaviour, words, and actions of these BP executives would not be tolerated in a middling size company manufacturing dry goods for sale in a suburban mall." The Justice Department points to errors made by BP and Transocean (NYSE: RIG), owner of the Deepwater Horizon platform where the initial explosion took place, as clear indicators of gross negligence. The filing went on to read, "That such a simple, yet fundamental and safety-critical test could have been so stunningly, blindingly botched in so many ways, by so many people, demonstrates gross negligence." BP has proposed a $7.8 billion settlement with 125,000 individuals and business, asserting its actions “did not constitute gross negligence or wilful misconduct."
This morning, shares are rebounding, up about 2% in early trading.
The U.S. Justice Department is taking a firmer position against BP for the 2010 Gulf of Mexico oil spill, providing examples of "gross negligence and wilful misconduct" in recent court documents. If BP is found to be grossly negligent in the spill, damages owed could quadruple to $21 billion. The filing read, "The behaviour, words, and actions of these BP executives would not be tolerated in a middling size company manufacturing dry goods for sale in a suburban mall." The Justice Department points to errors made by BP and Transocean (NYSE: RIG), owner of the Deepwater Horizon platform where the initial explosion took place, as clear indicators of gross negligence. The filing went on to read, "That such a simple, yet fundamental and safety-critical test could have been so stunningly, blindingly botched in so many ways, by so many people, demonstrates gross negligence." BP has proposed a $7.8 billion settlement with 125,000 individuals and business, asserting its actions “did not constitute gross negligence or wilful misconduct."
This morning, shares are rebounding, up about 2% in early trading.
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