U.S. Launches Civil, Criminal Probe of BP Oil Spill

U.S. Attorney General Eric Holder announced Tuesday afternoon that he has launched a civil and criminal investigation into the BP (NYSE: BP) oil spill.

Holder said while the first goal of the government is to stop the leak, "we must also ensure that anyone found responsible for this spill is held accountable." He said this means "enforcing the appropriate civil – and if warranted, criminal – authorities to the full extent of the law."

Holder said he will insure that every cent of taxpayer money will be repaid and damages to the environment and wildlife will be reimbursed.

Among the statutes Department attorneys are reviewing includes: The Clean Water Act, which carries civil penalties and fines as well as criminal penalties;The Oil Pollution Act of 1990, which can be used to hold parties liable for cleanup costs and reimbursement for government efforts; The Migratory Bird Treaty Act and Endangered Species Acts, which provide penalties for injury and death to wildlife and bird species; and, Other traditional criminal statutes.

Holder said all relevant parties have been instructed to preserve any documents related to the spill.

Shares of BP fell 15 percent as efforts to plug the leak have failed.

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